Complaint Review: CIT Lease Financing Group

I was also burned by this company which seems to be a very frequent complaint. Essentially, this company has a leasing program for credit card swipers, mine was a Trans330.

They called it the lease-to-buy program and they prey on new business owners. They lock you into a 48 month lease for apprx $36/month. If you do the math, that comes out to about $1700. After the lease you can purchase the equipment for a couple hundred dollars more. This is not a deal b/c you can buy a new one for about $300. I found a used one for $40. You cannot get out of the lease for any reason without paying a hefty fine of over $1000.

Their excuse for such a pricey lease comes down to warranty information and how they "stand by their customers".

Ted
Oceanside, California
U.S.A.