Pawnee Leasing – Scammers

As a new business owner, I was working with a broker to get a loan for 1$8,000 for an ultrasound device in February 2024. However, I have since discovered that I was misled into signing a 60-month lease agreement with Pawnee leasing, with terms that were not disclosed to me at the time of signing by the broker or Pawnee.

Misrepresentation of Terms: I was told that I was entering into a loan agreement with no prepayment penalties or outrageous payout amount if I paid early. After signing the agreement, I learned that I was actually entering into a lease, and I am required to pay for the full 60 months regardless of when the device is paid off. This was never fully explained to me.

Hidden Payoff Fees: When I tried to pay off the device early, I was quoted a payoff amount of $46,000, in addition to the $8,000 I had already paid. This is far more than the original cost of the device. I was assured before signing that there would be no hidden fees or penalties for early payoff, but this is not the case.

Deceptive Sales Practices: I specifically asked multiple times if there were any fees for early repayment. Each time I was assured there were none. Reliant Capital and Pawnee Leasing misled me into signing a lease agreement with restrictive terms that were never fully explained.

This issue seems to be widespread, as I have found many similar complaints online. These deceptive practices have caused significant financial strain on my business. I believe they are intentionally misleading customers for financial gain.

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