- Report: #340507
Complaint Review: Pawnee Leasing - Colorado
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Author Confirmed
Why?
Pawnee Leasing
700 Centre Ave. 80526 Colorado, U.S.A.
Phone:
800-864-4266
Web:
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Pawnee Leasing Corporation Gouging Interest Rate; Rip-Off; Non-Disclosure 700 Centre Ave. Colorado
I purchased a microdermabrasion machine for $6,000.00. I was never advised how much my specific interest rate was however, when I asked a paralegal friend of mine to review the contract she said that my payments for 60 months for $6K were almost as much as her $10K 60 month Kia contract and her interest rate was 17 percent due to her credit so she thought I must really be getting ripped off.
I did the math on $6K over 60 months for my payments of $250.00 AND THAT IS $15,000.00. THAT IS OVER 50% INTEREST!!!!!!! AND MY CREDIT SCORE WAS BETWEEN 650 AND 700. WHAT A RIPOFF!! I FEEL SO STUPID!!!!
Osho
Maui, Hawaii
U.S.A.
I did the math on $6K over 60 months for my payments of $250.00 AND THAT IS $15,000.00. THAT IS OVER 50% INTEREST!!!!!!! AND MY CREDIT SCORE WAS BETWEEN 650 AND 700. WHAT A RIPOFF!! I FEEL SO STUPID!!!!
Osho
Maui, Hawaii
U.S.A.
1 Updates & Rebuttals
B. Ware
Hollywood,Florida,
U.S.A.
Pawnee only uses brokers to get new business
#2Consumer Comment
Wed, July 23, 2008
I have also been scammed by Pawnee. Same situation - great credit and cash in the bank. However, because I was a new business, I had trouble finding a lease company (or so I was told). I went through a broker named Lease Process (that's another ripoff) who brokered the lease to Pawnee. When a broker is involved, they get a commission on the difference between the rate Pawnee gives them, and the rate that actually gets charged. However, Pawnee must still approve the rate to the customer since they have to service and collect the lease payments. They charge 50%+ not because we are bad credit risks - but because we are capable of making the payments on higher interest loans. If it's not illegal, it should be! That is taking advantage of small business owners. Had I known of their predatory practices, I never would have done a lease through them. Shame on Lease Process also!
