Complaint Review: Ladco Leasing - Thousand Oaks California

I just recently sold my business (restaurant) and had Elavon as my processor via a US Bank Rep. I too just found out about the 60 month contract.

First of all, it is surely a valid argument to say we are in fact liable since we signed the contract but there is obvious deception. Every paper I signed had Elavon on it. Like many of the other complaints, the sales rep became my best friend and made an extreme effort to gain my trust. As I understood it, the equipment was 'free' as a part of being a Gold Checking member through the bank. Reality was, I didn't get charged for the first year for some reason so I naturally thought that was actually the deal. I then noticed some EFT transactions on my account from 'Ladco'. I called the bank and asked what the heck this was. Without even looking up my account, she said it was for my CC processing account. No mention about a lease. SO I was ok with it because I did in fact know of a monthly charge for the service itself. Stupid me to not catch that right? Well, now that I decided to sell my business I'm smacked with this information as so many other people are complaining about.

Thinking back, as me and the sales rep started doing the signing of the contract, it was a pretty big packet. She chose the local starbucks to do this. All the 'initial here and here and here and sign here and here' got redundant so being in the commotion filled place and being overwhelmed with the whole idea of starting a business (which she capitalized on when building the rapport with me) I eased up on it and went ahead and signed as she directed me. Again, no mention of lease, Ladco or whatever. I even told her I might get a POS system to run CC and she said it wouldn't matter since the equipment is free with the service. In fact the whole contract packet is bound together with Elavon's Log on the front. Must have been a loose paper thrown in there without notice.

All that being said, and the reason I responded to the person who said 'you signed it, your fault' is because the trickery that is being used to get a signature is ridiculous. Same thing happened with Cintas. He built rapport with me because he happened to know my ex girlfriend blah blah blah; I'm in for 5k with them.

There needs to be reform when it comes to terms of contracts and how it is signed. Immersing a term agreement within any contract should have guidlines. Sort of like how Cellular companies do it. Any length of term agreement should not be allowed within the language of the other parts of contracts. It's obvious why they slip those into these contracts. Why the heck would anyone pay over 2500 for a stupid credit card machine? I may have been jaded when I signed the contract but I had enough money at the time and I would have just bought one for $500 if I knew that I was going to be paying this. What's worse is they'll make you buy it at the end of the lease! Once I get some more time on my hands I'll be doing what I can to fight this!

You had the contract in your hand and said yourself you didn't read it. I've seen these contracts and the Ladco lease agreements have in huge bold block lettering right at the top and no buried in the document that the lease is not cancelable. You can transfer the lease to another business by calling Ladco and requesting a lease transfer form. I have leased cars, apartments, and equipment in my life and the leases regardless of what it was were not cancelable... why would you think this would be any different? If I lease a car for 4 years and want to return in in two years, I have to pay off the lease. If I lease an apartment for a year and move out in 6 months, I have to pay the remaining term. If I lease a credit card machine for 5 years and want to cancel it in 2 years, guess what? I owe the money. Bottom line is you didn't read the contract and now you owe the money. Your fault this time I'm afraid. Try finding someone willing to take if over who is opening a new business or needs a new machine. Or call Ladco and see if they will negotiate a buyout settlement where you can keep the machine and re-sell it on ebay or something so you can get some of your money back.

In 2003, I started a custom made bridal business in the town of Yarmouth, Maine. I have been doing business with the local branch of Key Bank; I trust them as a legitimate bank. The customer service representatives were very nice and polite; typical of a small town they offer very personalized service so it never went through my mind that I could be riped off. They referred me to Diane A. Stenton Sr. account executive at Key Bank who pretended to be my best friend, during our phone conversation she told me I could cancel the merchant service and lease equipment any time, she whished the best for my new business and promised me I was getting the best product in the market. She faxed me a ladco leasing form and asked me to fill up my information, sign and send back to her. I trusted Diane and I did not realize that I was signing the form before I knew the lease term and what the monthly payment will be. I was deceived into signing a 60 months non-cancelable lease and another 24 months service agreement with key bank merchant services. After a year in business I decided to close the business so I called Key merchants to cancel the service. I could no longer find any nice people to talk to and the mean people I talked to threaten me to ruin my credit if I stopped making payments until the end of the leases. It was until then that I also found out that Ladco leasing is not the same as Key Bank. I returned the equipment and have been paying monthly fees for no service whatsoever, I would not be surprised if at the end of the lease they will also charge me for lost equipment. It has been almost five years of paying for nothing, nevertheless, I received threatening phone calls to my cell phone, my home and business because I cancelled the account from where they could withdraw the monthly fees automatically. I have been sending monthly payments to Ladco Leasing directly from my new account but they are still threatening me to ruin my credit and take me to court if I refuse to pay an extra $5.00 a month fee because they no longer have the automatic payments from my old bank account. I send the monthly fee directly from my new bank but they insist my payments are late even when I have proof that I have been sending the payments on time. Please be aware of Ladco Leasing unfair and deceptive business practices. They take advantage of hard working and honest people. I thank this web site for given me the opportunity to express my case. I will also make a complaint with the BBB in the near future. Please contact me for any class action suit against NOVA Information systems and Ladco Leasing. Lets stop them for their abusing practice!

In 2003, I started a custom made bridal business in the town of Yarmouth, Maine. I have been doing business with the local branch of Key Bank; I trust them as a legitimate bank. The customer service representatives were very nice and polite; typical of a small town they offer very personalized service so it never went through my mind that I could be ripe off. They referred me to Diane A. Stenton Sr. account executive at Key Bank who pretended to be my best friend, during our phone conversation she told me I could cancel the merchant service and lease equipment any time, she whished the best for my new business and promised me I was getting the best product in the market. She faxed me a ladco leasing form and asked me to fill up my information, sign and send back to her. I trusted Diane and I did not realize that I was signing the form before I knew the lease term and what the monthly payment will be. I was deceived into signing a 60 months non-cancelable lease and another 24 months service agreement with key bank merchant services. After a year in business I decided to close the business so I called Key merchants to cancel the service. I could no longer find any nice people to talk to and the mean people I talked to threaten me to ruin my credit if I stopped making payments until the end of the leases. It was until then that I also found out that Ladco leasing is not the same as Key Bank. I returned the equipment and have been paying monthly fees for no service whatsoever, I would not be surprised if at the end of the lease they will also charge me for lost equipment. It has been almost five years of paying for nothing, nevertheless, I received threatening phone calls to my cell phone, my home and business because I cancelled the account from where they could withdraw the monthly fees automatically. I have been sending monthly payments to Ladco Leasing directly from my new account but they are still threatening me to ruin my credit and take me to court if I refuse to pay an extra $5.00 a month fee because they no longer have the automatic payments from my old bank account. I send the monthly fee directly from my new bank but they insist my payments are late even when I have proof that I have been sending the payments on time. Please be aware of Ladco Leasing unfair and deceptive business practices. They take advantage of hard working and honest people. I thank this web site for given me the opportunity to express my case. I will also make a complaint with the BBB in the near future. Please contact me for any class action suit against NOVA Information systems and Ladco Leasing. Lets stop them for their abusing practice!