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]. Thank you for your response to my questions. I want to know when the equipment was returned. I want an invoice of the equipment that was returned and the equipment that you say is missing. I still question the “Fair Market” value of the equipment. The lease states up to 10% of the lease total. How do you determine what percent, if it will be lower or the 10%? The determination of “Fair Market Value” seems arbitrary. Is there a document or chart that determines the “Fair Market Value”? A customer service agent stated that your company does not give credit for returning equipment. Your customer service agents harass and threaten the leasee but it doesn’t matter if the equipment is returned. Why return the equipment if there isn’t any credit applied to the account?
Regards,
[redacted]
TimePayment Corp.’s Legal Department has had the opportunity to review your account history, and we would like to take this opportunity to address your concerns related to the End of Lease Term options. It is your position that you should not have to pay the invoice, which was due on September 10th,...
because you returned the equipment to TimePayment on September 8th. You signed a Non-Cancelable Commercial Equipment Lease Agreement with TimePayment Corp. in October of 2011 for a term of 48-months, at a base monthly rate of $300.00 for the commercial leasing of a Konica Minolta copy machine. Your first payment was due on October 14, 2011. TimePayment mailed you an End of Lease Term Warning Letter on June 30, 2015 which stated (in part): “In accordance with the terms of your agreement, you have the following options at the end of the initial agreement term: (1) you can promptly return the equipment, in good condition, except for ordinary wear and tear, to us by the end of the initial term of the contract (10-Sep-2015) or (2) you can extend the agreement under the terms and conditions stated in the agreement on a month-to-month basis until such time as you give written notice that you elect to terminate the agreement at least 30 days prior to such termination and you return the equipment to us or (3) you can purchase the equipment for the fair market value as quoted by us at the time of termination plus any applicable taxes.”That letter further stated: “You are responsible for any billed balances still unpaid at the end of the term of the contract.” I have attached a copy of that letter for your review.TimePayment then mailed you a billing statement on August 14th, for a total of $365.22 - due on September 10th. Records reflect that TimePayment received the returned equipment on September 8th – two (2) days before the due date of your bill. You retained possession of the equipment for the month following your receipt of the billing statement which generated on August 14th. To reiterate - the $365.22 was not added to your account after the return of the equipment – it had been an outstanding balance due since August 14th, when the statement first generated. I have attached a copy of that statement for your review. As stated in the letter that was mailed to you on June 30th, you are responsible for any billed balances still unpaid at the end of the contract term. Furthermore, it is TimePayment’s position that you contracted to remit a total of 48 monthly payments in accordance with the Lease Agreement. To date, you have submitted 47 monthly payments. Because you failed to fulfill your obligations as outlined in the Lease Agreement, your account has remained open and continues to generate bills on a monthly basis. Currently, your account contains three (3) outstanding, past-due invoices. Should you wish to fulfill your obligations and pay the $365.22 that was due on September 10th, TimePayment Corp. would be willing to waive all additional invoices and fees which have generated on your account in the interim. If you wish to accept this offer, please remit payment in the amount of $365.22 no later than October 23, 2015.
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.
TimePayment breached the original lease agreement by not allowing me use of the equipment for 48 months, as originally agreed to. Their response contained contradictorystatements: “Currently, your account contains three (3) outstanding, past-due invoices,” and “to date, you have submitted 47 monthly payments” and did not address my specific concern of being forced to return the equipment one month prior to end of lease agreement and yet charged for this error. Please address my specific concern ofbeing forced to return the equipment one month prior to end of lease agreementand yet charged for this error. ]
Regards,
[redacted]
TimePayment Corp. has received 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 the terms of the contract that you signed with us. As an initial matter, please be advised that TimePayment Corp....
is a finance lessor, as is more thoroughly described under UCC 2A. Our only role in this transaction was to purchase the POS equipment of your choosing, from an independent equipment vendor to lease back to you for a mutually-agreed-upon monthly amount (as indicated in box “A”, on page 1 of the Lease Agreement). On May 13, 2015, prior to paying [redacted] (the equipment vendor, as indicated on page 1 of the Lease Agreement), for the POS equipment, TimePayment conducted a recorded lease verification telephone call with you to confirm that you understood and accepted the terms of the Lease Agreement that you had signed. During that recorded telephone call, you verified your personal information, as well as that you understood that you had signed a Non-Cancelable Commercial Equipment Lease Agreement for a base amount of $168.63 per month for 36 months. At no time during that telephone call did you indicate that you were not aware that you had signed a Lease Agreement, that you felt pressured into signing the Lease Agreement or that you had not retained a copy of the Lease Agreement. Immediately following the successful completion of the recorded lease verification telephone call, TimePayment Corp. purchased the POS equipment from LED World, Inc. and commenced the contract. That same day, TimePayment mailed you a Welcome Letter, accompanied by a copy of the Lease Agreement that you had electronically signed. For your review, I have attached a copy of that Welcome Letter, as well as a copy of the Lease Agreement. On June 2, 2015, TimePayment received check no. [redacted] for $1,000.00. Because your account is set-up on monthly billing, check no. [redacted] posted to your account and covered the next 5 monthly invoices, as well as part of a 6th monthly invoice – which is why you did not receive billing statements for those months. Unfortunately, because TimePayment Corp. and the independent equipment vendor are separate companies, no representatives of TimePayment Corp. were present-for (nor aware-of) any correspondence, documentation or equipment quotes which may have been exchanged between your two companies prior to our involvement in the transaction. As stated in the Agency Disclaimer section on page 2 of the Lease Agreement: “NEITHER SUPPLIER NOR ANY SALESPERSON IS AN AGENT OF LESSOR NOR ARE THEY AUTHORIZED TO WAIVE OR ALTER THE TERMS OF THE LEASE. THEIR REPRESENTATIONS SHALL IN NO WAY AFFECT LESSEE OR LESSOR’S RIGHTS AND OBLGIATIONS AS [THEREIN] SET FORTH.” Should you have any questions or concerns related to your interaction with the equipment vendor, then that must be discussed with the equipment vendor directly. Currently, the Buyout Amount for your account is $4,934.37 – this quote is valid for 15 days. Alternatively, you may continue making monthly payments, as agreed. To date, you have submitted 11 of the requisite 36 monthly lease payments, with 25 payments remaining. We sincerely hope that this response has clarified any confusion related to your TimePayment account. Please do not hesitate to contact our Customer Service Department at our toll-free number with any further questions.
Dear Ms. [redacted], Please be advised TimePayment Corp’s Legal Resolutions Department is in receipt of your Revdex.com Complaint. I have taken the opportunity to review your complaint and your account with TimePayment. You have stated that you signed a contract with TimePayment for...
salon equipment on June 8, 2015, but that you were subsequently advised that the process could not move forward without a copy of your cosmetology license. You state that you learned the lease had commenced only after receiving a phone call from TimePayment on June 18th. Additionally, you have stated you have yet to receive the equipment, and that you wish to cancel the Agreement and be refunded your payment. Please be advised TimePayment Corp. acted solely as a finance lessor (as it is described under UCC Article 2A) of commercial equipment, extending a finance lease to you after receiving and approving your credit application. TimePayment Corp. (“TimePayment”) is an equipment leasing company whose only role in this transaction was purchasing the equipment of your choosing from the independent vendor, [redacted], and leasing it to you. On May 22, 2015, TimePayment received an application from you for finance leasing of salon equipment. After your application was approved, on June 8, 2015, you electronically signed the Non-Cancelable Commercial Equipment Lease Agreement (“Agreement”) for several pieces of salon equipment at terms of $68.28 per month (plus applicable taxes and fees) for 24 months (see attached Agreement). The Agreement states on Page 1 in the Delivery and Acceptance Confirmation section: “I have instructed the Lessor to purchase the Equipment on my behalf immediately. The Equipment has been ordered, and either has been or will be delivered as I requested…I understand that upon signing this Lease and Delivery and Acceptance Confirmation, my obligations under the Lease are binding and irrevocable. Lease payments will commence on the date set forth above, whether I am in possession of the Equipment or not.” As such, TimePayment purchased the equipment from the third-party vendor on your behalf in reliance on your signature. While TimePayment did request a copy of your business license, TimePayment then waived that requirement as a courtesy. In order to convey this information, TimePayment conducted multiple phone calls with you on June 9th and June 10th, during which TimePayment also confirmed your payment information for the payable at signing amount needed to commence the lease. Additionally, on June 10th an Introduction Letter was mailed to you welcoming you as a TimePayment customer, along with a copy of the commenced Agreement (see attached). Whether you have received the equipment yet or not, the Agreement is valid and binding, as you agreed in signing the Delivery and Acceptance Confirmation that the equipment would be or had been ordered on your behalf. On June 24th you contacted TimePayment and requested to transfer the lease into another person’s/business name. TimePayment mailed you the application to be completed by the potential transferee and is waiting for the application to be returned. Once the application is received, TimePayment’s Credit Department will review the application and contact you with the result. It is TimePayment’s position that the terms surrounding the commencement of the Agreement were clear and that you understood those terms, and that the Agreement is valid and binding. It is our hope that this has clarified any questions you may have had regarding your account. Please contact our Legal Resolutions Department if you have any questions. Sincerely, [redacted], Esq.
Unfortunately, TimePayment cannot locate any accounts for you in our database, using the information that you have provided. We do have a process in place for formally investigating claims of this nature. Please provide the account number, as stated on your credit report, or contact us at ([redacted]...
TimePayment would like to take this opportunity to address the concerns mentioned in your complaint. As an initial matter, please be advised that TimePayment Corp. is a finance lessor, as is more thoroughly described under UCC 2A, and not a bank. We do not charge interest of any kind, as referenced...
in your complaint. TimePayment first received your credit application from the independent broker company, [redacted] Financial LLC, on December 28, 2016. On January 6, 2017, a representative of [redacted] conducted a recorded lease verification telephone call with you, in order to confirm that you understood the terms of the contract that you had signed (see the attached call summary sheet). During that telephone call, you confirmed that you had signed a Non-Cancelable Commercial Equipment Lease Agreement (see attached) with TimePayment Corp. for a period of 45 months, at a base monthly amount of $122.89 (this does not include additional taxes and fees). At no time during that recorded telephone call, did you inquire about interest, or indicate that you believed that you would only be paying $3,600 by the end of the lease term. In fact, in confirming that you signed a Lease Agreement for 45 months, at a base amount of $122.89 per month, you essentially confirmed that you understood that you would be paying at least $5,530.05 by the end of the lease term (again, this figure does not include additional taxes and fees). Further, please refer to page 1, box “A” of the Lease Agreement (“Schedule of Payments”). Box A specifically states that your base monthly payment is $122.89 for 45 months, plus taxes and tax processing fee, and loss and destruction waiver if applicable. To address your concerns related to the $20 decline fee - our records indicate that your account with us was previously setup on automatic payments. On April 30th, our attempt to withdraw your monthly payment was declined. We made a second attempt on May 5th – which was also declined. Our third attempt (on May 6th) was approved. As per the terms of the Lease Agreement, a processing charge of up to $20 will be charged for any returned check or rejected credit card charge/bank debit (see section 6, “Late Payments and Collection Costs”). Please be advised that returning the equipment early will not void or nullify the Agreement. There are 39 monthly payments remaining on your account. For the account to be closed, all requisite payments and open invoices must be received/paid, and the equipment must either be returned to TimePayment or purchased for the fair market value (as described in section 5, “End of Lease Term”). We sincerely apologize for any misunderstandings which may have occurred with regard to the terms of the Agreement. We hope that our response to your complaint has clarified the matter to your satisfaction. If you do elect to retain an attorney with regard to this matter, please have them send our Legal Department a letter of representation so that we may correspond directly with them.
TimePayment Corp.’s records indicate that we first received your electronic credit application from a company called [redacted].com, on May 3, 2016. After the application was approved, the Consumer Equipment Lease Agreement was sent to you via email, at the same email address that you have provided...
in connection with your complaint. The document history indicates that the Lease Agreement was signed, electronically, on May 20, 2016. The equipment was shipped to the same address that you have provided in connection with your complaint. If you maintain that you did not initiate this transaction, TimePayment’s Legal Resolutions Department has a process in-place for investigating claims of identity theft. If you would like for TimePayment’s Legal Resolutions Department to investigate your claim of identity theft, as it relates to this Consumer Equipment Lease, then please complete the attached Forgery Questionnaire and return it to us as soon as possible, along with the additional requested documents. Once the completed Questionnaire and accompanying documents are received, our Legal Resolutions Department will commence a formal investigation into the matter and inform you of the outcome, in writing, within 30 days from the date of receipt.
TimePayment’s records indicate that you entered into a Consumer Equipment Lease Agreement on October 15, 2015 for 33 months, for a base monthly amount of $50.97, for the leasing of security equipment. Please note: this is an equipment lease agreement and does not include alarm monitoring services. ...
On September 8, 2016, you called our Customer Service Department to advise that you would be moving, and inquiring about available options with regard to the equipment lease. The TimePayment representative whom you spoke with informed you that you could wither buyout the Lease (to keep or return the equipment), or the new homeowner could apply to transfer the lease into their name. You advised that you would discuss this with the new homeowner and let us know. On September 9, 2016, you called to inform us that the new homeowners were interested in “taking over” the lease agreement, and requested the transfer application. On September 14th, the transfer application was sent to you via email and 1st class mail. On October 15th, TimePayment mailed a second letter, informing you that we had not received back the completed transfer application, and it had expired without a transfer taking place. Copies of both letters are attached, for your review. On October 19, 2016, you called our Customer Service Department again, to inquire about the status of the transfer. You were informed that the completed application was never received, and the transfer had not taken place. Further, you were informed that the account was now past-due, and the transfer could not be completed until the account was current. On October 22, 2016, TimePayment mailed you a second transfer application. On October 23, we mailed a letter informing you that the transfer application had been approved, and that we now needed the new Lessee to sign and return the Lease Agreement, binding them to the remaining terms. That letter informed you that, during this process (and until being notified by TimePayment that the lease had been successfully transferred), you would remain responsible for the lease. Copies of these letters are attached, for your review. On December 11, 2016, TimePayment mailed you a letter, informing you that the new Lessee had never signed and returned the Lease to us. Subsequently, the lease transfer process was never completed. A copy of this letter is attached, for your review. TimePayment is not billing two separate individuals with regard to this contract, nor are we actively receiving payments. The last payment was received on September 12, 2016. The payment history is attached, for your review. We urge you to contact your realtor, and/or the new homeowner, as TimePayment has no control over the status of this lease transfer. The lease cannot be transferred without the appropriate documents being completed and returned to us. We apologize that we cannot be of further assistance in this matter.
TimePayment has had the opportunity to review your account with us, and we have confirmed that your final lease payment was received on May 9, 2016. We apologize for any additional notices that you may have received with regard to the account. Please be advised that the account has been closed, and...
no further payments are due. We sincerely apologize for any inconvenience.
TimePayment Corp. is in receipt of your complaint, and we would like to clarify the nature and terms of the contract that you had with us. On December 6, 2012, you entered into a Consumer Equipment Lease Agreement (“Lease”) with TimePayment, for the leasing of an [redacted]. Per the terms...
of the Lease, you agreed to pay $18.95 per month, for 36 months. Pursuant to section 11 (“Return of Property”), you had two (2) options at the end of the initial lease term – you could (1) purchase the equipment from TimePayment, or (2) return the equipment to TimePayment at your expense. In the event that you elected not to purchase the equipment, and it is not returned to TimePayment, then you must continue to pay the lease payment each month, until the equipment is returned. I have attached a copy of the Lease, for your review. Our records indicate that you submitted the final payment of your requisite 36-month lease term on December 30, 2015. However, because you had not purchased the equipment, nor returned it to TimePayment, the account continued billing on a monthly basis. The equipment was received by our Massachusetts office on July 6, 2016, and the account was closed accordingly. It is TimePayment’s position that the terms are clearly stated in the Lease, and you were given ample opportunity to review the Lease before signing. We apologize if the terms were not understood, prior to commencement. Unfortunately, we are not able to issue a refund of shipping fees incurred during the equipment return process.
TimePayment Corp.’s Legal Resolutions Department has received your Revdex.com complaint and had the opportunity to review your account history. Our records indicate that you were mailed a Forgery Questionnaire on March 6, 2015 after informing our company that you had not signed certain pages of the Lease...
Agreement. We received your completed Forgery Questionnaire and accompanying official documents containing your signature more than two (2) months later, on June 19, 2015. Upon receipt of your completed Forgery Questionnaire and supporting documents, we opened an investigation into this claim. We ask that you allow at least thirty (30) days for our investigation into this matter to be completed. Thank you for your patience.
Unfortunately, we are not able to locate an account using the information that you have provided. Please provide your 8 digit TimePayment account number so that we may review your account and respond accordingly.
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]. Thank you for your response to my questions. I want to know when the equipment was returned. I want an invoice of the equipment that was returned and the equipment that you say is missing. I still question the “Fair Market” value of the equipment. The lease states up to 10% of the lease total. How do you determine what percent, if it will be lower or the 10%? The determination of “Fair Market Value” seems arbitrary. Is there a document or chart that determines the “Fair Market Value”? A customer service agent stated that your company does not give credit for returning equipment. Your customer service agents harass and threaten the leasee but it doesn’t matter if the equipment is returned. Why return the equipment if there isn’t any credit applied to the account?
Regards,
[redacted]
TimePayment Corp.’s Legal Department has had the opportunity to review your account history, and we would like to take this opportunity to address your concerns related to the End of Lease Term options. It is your position that you should not have to pay the invoice, which was due on September 10th,...
because you returned the equipment to TimePayment on September 8th. You signed a Non-Cancelable Commercial Equipment Lease Agreement with TimePayment Corp. in October of 2011 for a term of 48-months, at a base monthly rate of $300.00 for the commercial leasing of a Konica Minolta copy machine. Your first payment was due on October 14, 2011. TimePayment mailed you an End of Lease Term Warning Letter on June 30, 2015 which stated (in part): “In accordance with the terms of your agreement, you have the following options at the end of the initial agreement term: (1) you can promptly return the equipment, in good condition, except for ordinary wear and tear, to us by the end of the initial term of the contract (10-Sep-2015) or (2) you can extend the agreement under the terms and conditions stated in the agreement on a month-to-month basis until such time as you give written notice that you elect to terminate the agreement at least 30 days prior to such termination and you return the equipment to us or (3) you can purchase the equipment for the fair market value as quoted by us at the time of termination plus any applicable taxes.”That letter further stated: “You are responsible for any billed balances still unpaid at the end of the term of the contract.” I have attached a copy of that letter for your review.TimePayment then mailed you a billing statement on August 14th, for a total of $365.22 - due on September 10th. Records reflect that TimePayment received the returned equipment on September 8th – two (2) days before the due date of your bill. You retained possession of the equipment for the month following your receipt of the billing statement which generated on August 14th. To reiterate - the $365.22 was not added to your account after the return of the equipment – it had been an outstanding balance due since August 14th, when the statement first generated. I have attached a copy of that statement for your review. As stated in the letter that was mailed to you on June 30th, you are responsible for any billed balances still unpaid at the end of the contract term. Furthermore, it is TimePayment’s position that you contracted to remit a total of 48 monthly payments in accordance with the Lease Agreement. To date, you have submitted 47 monthly payments. Because you failed to fulfill your obligations as outlined in the Lease Agreement, your account has remained open and continues to generate bills on a monthly basis. Currently, your account contains three (3) outstanding, past-due invoices. Should you wish to fulfill your obligations and pay the $365.22 that was due on September 10th, TimePayment Corp. would be willing to waive all additional invoices and fees which have generated on your account in the interim. If you wish to accept this offer, please remit payment in the amount of $365.22 no later than October 23, 2015.
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.
TimePayment breached the original lease agreement by not allowing me use of the equipment for 48 months, as originally agreed to. Their response contained contradictorystatements: “Currently, your account contains three (3) outstanding, past-due invoices,” and “to date, you have submitted 47 monthly payments” and did not address my specific concern of being forced to return the equipment one month prior to end of lease agreement and yet charged for this error. Please address my specific concern ofbeing forced to return the equipment one month prior to end of lease agreementand yet charged for this error. ]
Regards,
[redacted]
TimePayment Corp. has received 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 the terms of the contract that you signed with us. As an initial matter, please be advised that TimePayment Corp....
is a finance lessor, as is more thoroughly described under UCC 2A. Our only role in this transaction was to purchase the POS equipment of your choosing, from an independent equipment vendor to lease back to you for a mutually-agreed-upon monthly amount (as indicated in box “A”, on page 1 of the Lease Agreement). On May 13, 2015, prior to paying [redacted] (the equipment vendor, as indicated on page 1 of the Lease Agreement), for the POS equipment, TimePayment conducted a recorded lease verification telephone call with you to confirm that you understood and accepted the terms of the Lease Agreement that you had signed. During that recorded telephone call, you verified your personal information, as well as that you understood that you had signed a Non-Cancelable Commercial Equipment Lease Agreement for a base amount of $168.63 per month for 36 months. At no time during that telephone call did you indicate that you were not aware that you had signed a Lease Agreement, that you felt pressured into signing the Lease Agreement or that you had not retained a copy of the Lease Agreement. Immediately following the successful completion of the recorded lease verification telephone call, TimePayment Corp. purchased the POS equipment from LED World, Inc. and commenced the contract. That same day, TimePayment mailed you a Welcome Letter, accompanied by a copy of the Lease Agreement that you had electronically signed. For your review, I have attached a copy of that Welcome Letter, as well as a copy of the Lease Agreement. On June 2, 2015, TimePayment received check no. [redacted] for $1,000.00. Because your account is set-up on monthly billing, check no. [redacted] posted to your account and covered the next 5 monthly invoices, as well as part of a 6th monthly invoice – which is why you did not receive billing statements for those months. Unfortunately, because TimePayment Corp. and the independent equipment vendor are separate companies, no representatives of TimePayment Corp. were present-for (nor aware-of) any correspondence, documentation or equipment quotes which may have been exchanged between your two companies prior to our involvement in the transaction. As stated in the Agency Disclaimer section on page 2 of the Lease Agreement: “NEITHER SUPPLIER NOR ANY SALESPERSON IS AN AGENT OF LESSOR NOR ARE THEY AUTHORIZED TO WAIVE OR ALTER THE TERMS OF THE LEASE. THEIR REPRESENTATIONS SHALL IN NO WAY AFFECT LESSEE OR LESSOR’S RIGHTS AND OBLGIATIONS AS [THEREIN] SET FORTH.” Should you have any questions or concerns related to your interaction with the equipment vendor, then that must be discussed with the equipment vendor directly. Currently, the Buyout Amount for your account is $4,934.37 – this quote is valid for 15 days. Alternatively, you may continue making monthly payments, as agreed. To date, you have submitted 11 of the requisite 36 monthly lease payments, with 25 payments remaining. We sincerely hope that this response has clarified any confusion related to your TimePayment account. Please do not hesitate to contact our Customer Service Department at our toll-free number with any further questions.
Dear Ms. [redacted], Please be advised TimePayment Corp’s Legal Resolutions Department is in receipt of your Revdex.com Complaint. I have taken the opportunity to review your complaint and your account with TimePayment. You have stated that you signed a contract with TimePayment for...
salon equipment on June 8, 2015, but that you were subsequently advised that the process could not move forward without a copy of your cosmetology license. You state that you learned the lease had commenced only after receiving a phone call from TimePayment on June 18th. Additionally, you have stated you have yet to receive the equipment, and that you wish to cancel the Agreement and be refunded your payment. Please be advised TimePayment Corp. acted solely as a finance lessor (as it is described under UCC Article 2A) of commercial equipment, extending a finance lease to you after receiving and approving your credit application. TimePayment Corp. (“TimePayment”) is an equipment leasing company whose only role in this transaction was purchasing the equipment of your choosing from the independent vendor, [redacted], and leasing it to you. On May 22, 2015, TimePayment received an application from you for finance leasing of salon equipment. After your application was approved, on June 8, 2015, you electronically signed the Non-Cancelable Commercial Equipment Lease Agreement (“Agreement”) for several pieces of salon equipment at terms of $68.28 per month (plus applicable taxes and fees) for 24 months (see attached Agreement). The Agreement states on Page 1 in the Delivery and Acceptance Confirmation section: “I have instructed the Lessor to purchase the Equipment on my behalf immediately. The Equipment has been ordered, and either has been or will be delivered as I requested…I understand that upon signing this Lease and Delivery and Acceptance Confirmation, my obligations under the Lease are binding and irrevocable. Lease payments will commence on the date set forth above, whether I am in possession of the Equipment or not.” As such, TimePayment purchased the equipment from the third-party vendor on your behalf in reliance on your signature. While TimePayment did request a copy of your business license, TimePayment then waived that requirement as a courtesy. In order to convey this information, TimePayment conducted multiple phone calls with you on June 9th and June 10th, during which TimePayment also confirmed your payment information for the payable at signing amount needed to commence the lease. Additionally, on June 10th an Introduction Letter was mailed to you welcoming you as a TimePayment customer, along with a copy of the commenced Agreement (see attached). Whether you have received the equipment yet or not, the Agreement is valid and binding, as you agreed in signing the Delivery and Acceptance Confirmation that the equipment would be or had been ordered on your behalf. On June 24th you contacted TimePayment and requested to transfer the lease into another person’s/business name. TimePayment mailed you the application to be completed by the potential transferee and is waiting for the application to be returned. Once the application is received, TimePayment’s Credit Department will review the application and contact you with the result. It is TimePayment’s position that the terms surrounding the commencement of the Agreement were clear and that you understood those terms, and that the Agreement is valid and binding. It is our hope that this has clarified any questions you may have had regarding your account. Please contact our Legal Resolutions Department if you have any questions. Sincerely, [redacted], Esq.
Unfortunately, TimePayment cannot locate any accounts for you in our database, using the information that you have provided. We do have a process in place for formally investigating claims of this nature. Please provide the account number, as stated on your credit report, or contact us at ([redacted]...
[redacted] so that we may better assist you.
TimePayment would like to take this opportunity to address the concerns mentioned in your complaint. As an initial matter, please be advised that TimePayment Corp. is a finance lessor, as is more thoroughly described under UCC 2A, and not a bank. We do not charge interest of any kind, as referenced...
in your complaint. TimePayment first received your credit application from the independent broker company, [redacted] Financial LLC, on December 28, 2016. On January 6, 2017, a representative of [redacted] conducted a recorded lease verification telephone call with you, in order to confirm that you understood the terms of the contract that you had signed (see the attached call summary sheet). During that telephone call, you confirmed that you had signed a Non-Cancelable Commercial Equipment Lease Agreement (see attached) with TimePayment Corp. for a period of 45 months, at a base monthly amount of $122.89 (this does not include additional taxes and fees). At no time during that recorded telephone call, did you inquire about interest, or indicate that you believed that you would only be paying $3,600 by the end of the lease term. In fact, in confirming that you signed a Lease Agreement for 45 months, at a base amount of $122.89 per month, you essentially confirmed that you understood that you would be paying at least $5,530.05 by the end of the lease term (again, this figure does not include additional taxes and fees). Further, please refer to page 1, box “A” of the Lease Agreement (“Schedule of Payments”). Box A specifically states that your base monthly payment is $122.89 for 45 months, plus taxes and tax processing fee, and loss and destruction waiver if applicable. To address your concerns related to the $20 decline fee - our records indicate that your account with us was previously setup on automatic payments. On April 30th, our attempt to withdraw your monthly payment was declined. We made a second attempt on May 5th – which was also declined. Our third attempt (on May 6th) was approved. As per the terms of the Lease Agreement, a processing charge of up to $20 will be charged for any returned check or rejected credit card charge/bank debit (see section 6, “Late Payments and Collection Costs”). Please be advised that returning the equipment early will not void or nullify the Agreement. There are 39 monthly payments remaining on your account. For the account to be closed, all requisite payments and open invoices must be received/paid, and the equipment must either be returned to TimePayment or purchased for the fair market value (as described in section 5, “End of Lease Term”). We sincerely apologize for any misunderstandings which may have occurred with regard to the terms of the Agreement. We hope that our response to your complaint has clarified the matter to your satisfaction. If you do elect to retain an attorney with regard to this matter, please have them send our Legal Department a letter of representation so that we may correspond directly with them.
TimePayment Corp.’s records indicate that we first received your electronic credit application from a company called [redacted].com, on May 3, 2016. After the application was approved, the Consumer Equipment Lease Agreement was sent to you via email, at the same email address that you have provided...
in connection with your complaint. The document history indicates that the Lease Agreement was signed, electronically, on May 20, 2016. The equipment was shipped to the same address that you have provided in connection with your complaint. If you maintain that you did not initiate this transaction, TimePayment’s Legal Resolutions Department has a process in-place for investigating claims of identity theft. If you would like for TimePayment’s Legal Resolutions Department to investigate your claim of identity theft, as it relates to this Consumer Equipment Lease, then please complete the attached Forgery Questionnaire and return it to us as soon as possible, along with the additional requested documents. Once the completed Questionnaire and accompanying documents are received, our Legal Resolutions Department will commence a formal investigation into the matter and inform you of the outcome, in writing, within 30 days from the date of receipt.
TimePayment’s records indicate that you entered into a Consumer Equipment Lease Agreement on October 15, 2015 for 33 months, for a base monthly amount of $50.97, for the leasing of security equipment. Please note: this is an equipment lease agreement and does not include alarm monitoring services. ...
On September 8, 2016, you called our Customer Service Department to advise that you would be moving, and inquiring about available options with regard to the equipment lease. The TimePayment representative whom you spoke with informed you that you could wither buyout the Lease (to keep or return the equipment), or the new homeowner could apply to transfer the lease into their name. You advised that you would discuss this with the new homeowner and let us know. On September 9, 2016, you called to inform us that the new homeowners were interested in “taking over” the lease agreement, and requested the transfer application. On September 14th, the transfer application was sent to you via email and 1st class mail. On October 15th, TimePayment mailed a second letter, informing you that we had not received back the completed transfer application, and it had expired without a transfer taking place. Copies of both letters are attached, for your review. On October 19, 2016, you called our Customer Service Department again, to inquire about the status of the transfer. You were informed that the completed application was never received, and the transfer had not taken place. Further, you were informed that the account was now past-due, and the transfer could not be completed until the account was current. On October 22, 2016, TimePayment mailed you a second transfer application. On October 23, we mailed a letter informing you that the transfer application had been approved, and that we now needed the new Lessee to sign and return the Lease Agreement, binding them to the remaining terms. That letter informed you that, during this process (and until being notified by TimePayment that the lease had been successfully transferred), you would remain responsible for the lease. Copies of these letters are attached, for your review. On December 11, 2016, TimePayment mailed you a letter, informing you that the new Lessee had never signed and returned the Lease to us. Subsequently, the lease transfer process was never completed. A copy of this letter is attached, for your review. TimePayment is not billing two separate individuals with regard to this contract, nor are we actively receiving payments. The last payment was received on September 12, 2016. The payment history is attached, for your review. We urge you to contact your realtor, and/or the new homeowner, as TimePayment has no control over the status of this lease transfer. The lease cannot be transferred without the appropriate documents being completed and returned to us. We apologize that we cannot be of further assistance in this matter.
TimePayment has had the opportunity to review your account with us, and we have confirmed that your final lease payment was received on May 9, 2016. We apologize for any additional notices that you may have received with regard to the account. Please be advised that the account has been closed, and...
no further payments are due. We sincerely apologize for any inconvenience.
TimePayment Corp. is in receipt of your complaint, and we would like to clarify the nature and terms of the contract that you had with us. On December 6, 2012, you entered into a Consumer Equipment Lease Agreement (“Lease”) with TimePayment, for the leasing of an [redacted]. Per the terms...
of the Lease, you agreed to pay $18.95 per month, for 36 months. Pursuant to section 11 (“Return of Property”), you had two (2) options at the end of the initial lease term – you could (1) purchase the equipment from TimePayment, or (2) return the equipment to TimePayment at your expense. In the event that you elected not to purchase the equipment, and it is not returned to TimePayment, then you must continue to pay the lease payment each month, until the equipment is returned. I have attached a copy of the Lease, for your review. Our records indicate that you submitted the final payment of your requisite 36-month lease term on December 30, 2015. However, because you had not purchased the equipment, nor returned it to TimePayment, the account continued billing on a monthly basis. The equipment was received by our Massachusetts office on July 6, 2016, and the account was closed accordingly. It is TimePayment’s position that the terms are clearly stated in the Lease, and you were given ample opportunity to review the Lease before signing. We apologize if the terms were not understood, prior to commencement. Unfortunately, we are not able to issue a refund of shipping fees incurred during the equipment return process.
TimePayment Corp.’s Legal Resolutions Department has received your Revdex.com complaint and had the opportunity to review your account history. Our records indicate that you were mailed a Forgery Questionnaire on March 6, 2015 after informing our company that you had not signed certain pages of the Lease...
Agreement. We received your completed Forgery Questionnaire and accompanying official documents containing your signature more than two (2) months later, on June 19, 2015. Upon receipt of your completed Forgery Questionnaire and supporting documents, we opened an investigation into this claim. We ask that you allow at least thirty (30) days for our investigation into this matter to be completed. Thank you for your patience.
Unfortunately, we are not able to locate an account using the information that you have provided. Please provide your 8 digit TimePayment account number so that we may review your account and respond accordingly.