The Gangsters at 10 M Commerce Way, Woburn, Massachusetts have done an excellent job of disguising MicroFinancial Inc. aka Leasecomm Corp. as a legitimate organization that specializes in financing “microticket” business equipment.
The TRUTH is that they are Ring-Leaders, Organizers and Financiers of the biggest Criminal Scam network in the country.
The
TRICK is that they loudly proclaim that they have no sales dept. and depend
entirely on outside vendors
[click
on The Big Lie for
full clarification]
Show
them a good scam and they’ll set you up in business,
train your sales staff, organize, advertise, and run your scam “seminars”,
and advertise your scam product [they love “virtual” products, you know,
like the virtual terminals that they’ve sold so many of, the customer never
sees them because they never existed so the profit margin is really great!],
train your employees in every respect, especially in properly filling out the
paper work, including their equipment lease!
AH…
The Lease!…
Now That’s a Real work of art! 18 inches long, printed both
sides, solid [no paragraph breaks] in 5 point narrow, about 5/8 the size of
this> (8
point normal width)
(8 point- normal width) on paper with a dark pink background, and jammed full of
legalese that locks you into their tangled web Forty ways from Sunday!
Just an "industry standard" equipment lease. . . . Riiight!
Did I mention that the lease is Non-Cancelable?
I
know what you’re thinking;
The lease
is “unconscionable”.
Yes, at the first sign of trouble, Leasecomm says, “you should have
read the lease” (in addition to "don't blame us, we only financed
it")
....and.... Most people “buy” that!
Yes, the Lease is unconscionable and illegal in many ways, but,
That’s not
what’s important!
The
terms of the lease are totally irrelevant!
What,
you ask then, is relevant?
This
is what’s relevant!;
1.
They
have your signature on the lease.
They don’t even know or understand what’s in the lease themselves, but
they’re going to interpret it to mean anything they want it to mean, when they
want it to mean it! They regularly violate the terms of their own unconscionable
lease!
2.
They have
access to your bank account
(that was a requirement so that they would have a means to pay you the credit
card receipts from your business). Riiight!
The lease was just a TOOL, like a
burglars pry-bar, to gain access to your bank account.
Now they are free to make regular and frequent visits to
your account and withdraw whatever they please in the guise of various and
sundry bogus charges and fees!
How
do they think they can get away with that?
The
answer is simple. . . Percentages! . .
Most
people have already bought into the idea that it’s their fault for signing the
lease. The rest are either;
1.
Intimidated by the (mostly illegal) tactics used by the collections dept.
of Leasecomm. Threats, Intimidation, Extortion, etc…OR;
2.
Without the funds to hire an attorney to defend themselves.
3.
Without the funds to travel to the court in Massachusetts (the
forum clause),
AND to hire an attorney. Heck,
Most of them don’t even know they are being sued until it’s a done deal and
they've lost the case by default!
Bottom Line: This operation is so profitable that they can afford to lose an occasional case and still keep an army of “cheap, unscrupulous lawyers” on retainer to keep their legal “wheelhouse” going (as referred to by the Boston Heralds Cosmo Macero),
Icing
on the cake;
Leasecomm proudly proclaims that 25% of their income is from “extended” leases, claiming that this represents "satisfied" customers. Hidden obscurely within the bowels of their unconscionable lease is a requirement that the lessee give written notice to Leasecomm of the lessees intention to terminate within 60 days of the end of the lease.
If the lessee doesn't catch this and send in his notice, the lease automatically renews for a like term, or, in some cases, converts to a month to month. This allows Leasecomm to continue to relentlessly pursue the lessee even after the terms of the lease have been fulfilled (until the lessee catches on). NOTE: You'd better use certified mail or they'll claim they never received it.
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