Retriever Payment Systems Did not disclose that this was a non canceable lease Vanceboro North Carolina
I was talked into leasing a credit card machine for my sign business that I had just started up in 2007. The salesman led me to believe that this was a really good idea for to help my business grow. I was referred by someone locally who had already purchased a machine from him. I told him that I was running low on funds and that my business was not up and running good at the time, he persisted that I needed this machine in order to compete with other shops in the area. So I decided to take the chance.
Well about 4 months later I had to close shop due to bills out weighing my income. So I closed to keep from being in debt to much. At the time that I leased this machine the salesman, promised me that If something like this happened that he would help me to find someone (another sucker) to assume the lease. Well I have called him several times and he has not held up to his promise. I have tried to get people to take it over and they say the rates are to high. I called them and after an act of congress, I finally got to the right place. They tell me that I have to continue to pay or transfer to someone else for $100. I called back again yesterday and the lady said that I still owe $450 plus $119 at the end of the lease to own the machine. I asked her what would happen if I was to send it back, could they still make me pay, she pretty much said that yes and they would harrass me until I did pay. But she did not know the answer when I asked her would it go against my credit. She was dumb founded to the question. I have excellent credit but I am sick of giving them $29.50 every month.
When I closed my business I closed that checking account that I had authorized them to draft the money from. So they started sending me a statement and I would send them a check for payment. Do you know that they then started drafting my personal account for the $29.50 without my authorization. How can they do this? So here I am 2 years later still paying for the machine that I used once. What rights do I have? Can I get out of this? Will it hurt my credit if I send it back? It does not show on my credit report at this time.
Kim
Vanceboro, North Carolina
U.S.A.
1 Updates & Rebuttals
RETRIEVER PAYMENT SYSTEMS
Kapaa,Hawaii,
United States of America
LEASE FINANCE GROUP LEASING
#2UPDATE Employee
Sat, October 31, 2009
Aloha,
I am a sales representative with Retriever Payment Systems in Hawaii. I completely understand your difficulty with the lease. Your representative should have been very clear about how a lease works.
At this point, I am discouraging leasing because of the misunderstandings that often occur. On the the top of the lease, it clearly states that the lease is NON CANCELLABLE. You are committed to the full term of the lease with the payments stated for the entire term of the lease. The $29 a month sounds reasonable to me.
At the end of the term, you may buyout the lease and not ever be charged again. You must find out what the buyout amount is and either send a check or return the equipment to the address you are given. Otherwise, you will continue to pay the lease payments. The address probably is: Asset Management / LFG 132 W 31st Street Suite 1300 New York, NY 10001. You should send a letter with your check and/or the equipment with your lease number requesting a cancellation of the lease. Also, send your equipment back with a tracking number so that you are certain that the check or equipment was received.