LeaseComm

LeaseComm Corporation is a company which lends money for purchases of relatively low-cost ("small ticket") business equipment. They are headquartered in Woburn, MA.

Opinions

Woozle 11:28, 29 Apr 2005 (CST)

These people have a special place on my hate-list. Admittedly, the fault may lie as much with Cardservice International as with LeaseComm, but all of my contact with LeaseComm over the incident had a very strong flavor of sleaze.

In 1995 or 1996, I signed on with CardService International to receive credit-card processing services. As part of that, it was necessary to have software, and since we already had computers they recommended the PTC software rather than purchasing a separate "terminal" as was more common at that time. So I signed both an agreement with CardService, for card processing services, and a contract with LeaseComm for the PTC software.

When I was signing the LeaseComm contract, I noted that the language of the fine-print seemed to be presenting the transaction as a lease of the software rather than a purchase. I pointed this out to the salesman, but he insisted that the contract was in fact a purchase. I also opted for the shorter purchase period, which was something like $60/month for 2 years instead of $30/month for 5 years -- and again, these numbers wouldn't make sense for anything but a purchase. Being somewhat naive at that time, I signed.

Long story short, two years later the automatic monthly $60 deductions from my account did not stop. The contract apparently really was a lease. The branch of Cardservice which had provided the salesman in question was nowhere to be found (email bounced, letters returned). After a lot of arguing with LeaseComm I was able to get out of the contract (this is less pleasant than it sounds), but only after paying an extra $400 or so.

(Article to be expanded with additional details and documentation at a later date.)