Ladco Leasing
Will not give me breakdown of payoff amount of lease which is greater than balance due

In my haste to start up a franchise income tax business in December, I did not research the cost of the equipment, but relied on the franchisor's recommended vendor for credit card processing.

My original contact was Nova Information Systems/Wachovia Merchant Services (757) 591-5838, who sold me the equipment via Ladco Leasing, Inc. The purchase price of the equipment was $1,145.00 for the check imager and the credit card machine. A recent check on the internet revealed the check imager price at $629.00 and the credit card machine at $299.00 for a total $928.00. So I did not get too ripped off, just $215.00 or 23% higher than retail.

Well, the tax business failed and I have called Ladco Leasing to learn what the payoff amount would be. All I can seem to get is a lump sum amount which is greater than the balance due.

In order to preserve my credit history, I feel I have two options.
Pay them the payoff amount and then try to sell
the equipment for whatever I can get for it.

Refuse to pay until I get a detailed breakdown of the
payoff amount.

I will try for option 2 and then proceed with option 1. I feel this is the price I am paying for being in the position of opening without credit card processing available to customers and feeling that I absolutely had to have that service available. I will not repeat this mistake in anything else I do.

Company: Ladco Leasing
Country: USA
State: California
City: Thousand Oaks
Address: 555 St. Charles Drive, Suite 200
Phone: 8053731910

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