The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

Ladco Leasing / Leasing terms

1 555charles Dr. Suite 200, Thousand Oaks, CA, United States Review updated:
Contact information:
Phone: 805-373-1910

After working years for someone else I decided to buy a franchise.

Ladco was strongly recommended by my back as their partner in merchant services. The contract was written up the rep reminded me over and over that the lease amount was tax deductable as a business expense. (should have reaised a red flag but what did I know)
Well 18 months later the business failed and when I turned the franchise over to the new owner I offered to turn over the lease for the credit card machine and it's 52.00 a month payment. I was told I was crazy and she shows me her payment of the same equipment for 8.00 a month. I looked up the retail price of the equipment NEW and it comes to $600.00. Ledco ecpects me to pay 2500.00, 400% interest on the equipment and a 200.00 buy out at the end.
They over inflated the price of the equipment to start out, they push the fact that this high price is now deductable on your taxes.

Sort by: UpDate | Rating


  • Hs
      20th of Feb, 2009

    I have been paying them for over 3 years. They auto debit very month. Lately, every once in awhile they have been taking $25.oo from my account.
    When I contacted them, they said it was for taxes.
    Now when I signed the lease they told me my payment was inclusive of taxes.
    And the LADCO representative was VERY NASTY about it.
    So I stooped the AUTO debit.
    GUESS WHAT? When they did not get thier payment, ROBERT called me. When I was Let hime have it over the way I was treated when I called, he told me if I did not tone down, he would disconnect. So I told him not to bother I would do it for him.
    They will NOt get another dime, until they get off their HIGH HORSE and treat me like a customer. Instead of like they are doing me a favor by leasing me their OVER PRICED equipment.
    John Fuller

    +1 Votes
  • Hs
      30th of Apr, 2009

    Ladco leasing is a big ripoff. I signed a 48 month lease for $96 a month
    and paid it off in full. Now they are still wanting $358 for a month to
    month lease, even after I notified them to discontinue the lease and tell
    me where to send the equipment . They would never give me any info
    until I stopped the draft.

    I later found out the equipment that I leased for over $4600, I could have
    purchased for $90 to $135.

    +1 Votes
  • Db
      7th of May, 2009

    Before one takes too negative a view of Lease Companies there are a few things to keep in mind: 1. In determing the cost of of your card processing costs it is necessary to look at the overall costs eg., one company may give you equipment, but charge a horrendous early termination fee. 2. Most companies quote only a low qualified rate and fail to mentioen the 3-4% additional for mid and non-qualified. In fact the reason some companies charge less for equipment is they plan to make it up on other (sometimes hidden) charges. A modest lease payment $20-$40 per month; no minimum monthly fee; no early termination fee; rates in the range of 2-3.5%; trans fees of 15-20 cents; & $10/mo statement fees are reasonable for most businesses.

    It is better for some merchants to lease; others to purchase. The lease document is quite clear that it is non-cancelable and the terms have to be filled in completely. It is usually a combination of an unscruplus sales rep and an unsophisticated buyer that combine to make a deal go sour. However, no one will deny lease companies are nasty when a lease defaults.

    -1 Votes
  • La
      21st of May, 2009

    Ladco Leasing is now attacking Florida. I am a recent victim. I met with the FBI yesterday and they were astounded by the immencity and scope of abuses. I spent over two hours with them, a file and complaint is on record. Like you, I have filed as many complaints as possible and will continue to do so. Mine is the same story, deceptive sales presentation, lies, a trap that attempts to force you to pay thousands of dollars for a $200.00 machine. FBI was particullarily interested in the number of consistent complaints re fraud and forged documents. I suggest you immediately contact your local FBI office, I did so in Miami. Although I will not reveal the source, a correspondence states "pay particular attention as Presidential interest is involved." I would also suggest you write the White House ( President Barock Obama) . Reguardless of politics, we are lucky that only a couple of weeks ago the President made sweeping changes reguarding the credit card industry. What Ladco, Wholesale Merchant Processing, and there shell or parent companys are doing is criminal. We need a common ground where we can communicate and join forces.

    +1 Votes
  • Mo
      21st of May, 2009

    I closed my bank account in Feb after paying Ladco for two year, $49.00-$53.00 per month. My business closed several months after its openning and I returned the machine right after its closing. They've been drafting my account for 16 months after my closing. How stupid I was to listen to the sales representative! I just received their collection letter. Is there a class action against them? I would like to join.

    +1 Votes
  • Mj
      13th of Jul, 2009

    I too would like to join a class action lawsuit. I am so embarrassed and infuriated that I fell for this scam. This company should be shut down and all executives should go to prison. We have calculated that we are paying a 720% mark-up! People (business owners) should organize an effective method to take these guys down.

    +1 Votes
  • Fe
      21st of Aug, 2009

    WOW! I wish we had done more research before we got our machine through them too! A business friend of mine @ US Bank set my husband and i up on this program. We were told it would only cost $50 month and then 3% interest for when we did use it ... My husband had just started a construction business and some customers were asking if he had a credit card option. We were told NOTHING about a 4 year lease when we signed the papers... it wasn't till 2 months later (when we realized we weren't going to use the service AND were paying $118 month instead) that we found out we had a 4 year agreement. I called my friend at the bank immediately, and she had no idea that it had a contract either, but by that time we were told the only way out was to pay $800 ... Of course we didn't have the funds to do so, so were stuck. Several more times over the last 2 years that we have had it, we have tried to get out of it --- especially since we have NEVER ONCE USED the equipment!! They just told us that was our problem and NOW it is going to cost around $2000.00 to buy out --- How it went from $800 to & $2000 when we have already pd for 2 years is beyond me! We closed the US Bank account that the automatic deductions were coming out of and set up a new account at another bank. We decided we weren't going to pay them anymore until they were willing to deal more fairly... We kept getting phone calls and statements from them and fees were piling up, so we did finally send ONE payment to them. They kept calling wanting more (since we let payments lapse for a couple months). We told them they would get their money when we had it -- my husband had been out of work for 3 months and we felt it was more important to pay our business insurance than some stupid service WE HAD NEVER ONCE USED! Howevevr, the other day we found that we had overdrafted on our new bank account, and couldn't figure out why... come to find out that the ONE payment we made, they took the liberty of using the checking account # and routing # and AUTO DEDUCTED from our account WITHOUT ANY AUTHORIZATION FROM US!!! We were LIVID! We put in a complaint with the BBB... I encourage ALL OF YOU TO DO THE SAME... Anyone who does make a complaint, if there is a CLASS ACTION LAW SUIT, anyone who complains to the BBB will be covered under it. So PLEASE MAKE YOUR COMPLAINTS TO THE BBB... THE MORE THEY HAVE THE BETTER IT IS FOR EVERYONE WHO HAS BEEN SCREWED OVER BY THIS COMPANY!!!

    +1 Votes
  • Ca
      9th of Sep, 2009

    I too am having problems with Ladco Leasing. I live in a small town, been banking with the same bank for years. I've used another CC pos terminal for my business and never had any problems. I was persuaded by a trusted bank rep to switch to Ladco's terminal, "it would save me money", , , BIG mistake! They find ways to extract money from your account, if you don't see and jump thru the hoops they put in front of you. I'm about to leave the bank I've been with for 23 years because of these rip offs!

    +1 Votes
  • Le
      11th of Sep, 2009

    ********** LADCO LEASING IS A FINANCE COMPANY ONLY ******* The actual lease prices are between you and the company that is supplying the equipment to you. It is the same thing as financing a car. If you agree to pay 60 mos for $450.00 per month on a Honda Civic, without doing any research on the car and its value, whos problem us that??? Who is to blame, the bank who chose to finance you.

    That is all LADCO is... you should READ BEFORE YOU SIGN ! ! ! ! And pay the bills that you obligate yourself to pay.

    When you sign the lease, they pay the company who supplies the equipment to you in full for the machine.

    -1 Votes
  • Le
      29th of Dec, 2009

    Well at least I know I'm not alone in this nightmare. It is infuriating! I too trusted US Bank, whom I've banked with for many years and thought I could trust them. I just cancelled my fabulous Merchant Services account for the $200 termination fee after discovering I can invoice my customers for credit card payments through PayPal... with no monthly or term fees, tiered fees, etc. The whole situation was deceptive and predatory. I knew once I got that machine delivered to my shop, I was stuck and totally taken. Flat monthly fee for Merchant services, plus tiered fees, plus per transaction fees, plus PCI compliance fees, plus the Ladco lease amount, plus the cost to insure it... wow. Amazing how much it takes from your margins. I just dealt with it while my business was open because I had so much to worry about. The Ladco lease is indescribable; it's bullet proof. I was totally scammed and feel pretty stupid that I didn't do my own due diligence - but I still believe I was taken advantage of by US Bank. My complaint is against both Ladco Leasing and US Bank. I will definitely file a BBB report and follow up with the FBI.

    Has anyone successfully gotten out of the Ladco nightmare with a lump sum offer? I don't even want the damn thing.

    +1 Votes
  • Mj
      30th of Dec, 2009

    Don't you just want to throw up when you read their comments claiming innocence?!! These guys are a sick bunch of criminals. The truth is; they misinform the banks & processing co. about their service, fees, etc.. Then, thy pay a HUGE kick-back for each account the banks & processing co. After a long battle with all 3 parties involved (Ladco, Elavon, Wachovia), I thought this had finally been resolved. A very embarrassed and helpful rep from Elavon (the processing company) agreed to cancel the contract. Once she actually read the contract, she was appalled. She sent me an email confirming this, which I have provided to all 3 credit reporting bureaus. This because Ladco tried to ruin my credit. This all took place in Sept. of 2009. Yesterday, I received yet another harassing call from Ladco. Now, I have a case for harassment. With all of the money I'm saving by not having to pay their extortion fees any longer, I definitely plan on filing a case. I feel terrible for the business owners who don't have the funds to fight them but, I do! My business is successful & those creeps pissed off the wrong business woman. If you want to see what they are really like, read about them on the [redacted] site.

    +1 Votes
  • La
      1st of Feb, 2010

    WOW ; am I glad I decided to do some research about Ladco Leasing Co. and come across the complaints filed here. Or should I call them ( Ladco Scamming Co. )I to have obtained my equipment and merchant account with TRUSTED business associates at USBANK. Go figure why have I read so many complaints filed here mentioning they recieved the same through USBANK ??? HMMMN ?? My fees were automatically deducted from my business account as well until I started noticing the increases in the fees from LADCO. I then decided to switch banks to Wells Fargo, and they said I could keep the equipment as it would work with Wells Fargo's Merchant account. I did however have to pay a closure fee of $60.00 to close my business account with USBANK and the USBANK Merchant account with ELAVON wanted to charge me a $250.00 for early termination of contract; which I refused to pay as I felt I completed it after the two year agreement. After I switched banks and got the equipment to accept charges to my Wells Fargo business account ; I could NOT get any assistance from Ladco, Elavon either bank in getting my gift card program to work and accept all the gift cards that my customers hold with dollar values on these cards. To this day I cannot get any help on the gift card program. I then started receiving statements requesting various increasing monthly amounts from Ladco which I refused to pay as the monthly amounts were never the same amounts and extra add on fees. Many many letters from Ladco to my business address even my private home mailing address?? how did they get that?? I recently received a (Private Caller ) on my caller ID phone call at my place of business; where the gentleman stated he was a licensed Private Investigator from lower California trying to verify some information about me and my business and told me to call back with a reference case number??? So I called back to find out what it was about ?? A Private Investigator ?? I never had one call me or my business before? He stated that he was calling on behalf of Ladco Leasing that we were way behind on our payments and refused to respond to any of the statements or phone calls from Ladco Leasing; and that if I did not agree to pay them the past due payments or buy the equipment from them for $1176.00 they were going to sue me and my business; he then also told me that if I did not do something right now today. The paperwork would be filed and there would be nothing I could do about it as this would be the ONLY phone call I would have and they would not honor my calls after this offer...?? Woah; I said I do not want to be sued what can I do? He said pay the $1176.00 and you will then own the equipment. I said I needed to speak with my other business associates and my bank, if could I call back on Monday with a decision. He then agreed to that. So that was Sat. 01/30/10 and today is 02/01/10. So guess what ? Ladco will NOT RECEIVE 1 red cent from me...they will however get complaints filed against them here, there and everywhere including the BBB and local authority's from me and my business. I am so glad I found this site and all these complaints. As of today the machine will be shut off and boxed, I will then be contacting my Merchant account with Wells Fargo and discontinueing that as well. I would like to say 'THANK YOU' to all the people that have filed there complaints on this site; you all have helped me immensely.
    Scott N.

    +2 Votes
  • Sa
      1st of Feb, 2010

    Below is a letter I have mailed to Ladco and others involving problems similar to the ones mentioned above. When I learn more I will file a similar complaint myself.

    Ladco Leasing
    P.O. Box 86
    Minneapolis, MN 55486-2896,

    To whom it may concern,

    I am receiving a bill regarding 2 credit card machines that I believe is either incorrect or fraudulent.

    I am told on the phone that this for bill is for a machine that I signed a contract for approximately 6 years ago. Your leasing company is telling me the the contract originally began as a 4 year contract that obligated me to pay you $32 per month for one machine and $27 per month for the second machine and that the contract automatically renewed if I do not discontinue it in writing. The company tells me that each machine is worth $120 and that they were sent to me when I arranged for accredit card processing contract. They also say that the first machine in question was last used in 2006 and the second machine in question was last used in 12/2009. One machine is said to be connected to my tax ID # and the other to someone else's. I have never used more than one machine.

    In 12/2009 I changed my credit card processing account to Wells Fargo and according to instructions, returned by mail the machine I had been using in association with my previous credit card processing contract.

    I discovered these ongoing charges a month ago when I discovered that the charges were automatically being deducted from an account that I was holding - I thought - idol until an issue with Medicare finally cleared up. (In fact, I had thought the account closed.) I am not sure why they were paid without question prior to that but I believe my account thought they were legitimate and I wasn’t aware.

    While I do have a copy of the contract with Nova, I have no copy of the alleged contract with Ladco and when I asked to see a copy I was told that I needed to either authorize another $10 deducted from my account or give a credit card # to pay $10 to see the contract. I obviously do not want to send more money to a company that is somehow swindling me.

    I did sign an agreement for credit card processing. The agreement mentioned above however is either mistaken, a small print scam or fraudulent. No one would knowingly sign an agreement obligating them to pay $27 or $32/month for 5 years for a $120 machine, especially for machines they long since returned. I could never have even used the one associated with someone else’s social security #.

    +1 Votes
  • La
      19th of Feb, 2010

    LADCO leasing( and their partner in crime ELAVON Merchant services( are legal thieves.
    My company was hooked in by ELAVON's promise of 24 hour account setup.
    The LADCO lease page was viewed and questioned as to why is there a lease contract when we will not be getting any equipment as we are a phone and fax order company. We were told ELAVON that the lease page is just a formality as there will be no equipment. The LADCO page is just for the online merchant service license (like quickbooks online). That we understood. One week later this turned out to be FALSE! A big LIE! A package arrives with POS equipement. We contacted ELAVON and they said "YOU SIGNED THE PAPER". They told us to contact LADCO! LADCO says they only provide funds and have already paid ELAVON. LADCO says ELAVON provides the hardware. ELAVON says LADCO provides the hardware. They send you back and forth so you would give up. Well the POS products are still in their sealed packets. The Shipping box contained a letter stating, "at the end of the lease to make arrangements to return the product to LADCO leasing". If LADCO is just the "leasing" agency that fronts the money to purchase the equipment, then WHY is the equipment going back to them.

    After further calls to LADCO it turns out the equipment is from them. In fact, what they ship may or may not be new. Their "Software package" is a windows application to utilize the magnetic strip card reader. Total package price $300.

    We tried to return the package to LADCO 3 days after receiving it.
    LADCO( wanted the FULL LEASE PAYMENT first before they would provide an RMA. Why would I pay for equipment I did not order, do not need and did not ask for. It is a SCAM of a company!!

    I am fully ready for any class action participation.

    +1 Votes
  • Sk
      20th of Feb, 2010

    Ladco Leasing is a company full of scam artists and unhelpful workers. If you have ever had a man called Kevin Hall come by your store and offer you free equipment but get stuck with a 5 year contract with Payment company then you know what it is like. Ladco is not the kind of company that should be allowed to conduct business with small business owners. And they will not honor the small business community and it s ethics toward there commint to good service because the salesman did not disclose the contract about the equipment. It was going to be 5 years at $179 a month. Where in the world did they come with this kind of money to charge for a N-P1300 and a N-T4210-306R. They must be drinking or smoking something really good. DO NOT DO BUSINESS WITH THIS COMPANY EVER.

    +1 Votes
  • Ja
      24th of Feb, 2010

    We need to get together and do something, it happend to me and I want to make sure it doesn't happen to others

    +1 Votes
  • Mj
      24th of Feb, 2010

    Hello fellow "Dupes"! I can't believe it myself but, it appears that I have won my battle. Recently, I was able to get all 3 credit reporting bureaus to remove the negative info. that Ladco placed on my (otherwise spotless) credit. At the risk of giving away secrets, I will disclose (loosely) some key tactics I used: Don't wait for them (Ladco) to send you an RMA. That's like asking the drug dealer who just sold your 12 year old pot to please give you a reciept. I actually mailed the equipment in a box with festive birthday stickers on it & addressed it to a Ladco CEO. The guy signed for it & I got a return receipt back with a very legible signature on it. Second, and more importantly; Lean on your bank HARD! They are in bed with Ladco, no matter how much they deny it. They may not know exactly how shady Ladco is but, they are willing to look the other way when they see the big kick-back checks! What your bank must realize is that they are only successful if you (the small business owner) is successful. They should take a healthy interest in your survival. They should not support criminals in ripping you off! This is a scasm and it should be brought to the attention of the Federal Trade Commission, Federal Comptroller of Currency, the Office of Financial Regulation in your state and in Ca. (Ladco's headquarters), Ca. Dept. of Justice and your Attorney General. Yes, I had to send a complaint and fill out forms for each of these institutions. It has all taken hours of man-power and most of my energy. I'm certain my business has suffered but, we remain successful despite Ladco's attempted destruction. Stay strong, remember you have done nothing wrong but trust the wrong people. Don't give up hope and God bless all of you!

    +1 Votes
  • Rc
      6th of Mar, 2010

    I too, have been scammed by Ladco Leasing AKA: Azura Leasing and Payment Systems.
    The Sales rep told me completely different than what the small print apparently states.

    The original document I signed did not state that I would have to pay $49 for 60 months plus taxes and insurance. They actually wrote it in afterwards. Luckily the documents were sent out through my e-Fax account, which saves all outgoing faxes and leaves a paper trail. The contract they sent me, that I had supposedly signed did not match the one I actually sent out.

    I am sending the equipment back, I have already closed the bank account they currently have on file, and I will ignore any other requests from them. I am willing to sue for misrepresentation and fraud. Sign me up for any Class action suits. I will be making a claim through the BBB as well.

    I refuse to pay for something I was scammed for, and if they decide to place this on my credit, I will ask for a Debt validation, which will obviously be disputed the same way.

    Let me know if anyone has any suggestions or ideas about my case. Thank you and I hope we can think of a way to get the word out so other people don't fall in the same mess. Media, FBI, BBB...

    +1 Votes
  • Mp
      6th of Mar, 2010

    Please sign me up for any class actions suits as well. And extend to Elavon Merchant Services, and subsequently Wachovia bank. I opened a mobile recycling collection service and my banker at Wachovia said Elavon was the perfect solution for my customers. The Elavon Merchant Services rep, Ryan Wolfe, said the services would be $30 a month for unlimited transactions, which was reflected in the contract I signed.

    I learn on my next bank statement that I'm in a 3-year $2, 500 contract with a company called Ladco Leasing for hardware. This recycling company has no physical location so how could I possibly need to rent credit card scanning equipment? I'm now regularly paying over $100 a month with monthly revenue's of a little over $1, 000. Thanks Wachovia. I've called several times to try to find a way out and i've spoken to a lawyer, but it's cheaper to pay it than file a lawsuit.

    In Solidarity.

    0 Votes
  • Mj
      7th of Mar, 2010

    Yea, my Wachovia branch reps acted like my experience is an isolated incident--BS! Please, I can't stress enough how important it is to file complaints with all of the following:

    Federal Trade Commission, Federal Comptroller of Currency, the Office of Financial Regulation in your state and in Ca. (Ladco's headquarters), Ca. Dept. of Justice and your Attorney General.

    This will generate results. I found a class-action suit on line that no one ever followed through with. So, until Ladco scams an extremely self-motivated attorney, I wouldn't hold out hope.

    0 Votes

Post your comment