Complaint Review: Lease Finance Group - Jersey City NJ, NY, IL

I was deceived by one of LFG sales representatives into signing a four year contract (while being told that what I was signing was simply the terms of the interests that my customers were going to pay (whenever they financed the products through them.) I was also informed of my responsibility to pay $80 a month (in the events that no sales were made on a calendar month.)  I was NOT told that I was entering a binding contract of 4 years and that I was going to have to keep paying them whether I used their services or not!

Unfortunately, after a year of loosing money and struggling with the business, I had to take my losses and close the business.  I called LFG to notify that I would no longer need their service and equipment and to ask where I needed to return their loan processing machine. When I called, they never told me that I was going to have to keep paying for the equipment, nor did they give me a choice to purchase the equipment. They simply gave the the address to send the equipemt  back to them and a month latter I got a bill from them in the mail. I thought it was a mistake and when I called to clarify, they told me that would have to keep paying the $80 a month for 3 more years! I got very upset and explained to them that I was deceived and never told I was signing a 4 year contract! They offered me to pay them the whole amount in full (which was $3,100.00 back then.)  I asked to speak with the owner or a manager. I told him that I was mislead into signing the document on my phone without a chance to read the fine print and without being told I was entering a 4 year contract. I explained that I had already returned the equipment and that I wanted him to penalize his sales person for being deceitful. I also asked him to stop sending me bills. He then explained that they had payed over $3,000.00 in commission to the sales guy who had scammed me and that is why they could not offer me to waive the payments. He told me it was my fault for not  taking the time to read the whole contract.  I sure learned my lesson about trusting sales people and I will never sign a contract on the phone again without reading every single line! I was a first time business owner and was very trusting and naive and believed I was being told the truth.

 Well, they filed a judgement in IL back on May of 2015 for $3,000.00.

 Then, last May, I got an updated letter from them saying that I now owe them over $5,000,00. 

I am glad to say that yesterday I found out  that a lawsuit was filed against LFG. Here is the information in case anyone here wants to contact the NY Attorney General:

I hope this helps someone else who has also been decieved by these crooks. Do NOT DO BUSINESS WITH THEM!!!

"In April 2016, the New York Attorney General filed a lawsuit against Northern Leasing Systems, Lease Finance Group, and MBF Leasing “for their fraudulent and deceptive practices that trap small business owners across the country.” The lawsuit alleges that Northern Leasing Systems and its subsidiaries knowingly deceived thousands of business owners into buying overpriced equipment and then abused the judicial system by filing suit in New York to collect on overdue lease payments. The lawsuit seeks to vacate default judgments obtained by Northern Leasing against business owners, enjoin the company and its owners from further deceptive practices, obtain restitution for merchants, dissolve Northern Leasing, and force the company to notify all three major credit reporting agencies that the default judgments have been vacated. It was allowed to proceed in December 2017 and has not yet been resolved. This marks the second action that the New York Attorney General has taken against Northern Leasing Systems. Merchants who have been harmed by Northern Leasing Systems are instructed to file complaints here or call 1-800-771-7755."