Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below. This is a ripoff, who leases a furnace that's already paid for and then buys it after the lease is up? That's just crazy, I've been all over the web reading thousands of consumers complaints against your company. You have hem by the short hairs by suing them for non payment. This is wrong, this is injustice, a hearachy of a multi million dollar corp. that's already fat, [redacted] the life blood out of consumers. I talked to [redacted] and they point their finger at you. I will not adhere to this conditions without my lawyer going over your contact and following her advice.
Regards,
[redacted]
The consumer has not provided any further information or statements as part of their rebuttal. As such, TimePayment stands by our original response, submitted on July 2, 2015.
TimePayment Corp. has received a copy of your Revdex.com complaint, and we have had the opportunity to review your account. We would like to take this opportunity to address your concerns, and clarify some of the terms of the Agreement that you signed. First, please be advised that TimePayment Corp. does...
not offer loans, or charge “interest”. The contract that you have entered into with us is a Lease Agreement, and not a loan agreement. We are an equipment leasing company, as is more thoroughly described under UCC Article 2A. TimePayment’s only role in this transaction was to purchase equipment of your choosing, from an independent equipment vendor ([redacted]) to lease back to you for a mutually-agreed-upon monthly amount. Our records indicate that you signed a Non-Cancelable Commercial Equipment Lease Agreement (“Agreement”) on May 30, 2014 for the leasing of an Auxiliary Power Unit. Pursuant to the terms of your Agreement, you agreed to pay $310.84 (plus taxes and fees) for a term of 36 months. After confirming that you understood the terms of the Agreement that you signed, and that you had received the equipment, TimePayment paid the vendor and commenced the Agreement on June 23, 2014. I have attached a copy of the Agreement for your review. Your account does reflect that a payment was made on November 4, 2015 in the amount of $3,002.50. Because that amount was in excess of your regular monthly payment, all excess funds are being applied to future invoices that will continue to generate on your account until such time that you either pay the Lease Buyout, or the excess funds run-out. If you are requesting to pay-off your account so that it is closed, the current Lease Buyout amount is $5,147.08 (in addition to payments already receive) – that amount will remain valid for 15 days. If you wish to continue paying on your account in accordance with the terms of the Agreement, invoices will continue to be paid using the excess funds received on November 4th. With all payments received on time, your Agreement is set to expire after your May, 2017 payment.We hope that this response has clarified any confusion. Please do not hesitate to contact our Customer Service Department at our toll-free number with any further questions related to your account.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #[redacted]. I understand that by choosing to accept the business response that my complaint will be closed as resolved.
Regards,
[redacted]
TimePayment has reviewed your account, and we would like to take this opportunity to better explain the terms of your Non-Cancelable Commercial Equipment Lease Agreement – a copy is attached, for your review. Records reflect that, in February of 2016, you entered into a Non-Cancelable...
Commercial Equipment Lease Agreement (“Agreement”) with TimePayment Corp., via the independent equipment vendor, [redacted], for the leasing of [redacted] equipment. Per the terms of the Agreement, you agreed to pay a base monthly amount of $178.56 for 45 months. In your complaint, you have indicated that you are dissatisfied with “paying for services not provided and equipment unusable”. Please be advised that no services are included in your Agreement with TimePayment. As this is an equipment lease agreement, TimePayment is billing you for the leased equipment only. With regard to your complaint related to the functionality of the equipment, please refer to sections 11 (“Maintenance of Equipment”), 12 (“Disclaiming of Warranties”) and 13 (“Equipment Servicing”). In essence, these sections of the Agreement state that TimePayment, as only the finance lessor (as is more thoroughly described under UCC 2A), does not provide servicing or warranties of any kind. By signing the Agreement, you have agreed to maintain the equipment in good operating and physical condition, at your own expense. Further, you have acknowledged your understanding that no servicing of any kind is provided by TimePayment, and that any failure of the equipment is no basis for non-fulfillment of your obligations under the Lease. Additionally, our records indicate that your account was removed from automatic payments on September 22nd, after three (3) separate attempts to withdraw payment failed. Please be advised that you signed the Agreement as a Personal Guarantor, and any late payments may have a negative impact on your personal credit. Also, on July 22nd, you spoke with a TimePayment representative, and indicated that you may not have signed your own name to the Agreement. Subsequently, a Forgery Questionnaire was sent to you, for you to complete and return to our Legal Resolutions Department in order for the claim to be investigated. The Questionnaire was never returned, and the claim was assumed resolved. If you still wish to pursue that claim, please complete the attached questionnaire and return it to TimePayment (along with the additional requested documents) so that we may thoroughly investigate the matter. Unfortunately, for the reasons mentioned herein, we are not able to refund any of the payments received on this account, nor close the account for payments received. If you wish to return the equipment to TimePayment, you may do so by shipping it to our office in [redacted], MA. Please be advised that returning the equipment will not void or nullify the contract, nor your obligations as outlined therein.
TimePayment would like to take this opportunity to address the concerns mentioned in your complaint, and better explain the terms of the contract that you have entered into with us. As an initial matter, TimePayment would like to clarify that we do not engage in “verbal contracts”. All terms...
and conditions are laid-out, in writing, within the pages of our Lease Agreement. After receiving and approving your credit application, TimePayment sent you a Non-Cancelable Commercial Equipment Lease Agreement (“Agreement”), via email, to review and sign on March 7, 2016. You signed the Agreement on the same day, and returned it to TimePayment for commencement. Pursuant to page 2, paragraph 6 (“End of Lease Term”), you had 3 options at the conclusion of the requisite Lease Term. In essence, you could: (1) return the equipment to TimePayment in good condition, at your expense, (2) continue paying on a month-to-month rental basis under the existing terms, or (3) purchase the equipment by paying the fair market value, as quoted by TimePayment. As per the terms, if none of the options are exercised, the lease automatically extends on a month-to-month rental basis (option 2). During month-to-month rental, the account is billed on a monthly basis until the equipment is either purchased for the fair market value or returned. The Agreement is clear, the buyout on the contract (in order to keep the equipment) requires payment of the Fair Market Value, in addition to all monthly lease payments. There is no mention of a $1.00 buyout in the Agreement. A copy of the Agreement is attached, for your review. While we sincerely apologize for any misunderstandings related to the Lease Agreement, we can find no evidence to suggest that any representatives of TimePayment misrepresented the terms of the contract. If you have any documentation, correspondence, or other substantiating material to support this claim, then please provide it so that we may further investigate the matter.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below.
Despite the fact TimePayment agreed to remove derogatory information from my credit reports, a missing payment is still showing up on [redacted] report.
Regards,
[redacted]
We apologize that you are not satisfied with our original response to your complaint relating to the Commercial Equipment Lease Agreement that you signed with our company – however, we do believe that it properly addressed the concerns outlined in your complaint. In your rebuttal, you are requesting a detailed breakdown of the costs and fees associated with your monthly Lease Payment, including “numbers, deductions, percentage rates, etc…” As previously explained, the contract that you signed is a Commercial Equipment Lease Agreement, and not a loan - there are no “percentage” (or interest) rates. Your base monthly payment of $204.07 is an amount determined by our company (and agreed-to, by you), based on the retail value of the equipment, as well as your personal and business credit ratings. By signing the Lease Agreement and the Delivery and Acceptance Form, as well as completing our recorded verification telephone call, you represented to TimePayment that you had read and understood the terms and conditions of the contract that you had signed. TimePayment relied on your representations and purchased the equipment from Bolton Tools with the understanding that you would pay to lease it from us at a rate of $204.07 (plus applicable taxes and fees) for a period of 57 months. To reiterate, you were given ample opportunity to cancel the lease transaction prior to commencement of the contract. Rather than cancel, you elected to sign the Lease Agreement, accept delivery of the equipment and complete our recorded lease verification telephone call. As the Lessee and Personal Guarantor, it was your responsibility to read and understand the contract prior to signing it – or to seek advice from a legal professional, if the terms and conditions were not understood. Please note this is a Commercial contract, not a consumer contract. The terms and conditions of the contract are clear and unambiguous and this contract is compliant with all applicable laws and regulations in all 50 states. As a business owner, you are charged with knowing the contents of the contracts that you sign. It is the responsibility of the business owner (Lessee) to ensure that they understand the amount that they have agreed to pay. We apologize that you feel as though the terms of the Lease Agreement were not properly disclosed within the pages of the contract. However, all terms and conditions are appropriately and accurately stated. Your complaint and rebuttal suggest that you are seeking to simply pay the retail value for the leased commercial equipment. Unfortunately, TimePayment is not able to provide such a service and, as such, you remain responsible for the terms of the contract as they are stated in your Lease Agreement.
TimePayment has located your account, and we would like to take this opportunity to respond to your complaint. Our records indicate that TimePayment has not had any direct contact with you since February 8, 2017, and has not refused to provide you with a copy of your Agreement or validation of the...
debt. A copy of your Non-Cancelable Commercial Equipment Lease Agreement is attached, for your review. Pursuant to section 3 (“Credit Inquiries and Credit Reporting”), TimePayment is authorized to provide history information to the credit reporting agencies about your credit standing with us, and our credit experience with you. In accordance with the Fair Credit Reporting Act (“FCRA”), TimePayment is obligated to report its accounts honestly and accurately. After reviewing your account history, it is our position that the account is being reported accurately to the credit reporting agencies, Experian and Equifax (please note: TimePayment does not report its accounts to Transunion). Please review the attached histories for your account’s cash receipts and invoices. Unfortunately, we are not able to delete the account from your credit reports – however, we would like to reach an amicable resolution on the account. Please contact us at our toll-free number to discuss possible settlement options.
TimePayment has had the opportunity to review your account, and we would like to take this opportunity to explain what our records reflect. When you signed the Consumer Equipment Lease Agreement (“Lease”) in July of 2016, you elected to have your account set-up on automatic payments, to be...
withdrawn on the 15th of each month. Pursuant to the “Method of Payment” section, located at the bottom of page 3 of the Lease (copy attached), you provided [redacted] credit card information in order to process the automatic payments. Our first attempt to withdraw payment, in August of 2016, was declined – which you later clarified was the result of the credit card having been compromised. You provided new credit card information on August 22, 2016, to be used in connection with the automatic payments. As a courtesy, TimePayment voided two (2) declined payment fees at that time. The automatic payments were processed successfully for nine (9) months after the new credit card information was provided (from September 2016 through May 2017). However, out attempts to withdraw payments began declining in June of 2017. In accordance with the terms of the Lease, continued attempts to charge the credit card were made (each, several days apart). Our records indicate that, between June 15th and August 24th, seven (7) withdrawal attempts were declined. It is your responsibility to ensure that sufficient funds are available each month, at the time that payments are due. Pursuant to section 8 (“Monthly Statements; Dishonored Payments”), if a monthly payment is dishonored for any reason, you are responsible for applicable fees associated with the dishonored transaction. On September 22, 2017, TimePayment agreed to waive three (3) of the seven (7) declined payments fees that were recently applied to your account. As a courtesy, we will agree to waive one (1) additional declined payment fee. The three (3) remaining declined payment fees cannot be waived. We hope that this resolution is satisfactory. We urge you to contact your bank with any questions that you may have, regarding why the payments may have been declined. Please do not hesitate to contact our Customer Service Department, should you have any questions or if you need assistance updating your automatic payment information.
TimePayment has received your complaint, filed with the Revdex.com, and we have located an account in our system which we believe to belong to you – No. [redacted]. You are claiming that you received “defective” equipment from the equipment vendor, [redacted], in correlation to your Consumer...
Equipment Lease with TimePayment. You have further claimed that [redacted] informed you that they would not be able to repair the equipment “for a year or longer” and, as such, they accepted the return of the equipment and assured you that TimePayment would refund any payments that you had made, as well as close your account. Last, you are claiming that [redacted] refunded TimePayment “more than a month ago” in regard to the amount that we paid for the leased “[redacted]”, but that TimePayment has failed to refund your payment. First, please be advised that TimePayment Corp. and [redacted] LLC are two completely separate companies – we do not share employees, profits or anything else. TimePayment’s only role in this transaction was that of a finance lessor, extending credit to you in form of a Lease after receiving and approving your credit application on June 19, 2015. Prior to paying [redacted] for the equipment that is listed on the Lease, TimePayment conducted a recorded Lease Verification telephone call with you on June 30, 2015 – at which time you confirmed that you had received all of the equipment and that you were satisfied with it. At no time during that telephone call did you inform our representative that the equipment was defective, or that you were dissatisfied with it in any way. Immediately following the recorded verification telephone call, TimePayment paid [redacted] for the equipment and commenced the Lease. To address the claims brought forth in your complaint, we ask that you refer to the following sections of your Lease: • Top left corner, page 1: This is Lease Agreement between TimePayment Corp. and the Lessee. Lessee is entering into this lease with TimePayment Corp. and that TimePayment Corp. is not in any way associated or affiliated with the equipment Vendor, Dealer or Manufacturer. This is a legally binding contract. If the terms and conditions are not fully understood, legal advice should be sought before signing.• Warranties (section 3): The Equipment may be subject to manufacturers’ or suppliers’ warranties contained in the original packaging. These are the only warranties that are provided with the Equipment. Lessor has made no express or implied warranties on the Equipment, any services and/or use of the Equipment, including the implied warranties of merchantability or fitness for particular purpose.• Early Termination (section 18): (a) …I may end this Lease before the end of the Lease Term if I am not in Default by delivering written notice to you of such Termination. If you or I terminate this lease before the end of the Lease term, I must return the Equipment to you and pay to you an early termination balance within ten days after my receipt of written notice from you of the Early Termination Balance... Our records indicate that, on August 27th, [redacted] (a Sales and Customer Service representative with [redacted]) reached out to TimePayment to advise that you were seeking to cancel the Lease and receive a refund only because the equipment that you had chosen was too large, and a smaller size was not available at that time. Mr. [redacted] advised that, despite being offered several alternate resolutions, you continued to request a refund. Ultimately, [redacted] stated that they would like to return TimePayment’s funding to us and have the Lease canceled. While TimePayment Corp. is under no obligation to allow for the already-commenced Lease to be canceled, we agreed to allow the cancelation transaction and accept our funding back from [redacted]. We informed Mr. [redacted] that, once our funds were received back, we would be able to issue a refund to you (the customer) and close the account. Until such time that we receive a refund of the money that was paid to [redacted], we are not able to close this account or issue a refund of cash received. Our records indicate that, to date, TimePayment has not received our funding back from [redacted] in regard to this account – for this reason, the account remains open and is actively billing. As a courtesy, we reached-out to [redacted], requesting an update on the status of the aforementioned refund. They have assured us that a check was mailed yesterday, September 21st – once received, we will continue with the process of closing this account. It is our sincere hope that this response has clarified TimePayment’s role in this transaction.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below. When [redacted] were already tearing up our ducks and hauling out the old furnace the salesman was telling us they could only finance us through Time Payment Corp. We wanted to call our credit union for the loan instead.We both feel we were under duress as the house was freezing, it was February 2, and we had slept in the livingroom next to a heater. And since [redacted] was already tearing up the old furnace, what could we do? Tell them to stop? The salesman explained about the lease, which didn't make much sence then, and he said to call our homeowner insurance company and have then insure the furnace and we'd have no payments to make to them it g er than the cost of the furnace. By the time they got done installing and us signing papers half the day was gone.I called our insurance agent, he said t h ey could not insure just the furnace alone as its added equipment and is covered under loss due to fire or disaster. He explained the reason Time Payment wanted this coverage was that if our home was destroyed Time Payment would get half of the insurance check leaving us without enough to rebuild our home.This company has been doing this for years to home owners and corporations and making millions on bilking customers out of money for leasing their own eguipment thar has already been bought and paid for. I want them to drop the $3000.00 they say we owe them for leasing our furnace and to not take any action against us in the future.[redacted]. And [redacted]
Regards,
[redacted]
We apologize that you are not satisfied - however, you have not presented any new concerns or complaints in your rebuttal. As such, TimePayment maintains our position as stated in our initial reply. Please do not hesitate to contact us directly with any further concerns, as we would be happy to work toward an amicable resolution.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. I am rejecting this companies response on these grounds, they in fact did send a letter on October 28,2014 notifying me that a loss payee binder was needed listing them. But I switched agents and insurance companies in 2015, I indeed asked them to list Time payment as loss payee and issue them proof of insurance as required. How was I to know this was not done or not received by the appropriate party without a letter such as the one from Oct 28 2014? They are using the excuse its not their responsibility to notify us as a reason to over charge this redundant coverage. I have submitted proof that coverage was in place the whole time without a lapse and demand a full refund of $1920.00.Thank you,[redacted]
[If you are rejecting the business's response please enter your rejection comments here.]
Regards,
[redacted]
TimePayment has had the opportunity to review your account, and we would like to address your concerns. On November 5, 2014, you signed a Consumer Equipment Lease with TimePayment Corp., via the independent equipment vendor ([redacted]), for the leasing of 1 [redacted] Alkaline R/O...
Water System. Pursuant to the Step Payment Amendment document, which was attached to your Lease, you agreed to pay the full equipment cost of $3,000.00 within the first 12 months of the commencement of the Lease. Also pursuant to the Step Payment Amendment document, if you failed to pay the full equipment cost of $3,000.00 by the 12-month deadline, then you would be responsible for the entire 69-month Lease term. Specifically, the Step Payment Amendment document states: “If I do not exercise the above EQUIPMENT COST BUYOUT, then the TOTAL AMOUNT OF PAYMENTS that I will have paid at the end of the Agreement’s original term will be $7,274.25.” In accordance with the terms of the Lease that you signed, the full equipment cost buyout needed to be paid by October 15, 2015. To date, nearly 1 full year after the Full Equipment Cost Buyout Option expired without being exercised, TimePayment has still received payments totaling only $1,569.80. It is TimePayment’s position that you are not being overcharged. All billing has been done in accordance with the terms of the Lease that you signed. I have attached a copy of the Lease and Step Payment Amendment document, for your review. Please do not hesitate to contact our Lessee Relations Department with any questions related to the Lease terms.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response mostly satisfies my issues and/or concerns in reference to complaint #[redacted]. However, it is disconcerting that it required countless efforts on my part and finally a complaint to the Revdex.com before my concerns were heard. I am unclear why I still owe a balance and my statement history accessible online is so convoluted, there is no way to effectively determine the real balance. Given the number of similar complaints I have read since my ordeal, it is beyond me that TimePayment is still rated A+ by Revdex.com. Having said that, I understand that by choosing to accept the business response that my complaint will be closed as resolved.
Regards,
[redacted]
TimePayment Corp.’s Legal Resolutions Department has received your complaint, and we have taken the opportunity to review your account accordingly. Your complaint asserts that [redacted], a representative of a company called “Safe Touch Security & Surveillance” came to your home on May 28,...
2015 to solicit a security system – which you agreed to let him install, with the understanding that it would cost $79.00 per month. You are claiming that you were not left with a copy of the contract that you signed, and that you attempted to cancel the “service” repeatedly between the dates of May 28th and June 6th. Our records indicate that you signed the TimePayment Consumer Equipment Lease Agreement via a representative of a security company called “[redacted] Services” on May 22, 2015 for a term of 48 months, with a base monthly rate of $98.88 per month (plus an additional $9.11 per month in sales and property taxes). TimePayment has never dealt with a company by the name of Safe Touch Security & Surveillance in regard to your account. Prior to paying [redacted] Services for the equipment that is listed on your Lease Agreement, TimePayment conducted a recorded lease verification telephone call with you at telephone number [redacted] on May 29, 2015. During our recorded lease verification telephone call, you confirmed the spelling of your first and last name, the last four (4) digits of your social security number and that you understood that you had signed a Consumer Equipment Lease Agreement for a term of 48 months, at a base monthly rate of $98.88. You further confirmed that the security system listed therein had been installed and was functioning to your satisfaction. At no time during that recorded telephone call did you inform the TimePayment representative that you wished to cancel the contract, that you felt “taken advantage of”, or that you had not been given a copy of the Lease Agreement that you signed. Immediately following the satisfactory completion of the verification telephone call, TimePayment Corp. paid [redacted] Services for the security equipment and commenced the Lease Agreement. Your obligations, as outlined in the contract, became irrevocable at that time. In addition to the Consumer Equipment Lease Agreement, you signed a document titled: “Buyer’s Right to Cancel and Notice of Cancellation”, which allowed you three (3) business days from the date of signing to cancel the contract. Your three-day right to cancel expired at midnight on May 28, 2015 (as indicated in the attached copy of that document). While we understand that you are claiming that the dates on this document were altered after you signed it, we have received no documentation which substantiates that claim. We ask that you refer to the box titled “Acknowledgement of Receipt”, which states: “I have received two copies of this Buyer’s Right to Cancel and Notice of Cancellation”. Please provide a copy of the Buyer’s Right to Cancel and Notice of Cancellation that you acknowledged receiving – upon receipt of that document, we will be happy to revisit your claim that the dates on the document may have been altered. Additionally, please refer to the notice at the bottom of page one (1) of the Lease Agreement (directly above your signature). That notice states, in bold font: “CAUTION - IMPORTANT NOTICE. THE TERMS OF THIS AGREEMENT ARE CONTINUED ON MORE THAN ONE PAGE. I CERTIFY THAT I HAVE THOROUGHLY READ THIS ENTIRE CONTRACT BEFORE I SIGNED THIS LEASE. I AGREE THAT I HAVE RECEIVED A COMPLETED AND READABLE COPY OF THIS ENTIRE LEASE AGREEMENT. I have read, understand and agree to the terms, which appear on all pages of this Lease.”In an attempt to thoroughly investigate your claim that the vendor’s representative altered the dates on the contract after the document was signed, we contacted Lester [redacted], the owner of [redacted], and requested his response. Mr. [redacted] has denied that he (or any of his representatives) altered your contract. For the reasons listed herein, it is TimePayment’s position that the terms of the Lease Agreement were properly and accurately disclosed to you in writing (within the pages of the contract) and verbally (in our verification telephone call). You were given ample opportunity to cancel the Lease Transaction prior to Lease commencement – including being provided with the Buyer’s Right to Cancel document, as well as the during the verification telephone call that occurred on May 29th. In fact, our records indicate that you did not contact TimePayment to inform us of your desire to cancel until June 15, 2015 – eighteen (18) days after the contract had already commenced. Because TimePayment has already purchased the equipment that is listed on the Lease Agreement and commenced the contract, we are not able to cancel it. We apologize that we cannot be of further assistance to you in this matter, and we encourage you to contact our Customer Service Department regarding any billing or payments questions that you may have.
As an initial matter, the contract that you signed is a Commercial Equipment Lease Agreement and did not allow a 3-day right to rescind. Furthermore, as previously stated, TimePayment is not a bank and does not charge interest of any kind. No representatives of TimePayment ever informed you that you would be paying $1,200 in interest, nor did TimePayment state that you would only have paid $3,600 by the end of the lease term. As previously stated, the recorded lease verification telephone call was conducted by the independent broker company, [redacted] Financial, and not by TimePayment. [redacted] Financial and TimePayment Corp. are two completely separate companies – we do not share employees, profits, offices or anything else. The telephone recording that was sent to TimePayment at the time of lease commencement did not contain any language related to interest, nor did it contain anything related to the total amount that will have been paid by the end of the lease term. If the conversations that you are referring to were conducted with representatives of [redacted] Financial, then TimePayment would have no knowledge of those conversations and the matter would need to be addressed with [redacted] directly. The material terms of the Lease Agreement were not changed or altered in any way after the Agreement had been electronically signed by you. If you believe otherwise, then please provide any documentation that you have, evidencing the alleged alteration. We sincerely apologize if the terms of the contract were not understood prior to commencement – however, TimePayment maintains that the lease terms are clearly stated within the pages of the Lease Agreement, and those terms have not changed. Records reflect that you paid the buyout on your account on June 19th, and the account has subsequently been closed. Please do not hesitate to contact our Customer Service Department with any questions related to the terms of the Lease Agreement.
TimePayment would like to take this opportunity to clarify that we did not “illegally sign [you] up for a contract.” Pursuant to the attached Non-Cancelable Commercial Equipment Lease Agreement (“Agreement”) that you signed, you agreed to submit a base amount of $50.00 per month, for 48 months for...
the leasing of a “POYNT Smart Terminal”. A copy of this Agreement was mailed to you on August 15, 2016, along with a Welcome Letter. TimePayment’s only role in this transaction was that of a finance lessor, purchasing equipment of your choosing from the independent equipment vendor of your choosing, in order to then lease that equipment back to you for a mutually-agreed-upon monthly amount. We first received your credit application on August 15, 2016, when it was submitted to us electronically by the independent equipment vendor, [redacted] d/b/a [redacted] (“[redacted]”). [redacted] is a completely separate company from TimePayment. Our records do not indicate that any employees of TimePayment represented the Agreement as being anything other than what it is described-as within its terms and conditions. Furthermore, as the finance lessor, TimePayment did not remove the equipment from your business, and is not currently in possession of the equipment. Notwithstanding the above - due to the nature of this particular contract, TimePayment agrees to close the account and assign it back to [redacted]. You may wish to contact [redacted] with any questions or concerns that you have, relating to correspondence which occurred prior to the Lease’s Commencement, or the whereabouts of the equipment. Please disregard any billing statements which may cross in the mail.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below. This is a ripoff, who leases a furnace that's already paid for and then buys it after the lease is up? That's just crazy, I've been all over the web reading thousands of consumers complaints against your company. You have hem by the short hairs by suing them for non payment. This is wrong, this is injustice, a hearachy of a multi million dollar corp. that's already fat, [redacted] the life blood out of consumers. I talked to [redacted] and they point their finger at you. I will not adhere to this conditions without my lawyer going over your contact and following her advice.
Regards,
[redacted]
The consumer has not provided any further information or statements as part of their rebuttal. As such, TimePayment stands by our original response, submitted on July 2, 2015.
TimePayment Corp. has received a copy of your Revdex.com complaint, and we have had the opportunity to review your account. We would like to take this opportunity to address your concerns, and clarify some of the terms of the Agreement that you signed. First, please be advised that TimePayment Corp. does...
not offer loans, or charge “interest”. The contract that you have entered into with us is a Lease Agreement, and not a loan agreement. We are an equipment leasing company, as is more thoroughly described under UCC Article 2A. TimePayment’s only role in this transaction was to purchase equipment of your choosing, from an independent equipment vendor ([redacted]) to lease back to you for a mutually-agreed-upon monthly amount. Our records indicate that you signed a Non-Cancelable Commercial Equipment Lease Agreement (“Agreement”) on May 30, 2014 for the leasing of an Auxiliary Power Unit. Pursuant to the terms of your Agreement, you agreed to pay $310.84 (plus taxes and fees) for a term of 36 months. After confirming that you understood the terms of the Agreement that you signed, and that you had received the equipment, TimePayment paid the vendor and commenced the Agreement on June 23, 2014. I have attached a copy of the Agreement for your review. Your account does reflect that a payment was made on November 4, 2015 in the amount of $3,002.50. Because that amount was in excess of your regular monthly payment, all excess funds are being applied to future invoices that will continue to generate on your account until such time that you either pay the Lease Buyout, or the excess funds run-out. If you are requesting to pay-off your account so that it is closed, the current Lease Buyout amount is $5,147.08 (in addition to payments already receive) – that amount will remain valid for 15 days. If you wish to continue paying on your account in accordance with the terms of the Agreement, invoices will continue to be paid using the excess funds received on November 4th. With all payments received on time, your Agreement is set to expire after your May, 2017 payment.We hope that this response has clarified any confusion. Please do not hesitate to contact our Customer Service Department at our toll-free number with any further questions related to your account.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #[redacted]. I understand that by choosing to accept the business response that my complaint will be closed as resolved.
Regards,
[redacted]
TimePayment has reviewed your account, and we would like to take this opportunity to better explain the terms of your Non-Cancelable Commercial Equipment Lease Agreement – a copy is attached, for your review. Records reflect that, in February of 2016, you entered into a Non-Cancelable...
Commercial Equipment Lease Agreement (“Agreement”) with TimePayment Corp., via the independent equipment vendor, [redacted], for the leasing of [redacted] equipment. Per the terms of the Agreement, you agreed to pay a base monthly amount of $178.56 for 45 months. In your complaint, you have indicated that you are dissatisfied with “paying for services not provided and equipment unusable”. Please be advised that no services are included in your Agreement with TimePayment. As this is an equipment lease agreement, TimePayment is billing you for the leased equipment only. With regard to your complaint related to the functionality of the equipment, please refer to sections 11 (“Maintenance of Equipment”), 12 (“Disclaiming of Warranties”) and 13 (“Equipment Servicing”). In essence, these sections of the Agreement state that TimePayment, as only the finance lessor (as is more thoroughly described under UCC 2A), does not provide servicing or warranties of any kind. By signing the Agreement, you have agreed to maintain the equipment in good operating and physical condition, at your own expense. Further, you have acknowledged your understanding that no servicing of any kind is provided by TimePayment, and that any failure of the equipment is no basis for non-fulfillment of your obligations under the Lease. Additionally, our records indicate that your account was removed from automatic payments on September 22nd, after three (3) separate attempts to withdraw payment failed. Please be advised that you signed the Agreement as a Personal Guarantor, and any late payments may have a negative impact on your personal credit. Also, on July 22nd, you spoke with a TimePayment representative, and indicated that you may not have signed your own name to the Agreement. Subsequently, a Forgery Questionnaire was sent to you, for you to complete and return to our Legal Resolutions Department in order for the claim to be investigated. The Questionnaire was never returned, and the claim was assumed resolved. If you still wish to pursue that claim, please complete the attached questionnaire and return it to TimePayment (along with the additional requested documents) so that we may thoroughly investigate the matter. Unfortunately, for the reasons mentioned herein, we are not able to refund any of the payments received on this account, nor close the account for payments received. If you wish to return the equipment to TimePayment, you may do so by shipping it to our office in [redacted], MA. Please be advised that returning the equipment will not void or nullify the contract, nor your obligations as outlined therein.
TimePayment would like to take this opportunity to address the concerns mentioned in your complaint, and better explain the terms of the contract that you have entered into with us. As an initial matter, TimePayment would like to clarify that we do not engage in “verbal contracts”. All terms...
and conditions are laid-out, in writing, within the pages of our Lease Agreement. After receiving and approving your credit application, TimePayment sent you a Non-Cancelable Commercial Equipment Lease Agreement (“Agreement”), via email, to review and sign on March 7, 2016. You signed the Agreement on the same day, and returned it to TimePayment for commencement. Pursuant to page 2, paragraph 6 (“End of Lease Term”), you had 3 options at the conclusion of the requisite Lease Term. In essence, you could: (1) return the equipment to TimePayment in good condition, at your expense, (2) continue paying on a month-to-month rental basis under the existing terms, or (3) purchase the equipment by paying the fair market value, as quoted by TimePayment. As per the terms, if none of the options are exercised, the lease automatically extends on a month-to-month rental basis (option 2). During month-to-month rental, the account is billed on a monthly basis until the equipment is either purchased for the fair market value or returned. The Agreement is clear, the buyout on the contract (in order to keep the equipment) requires payment of the Fair Market Value, in addition to all monthly lease payments. There is no mention of a $1.00 buyout in the Agreement. A copy of the Agreement is attached, for your review. While we sincerely apologize for any misunderstandings related to the Lease Agreement, we can find no evidence to suggest that any representatives of TimePayment misrepresented the terms of the contract. If you have any documentation, correspondence, or other substantiating material to support this claim, then please provide it so that we may further investigate the matter.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below.
Despite the fact TimePayment agreed to remove derogatory information from my credit reports, a missing payment is still showing up on [redacted] report.
Regards,
[redacted]
We apologize that you are not satisfied with our original response to your complaint relating to the Commercial Equipment Lease Agreement that you signed with our company – however, we do believe that it properly addressed the concerns outlined in your complaint. In your rebuttal, you are requesting a detailed breakdown of the costs and fees associated with your monthly Lease Payment, including “numbers, deductions, percentage rates, etc…” As previously explained, the contract that you signed is a Commercial Equipment Lease Agreement, and not a loan - there are no “percentage” (or interest) rates. Your base monthly payment of $204.07 is an amount determined by our company (and agreed-to, by you), based on the retail value of the equipment, as well as your personal and business credit ratings. By signing the Lease Agreement and the Delivery and Acceptance Form, as well as completing our recorded verification telephone call, you represented to TimePayment that you had read and understood the terms and conditions of the contract that you had signed. TimePayment relied on your representations and purchased the equipment from Bolton Tools with the understanding that you would pay to lease it from us at a rate of $204.07 (plus applicable taxes and fees) for a period of 57 months. To reiterate, you were given ample opportunity to cancel the lease transaction prior to commencement of the contract. Rather than cancel, you elected to sign the Lease Agreement, accept delivery of the equipment and complete our recorded lease verification telephone call. As the Lessee and Personal Guarantor, it was your responsibility to read and understand the contract prior to signing it – or to seek advice from a legal professional, if the terms and conditions were not understood. Please note this is a Commercial contract, not a consumer contract. The terms and conditions of the contract are clear and unambiguous and this contract is compliant with all applicable laws and regulations in all 50 states. As a business owner, you are charged with knowing the contents of the contracts that you sign. It is the responsibility of the business owner (Lessee) to ensure that they understand the amount that they have agreed to pay. We apologize that you feel as though the terms of the Lease Agreement were not properly disclosed within the pages of the contract. However, all terms and conditions are appropriately and accurately stated. Your complaint and rebuttal suggest that you are seeking to simply pay the retail value for the leased commercial equipment. Unfortunately, TimePayment is not able to provide such a service and, as such, you remain responsible for the terms of the contract as they are stated in your Lease Agreement.
TimePayment has located your account, and we would like to take this opportunity to respond to your complaint. Our records indicate that TimePayment has not had any direct contact with you since February 8, 2017, and has not refused to provide you with a copy of your Agreement or validation of the...
debt. A copy of your Non-Cancelable Commercial Equipment Lease Agreement is attached, for your review. Pursuant to section 3 (“Credit Inquiries and Credit Reporting”), TimePayment is authorized to provide history information to the credit reporting agencies about your credit standing with us, and our credit experience with you. In accordance with the Fair Credit Reporting Act (“FCRA”), TimePayment is obligated to report its accounts honestly and accurately. After reviewing your account history, it is our position that the account is being reported accurately to the credit reporting agencies, Experian and Equifax (please note: TimePayment does not report its accounts to Transunion). Please review the attached histories for your account’s cash receipts and invoices. Unfortunately, we are not able to delete the account from your credit reports – however, we would like to reach an amicable resolution on the account. Please contact us at our toll-free number to discuss possible settlement options.
TimePayment has had the opportunity to review your account, and we would like to take this opportunity to explain what our records reflect. When you signed the Consumer Equipment Lease Agreement (“Lease”) in July of 2016, you elected to have your account set-up on automatic payments, to be...
withdrawn on the 15th of each month. Pursuant to the “Method of Payment” section, located at the bottom of page 3 of the Lease (copy attached), you provided [redacted] credit card information in order to process the automatic payments. Our first attempt to withdraw payment, in August of 2016, was declined – which you later clarified was the result of the credit card having been compromised. You provided new credit card information on August 22, 2016, to be used in connection with the automatic payments. As a courtesy, TimePayment voided two (2) declined payment fees at that time. The automatic payments were processed successfully for nine (9) months after the new credit card information was provided (from September 2016 through May 2017). However, out attempts to withdraw payments began declining in June of 2017. In accordance with the terms of the Lease, continued attempts to charge the credit card were made (each, several days apart). Our records indicate that, between June 15th and August 24th, seven (7) withdrawal attempts were declined. It is your responsibility to ensure that sufficient funds are available each month, at the time that payments are due. Pursuant to section 8 (“Monthly Statements; Dishonored Payments”), if a monthly payment is dishonored for any reason, you are responsible for applicable fees associated with the dishonored transaction. On September 22, 2017, TimePayment agreed to waive three (3) of the seven (7) declined payments fees that were recently applied to your account. As a courtesy, we will agree to waive one (1) additional declined payment fee. The three (3) remaining declined payment fees cannot be waived. We hope that this resolution is satisfactory. We urge you to contact your bank with any questions that you may have, regarding why the payments may have been declined. Please do not hesitate to contact our Customer Service Department, should you have any questions or if you need assistance updating your automatic payment information.
TimePayment has received your complaint, filed with the Revdex.com, and we have located an account in our system which we believe to belong to you – No. [redacted]. You are claiming that you received “defective” equipment from the equipment vendor, [redacted], in correlation to your Consumer...
Equipment Lease with TimePayment. You have further claimed that [redacted] informed you that they would not be able to repair the equipment “for a year or longer” and, as such, they accepted the return of the equipment and assured you that TimePayment would refund any payments that you had made, as well as close your account. Last, you are claiming that [redacted] refunded TimePayment “more than a month ago” in regard to the amount that we paid for the leased “[redacted]”, but that TimePayment has failed to refund your payment. First, please be advised that TimePayment Corp. and [redacted] LLC are two completely separate companies – we do not share employees, profits or anything else. TimePayment’s only role in this transaction was that of a finance lessor, extending credit to you in form of a Lease after receiving and approving your credit application on June 19, 2015. Prior to paying [redacted] for the equipment that is listed on the Lease, TimePayment conducted a recorded Lease Verification telephone call with you on June 30, 2015 – at which time you confirmed that you had received all of the equipment and that you were satisfied with it. At no time during that telephone call did you inform our representative that the equipment was defective, or that you were dissatisfied with it in any way. Immediately following the recorded verification telephone call, TimePayment paid [redacted] for the equipment and commenced the Lease. To address the claims brought forth in your complaint, we ask that you refer to the following sections of your Lease: • Top left corner, page 1: This is Lease Agreement between TimePayment Corp. and the Lessee. Lessee is entering into this lease with TimePayment Corp. and that TimePayment Corp. is not in any way associated or affiliated with the equipment Vendor, Dealer or Manufacturer. This is a legally binding contract. If the terms and conditions are not fully understood, legal advice should be sought before signing.• Warranties (section 3): The Equipment may be subject to manufacturers’ or suppliers’ warranties contained in the original packaging. These are the only warranties that are provided with the Equipment. Lessor has made no express or implied warranties on the Equipment, any services and/or use of the Equipment, including the implied warranties of merchantability or fitness for particular purpose.• Early Termination (section 18): (a) …I may end this Lease before the end of the Lease Term if I am not in Default by delivering written notice to you of such Termination. If you or I terminate this lease before the end of the Lease term, I must return the Equipment to you and pay to you an early termination balance within ten days after my receipt of written notice from you of the Early Termination Balance... Our records indicate that, on August 27th, [redacted] (a Sales and Customer Service representative with [redacted]) reached out to TimePayment to advise that you were seeking to cancel the Lease and receive a refund only because the equipment that you had chosen was too large, and a smaller size was not available at that time. Mr. [redacted] advised that, despite being offered several alternate resolutions, you continued to request a refund. Ultimately, [redacted] stated that they would like to return TimePayment’s funding to us and have the Lease canceled. While TimePayment Corp. is under no obligation to allow for the already-commenced Lease to be canceled, we agreed to allow the cancelation transaction and accept our funding back from [redacted]. We informed Mr. [redacted] that, once our funds were received back, we would be able to issue a refund to you (the customer) and close the account. Until such time that we receive a refund of the money that was paid to [redacted], we are not able to close this account or issue a refund of cash received. Our records indicate that, to date, TimePayment has not received our funding back from [redacted] in regard to this account – for this reason, the account remains open and is actively billing. As a courtesy, we reached-out to [redacted], requesting an update on the status of the aforementioned refund. They have assured us that a check was mailed yesterday, September 21st – once received, we will continue with the process of closing this account. It is our sincere hope that this response has clarified TimePayment’s role in this transaction.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below. When [redacted] were already tearing up our ducks and hauling out the old furnace the salesman was telling us they could only finance us through Time Payment Corp. We wanted to call our credit union for the loan instead.We both feel we were under duress as the house was freezing, it was February 2, and we had slept in the livingroom next to a heater. And since [redacted] was already tearing up the old furnace, what could we do? Tell them to stop? The salesman explained about the lease, which didn't make much sence then, and he said to call our homeowner insurance company and have then insure the furnace and we'd have no payments to make to them it g er than the cost of the furnace. By the time they got done installing and us signing papers half the day was gone.I called our insurance agent, he said t h ey could not insure just the furnace alone as its added equipment and is covered under loss due to fire or disaster. He explained the reason Time Payment wanted this coverage was that if our home was destroyed Time Payment would get half of the insurance check leaving us without enough to rebuild our home.This company has been doing this for years to home owners and corporations and making millions on bilking customers out of money for leasing their own eguipment thar has already been bought and paid for. I want them to drop the $3000.00 they say we owe them for leasing our furnace and to not take any action against us in the future.[redacted]. And [redacted]
Regards,
[redacted]
We apologize that you are not satisfied - however, you have not presented any new concerns or complaints in your rebuttal. As such, TimePayment maintains our position as stated in our initial reply. Please do not hesitate to contact us directly with any further concerns, as we would be happy to work toward an amicable resolution.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. I am rejecting this companies response on these grounds, they in fact did send a letter on October 28,2014 notifying me that a loss payee binder was needed listing them. But I switched agents and insurance companies in 2015, I indeed asked them to list Time payment as loss payee and issue them proof of insurance as required. How was I to know this was not done or not received by the appropriate party without a letter such as the one from Oct 28 2014? They are using the excuse its not their responsibility to notify us as a reason to over charge this redundant coverage. I have submitted proof that coverage was in place the whole time without a lapse and demand a full refund of $1920.00.Thank you,[redacted]
[If you are rejecting the business's response please enter your rejection comments here.]
Regards,
[redacted]
TimePayment has had the opportunity to review your account, and we would like to address your concerns. On November 5, 2014, you signed a Consumer Equipment Lease with TimePayment Corp., via the independent equipment vendor ([redacted]), for the leasing of 1 [redacted] Alkaline R/O...
Water System. Pursuant to the Step Payment Amendment document, which was attached to your Lease, you agreed to pay the full equipment cost of $3,000.00 within the first 12 months of the commencement of the Lease. Also pursuant to the Step Payment Amendment document, if you failed to pay the full equipment cost of $3,000.00 by the 12-month deadline, then you would be responsible for the entire 69-month Lease term. Specifically, the Step Payment Amendment document states: “If I do not exercise the above EQUIPMENT COST BUYOUT, then the TOTAL AMOUNT OF PAYMENTS that I will have paid at the end of the Agreement’s original term will be $7,274.25.” In accordance with the terms of the Lease that you signed, the full equipment cost buyout needed to be paid by October 15, 2015. To date, nearly 1 full year after the Full Equipment Cost Buyout Option expired without being exercised, TimePayment has still received payments totaling only $1,569.80. It is TimePayment’s position that you are not being overcharged. All billing has been done in accordance with the terms of the Lease that you signed. I have attached a copy of the Lease and Step Payment Amendment document, for your review. Please do not hesitate to contact our Lessee Relations Department with any questions related to the Lease terms.
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below.
Regards,
[redacted]
Revdex.com:
I have reviewed the response submitted by the business and have determined that the response mostly satisfies my issues and/or concerns in reference to complaint #[redacted]. However, it is disconcerting that it required countless efforts on my part and finally a complaint to the Revdex.com before my concerns were heard. I am unclear why I still owe a balance and my statement history accessible online is so convoluted, there is no way to effectively determine the real balance. Given the number of similar complaints I have read since my ordeal, it is beyond me that TimePayment is still rated A+ by Revdex.com. Having said that, I understand that by choosing to accept the business response that my complaint will be closed as resolved.
Regards,
[redacted]
TimePayment Corp.’s Legal Resolutions Department has received your complaint, and we have taken the opportunity to review your account accordingly. Your complaint asserts that [redacted], a representative of a company called “Safe Touch Security & Surveillance” came to your home on May 28,...
2015 to solicit a security system – which you agreed to let him install, with the understanding that it would cost $79.00 per month. You are claiming that you were not left with a copy of the contract that you signed, and that you attempted to cancel the “service” repeatedly between the dates of May 28th and June 6th. Our records indicate that you signed the TimePayment Consumer Equipment Lease Agreement via a representative of a security company called “[redacted] Services” on May 22, 2015 for a term of 48 months, with a base monthly rate of $98.88 per month (plus an additional $9.11 per month in sales and property taxes). TimePayment has never dealt with a company by the name of Safe Touch Security & Surveillance in regard to your account. Prior to paying [redacted] Services for the equipment that is listed on your Lease Agreement, TimePayment conducted a recorded lease verification telephone call with you at telephone number [redacted] on May 29, 2015. During our recorded lease verification telephone call, you confirmed the spelling of your first and last name, the last four (4) digits of your social security number and that you understood that you had signed a Consumer Equipment Lease Agreement for a term of 48 months, at a base monthly rate of $98.88. You further confirmed that the security system listed therein had been installed and was functioning to your satisfaction. At no time during that recorded telephone call did you inform the TimePayment representative that you wished to cancel the contract, that you felt “taken advantage of”, or that you had not been given a copy of the Lease Agreement that you signed. Immediately following the satisfactory completion of the verification telephone call, TimePayment Corp. paid [redacted] Services for the security equipment and commenced the Lease Agreement. Your obligations, as outlined in the contract, became irrevocable at that time. In addition to the Consumer Equipment Lease Agreement, you signed a document titled: “Buyer’s Right to Cancel and Notice of Cancellation”, which allowed you three (3) business days from the date of signing to cancel the contract. Your three-day right to cancel expired at midnight on May 28, 2015 (as indicated in the attached copy of that document). While we understand that you are claiming that the dates on this document were altered after you signed it, we have received no documentation which substantiates that claim. We ask that you refer to the box titled “Acknowledgement of Receipt”, which states: “I have received two copies of this Buyer’s Right to Cancel and Notice of Cancellation”. Please provide a copy of the Buyer’s Right to Cancel and Notice of Cancellation that you acknowledged receiving – upon receipt of that document, we will be happy to revisit your claim that the dates on the document may have been altered. Additionally, please refer to the notice at the bottom of page one (1) of the Lease Agreement (directly above your signature). That notice states, in bold font: “CAUTION - IMPORTANT NOTICE. THE TERMS OF THIS AGREEMENT ARE CONTINUED ON MORE THAN ONE PAGE. I CERTIFY THAT I HAVE THOROUGHLY READ THIS ENTIRE CONTRACT BEFORE I SIGNED THIS LEASE. I AGREE THAT I HAVE RECEIVED A COMPLETED AND READABLE COPY OF THIS ENTIRE LEASE AGREEMENT. I have read, understand and agree to the terms, which appear on all pages of this Lease.”In an attempt to thoroughly investigate your claim that the vendor’s representative altered the dates on the contract after the document was signed, we contacted Lester [redacted], the owner of [redacted], and requested his response. Mr. [redacted] has denied that he (or any of his representatives) altered your contract. For the reasons listed herein, it is TimePayment’s position that the terms of the Lease Agreement were properly and accurately disclosed to you in writing (within the pages of the contract) and verbally (in our verification telephone call). You were given ample opportunity to cancel the Lease Transaction prior to Lease commencement – including being provided with the Buyer’s Right to Cancel document, as well as the during the verification telephone call that occurred on May 29th. In fact, our records indicate that you did not contact TimePayment to inform us of your desire to cancel until June 15, 2015 – eighteen (18) days after the contract had already commenced. Because TimePayment has already purchased the equipment that is listed on the Lease Agreement and commenced the contract, we are not able to cancel it. We apologize that we cannot be of further assistance to you in this matter, and we encourage you to contact our Customer Service Department regarding any billing or payments questions that you may have.
As an initial matter, the contract that you signed is a Commercial Equipment Lease Agreement and did not allow a 3-day right to rescind. Furthermore, as previously stated, TimePayment is not a bank and does not charge interest of any kind. No representatives of TimePayment ever informed you that you would be paying $1,200 in interest, nor did TimePayment state that you would only have paid $3,600 by the end of the lease term. As previously stated, the recorded lease verification telephone call was conducted by the independent broker company, [redacted] Financial, and not by TimePayment. [redacted] Financial and TimePayment Corp. are two completely separate companies – we do not share employees, profits, offices or anything else. The telephone recording that was sent to TimePayment at the time of lease commencement did not contain any language related to interest, nor did it contain anything related to the total amount that will have been paid by the end of the lease term. If the conversations that you are referring to were conducted with representatives of [redacted] Financial, then TimePayment would have no knowledge of those conversations and the matter would need to be addressed with [redacted] directly. The material terms of the Lease Agreement were not changed or altered in any way after the Agreement had been electronically signed by you. If you believe otherwise, then please provide any documentation that you have, evidencing the alleged alteration. We sincerely apologize if the terms of the contract were not understood prior to commencement – however, TimePayment maintains that the lease terms are clearly stated within the pages of the Lease Agreement, and those terms have not changed. Records reflect that you paid the buyout on your account on June 19th, and the account has subsequently been closed. Please do not hesitate to contact our Customer Service Department with any questions related to the terms of the Lease Agreement.
TimePayment would like to take this opportunity to clarify that we did not “illegally sign [you] up for a contract.” Pursuant to the attached Non-Cancelable Commercial Equipment Lease Agreement (“Agreement”) that you signed, you agreed to submit a base amount of $50.00 per month, for 48 months for...
the leasing of a “POYNT Smart Terminal”. A copy of this Agreement was mailed to you on August 15, 2016, along with a Welcome Letter. TimePayment’s only role in this transaction was that of a finance lessor, purchasing equipment of your choosing from the independent equipment vendor of your choosing, in order to then lease that equipment back to you for a mutually-agreed-upon monthly amount. We first received your credit application on August 15, 2016, when it was submitted to us electronically by the independent equipment vendor, [redacted] d/b/a [redacted] (“[redacted]”). [redacted] is a completely separate company from TimePayment. Our records do not indicate that any employees of TimePayment represented the Agreement as being anything other than what it is described-as within its terms and conditions. Furthermore, as the finance lessor, TimePayment did not remove the equipment from your business, and is not currently in possession of the equipment. Notwithstanding the above - due to the nature of this particular contract, TimePayment agrees to close the account and assign it back to [redacted]. You may wish to contact [redacted] with any questions or concerns that you have, relating to correspondence which occurred prior to the Lease’s Commencement, or the whereabouts of the equipment. Please disregard any billing statements which may cross in the mail.