- Report: #715453
Complaint Review: Lease Finance Group - Chicago Illinois
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Author Confirmed
Why?
Lease Finance Group
65 E. Wacker Place Suite 510 Chicago, 60601 Illinois, United States of America
Phone:
866-781-0440
Web:
Categories:
Business Rating:
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Lease Finance Group Equipment Leasing is the most predatory business in this country, far worse than money lenders. Chicago, Illinois
Lease Finance Group LLC appears to be a major player in the business of credit card processing and related equipment leases.
In January 2010 my small business was approached by a representative of Trans Merchant Group (I have a Ripoff Report filed on them as well). He sold me a bill of goods on a credit card processing package in which he stated that TMG would pay off two existing lease agreements in order to get my business. They failed to pay off one lease, conveniently neglecting to name that lease company in my contract thereby giving them an out.
I had explained to TMG that my business was not in good shape financially, and that in fact it existed only to provide work opportunities to disabled people, including my son. TMG asked for a multi-year contract and I replied we likely would be out of business within months. The TMG rep replied that we need not worry because all we had to do was return our leased equipment at the time of closing and our contract would be forgiven. He conveniently left that statement out of our contract as well. The actual lease holder information was not provided at the contract signing, the explanation being that TMG works with various lease companies. Eventually we found that Lease Finance Group LLC was assigned our contract.
Suffice to say that the business did fail in June 2010 and thereafter our leased equipment was returned to LFG. We immediately began receiving phone calls from LFG demanding the full payment of our obligation as we had signed a personal guaranty I argued that I no longer had a business from which to pay them, but they did not care. I argued further that I am supporting a disabled son and had put all of my personal resources into the business, but they did not care. I explained that I am a retired professional with an excellent credit rating to which they replied that they were going to damage my credit by reporting my obligation as a " charge-off".
I made repeated efforts to appeal to any sense of decency in that I don't have the resources to pay them any longer without my business. I explained the fact the TMG had told me to simply return my leased equipment, but of course there was no written record of that statement. At this time I am left with having to face a legal fight without resources. LFG has no redeeming qualities as a business entity and exists only to take as much of your money as possible.
In January 2010 my small business was approached by a representative of Trans Merchant Group (I have a Ripoff Report filed on them as well). He sold me a bill of goods on a credit card processing package in which he stated that TMG would pay off two existing lease agreements in order to get my business. They failed to pay off one lease, conveniently neglecting to name that lease company in my contract thereby giving them an out.
I had explained to TMG that my business was not in good shape financially, and that in fact it existed only to provide work opportunities to disabled people, including my son. TMG asked for a multi-year contract and I replied we likely would be out of business within months. The TMG rep replied that we need not worry because all we had to do was return our leased equipment at the time of closing and our contract would be forgiven. He conveniently left that statement out of our contract as well. The actual lease holder information was not provided at the contract signing, the explanation being that TMG works with various lease companies. Eventually we found that Lease Finance Group LLC was assigned our contract.
Suffice to say that the business did fail in June 2010 and thereafter our leased equipment was returned to LFG. We immediately began receiving phone calls from LFG demanding the full payment of our obligation as we had signed a personal guaranty I argued that I no longer had a business from which to pay them, but they did not care. I argued further that I am supporting a disabled son and had put all of my personal resources into the business, but they did not care. I explained that I am a retired professional with an excellent credit rating to which they replied that they were going to damage my credit by reporting my obligation as a " charge-off".
I made repeated efforts to appeal to any sense of decency in that I don't have the resources to pay them any longer without my business. I explained the fact the TMG had told me to simply return my leased equipment, but of course there was no written record of that statement. At this time I am left with having to face a legal fight without resources. LFG has no redeeming qualities as a business entity and exists only to take as much of your money as possible.
2 Updates & Rebuttals
Scott
Watertown,Connecticut,
USA
Lease Finance Group Has Filed Their Threatened Lawsuit
#2Author of original report
Wed, October 19, 2011
October 18, 2011 LFG made good on their promised lawsuit. I have not had an operating business since June 2010 and LFG's leased equipment has been back in their hands for many months. These factors are insignificant to them as they apparently are entitled to take our money whether they are doing business with us or not. In March of this year I was contacted by a rep from the LFG legal department who wished to discuss resolution of this matter. She stated that I was obligated to pay LFG over $5,000.00 for the balance of our contract. I pleaded with her to understand that I no longer had a business, was not working, have a disabled son to care for, and had placed all of my personal financial resources into my failed business. All she wanted to hear was what I felt I could come up with to settle this matter. I explained that I could settle for a figure in the hundreds of dollars, and she replied that was unacceptable and that LFG would need $ 1,000.00 immediately followed by payments of $600.00 a month until paid. I informed her that the most likely scenario would be that LFG would force me into bankruptcy to which she replied that LFG would be reporting to the credit bureaus of a chargeoff. LFG demonstrated absolutely no common decency in the handling of this matter, and I personally have never witnessed a more cold and callous company or industry than those involved in credit card processing and related equipment leasing.
Scott
Watertown,Connecticut,
USA
Correction
#3Author of original report
Fri, April 08, 2011
correction..Transtech Merchant Group was the intended company name.
