Consumer complaint received 2021-05-08
Company: CIT BANK, NATIONAL ASSOCIATION
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Problem when making payments

Complaint:
RE : CIT Lease Agreement XXXX To Whom It May Concern : In XX/XX/XXXX I entered into an agreement with CIT for a business line of credit/lease agreement for XXXX computer equipment and accessories for 36 months with the {$1.00} buy out for nearly {$9000.00} worth of equipment from XXXX with CIT. The items arrived between XX/XX/XXXX and XX/XX/XXXX. Between XX/XX/XXXX and XX/XX/XXXX I sent back several items leaving me with {$5500.00} worth of items to be leased. Payments were made during this time totaling over {$1500.00}. It took until XX/XX/XXXX to have my account credited appropriately with the returned equipment, at which time I asked to amend the agreement to 12 months with the {$1.00} buy out as I was only leasing {$5500.00}. I received a new addendum to sign that listed my payments as : {$550.00} per month for 12 months at 9.5 % interest I am financing/leasing the following amount : {$5500.00} 12 months at 9.5 % This means that my payments should be : {$480.00} per month for 12 months The addendum did not reflect the following : the deposit ( made in XX/XX/XXXX ) the upfront payment ( made in XX/XX/XXXX ) the {$1500.00} in payments already made on the account ( made from XX/XX/XXXX to XX/XX/XXXX ) and its charging me a 9.5 % interest rate for {$5500.00} worth of equipment, but for some reason my payment reflecting a 10 % interest rate When I tried to ask customer service about this I was told that no information on the account could be given until the addendum was signed. In fact, the customer service representative DIDNT WANT TO SPEAK TO ME AT ALL. He repeatedly told me to speak to XXXX XXXX who had handled the product return. I then emailed XXXX who confirmed. SO I SIGNED THE ADDENDUM. 

I asked XXXX various questions about the 12 monthly payment plan, as Ive been paying for 5 months already. I thought the payment plan should consider the payments already made and therefore be 9 months at {$550.00}. I was told my lowest option was the 12 months. 

So this is where I am currently : It appears that I have signed an addendum that starts over my lease period, for the same {$5500.00} without acknowledging the previous payments made. Another {$300.00} payment was debited from my business checking account on XX/XX/XXXX, so now my uncredited payments are {$1800.00} ( or more ). Meaning that CIT has not credited my account properly or set the addendum payments to reflect ANY of the previous payments, including the downpayment/prepayment to initiate the account. It is in effect charging me extra interest and drawing out the interest payments as long as possible, as the equipment was returned between XX/XX/XXXX and XX/XX/XXXX. During that time, I continued to make principal and interest payments on the original {$9000.00} ( roughly ) agreement. None of that interest has been credited to my account either. 

Additionally, I felt forced by customer service to sign an addendum that I WANTED and ASKED FOR, but that I felt was wrong as it didnt reflect the previous payments, credits, or return of interest. I was in effect refused account service until the addendum was signed. BUT THE ADDENDUM WAS WRONG, THE BALANCE WRONG, and THE CREDITS WRONG.

Company response to consumer: Closed with explanation