Summit Financial Leasing / Fraudulent business practice!
Summit Financial Services, a business equipment leasing company in Scottsdale Arizona uses old "BAIT & SWITCH" tactics in business equipment financing. In our case the company submitted a proposal for equipment leasing. We were quoted a payment amount and general term of the lease agreement. The company was very reluctant to provide basic details about the leasing contract. The amount being financed, buy out at the end of the lease, interest rate or any relevant information you would expect to be disclosed before signing the contract. THEY require signing of a proposal and a $1000.00 deposit before the actual leasing contract is shown.
After we sent the $1000.00 deposit we received a contract that had a payment of over $800.00 instead of the originally quoted $570.00. The contract did not even mention what was being financed or how much the value of the contact was. It was basically a blank contract that only emphasized the $800.00 per month for 60 months. We actually had the company revise the proposal and add that if the terms of the proposal could not be honored by Summit Financial corp. we would have our $1000.00 deposit returned to us. However, since we were not willing to sign the vague contract with terms that were different from the proposal, we did not get the deposit back and we have not had any communication from Summit Financial.