Consumer complaint received 2018-09-07
Company: EVERBANK, NATIONAL ASSOCIATION
State: SC
Product: Vehicle loan or lease
Sub-product: Lease
Issue: Problems at the end of the loan or lease
Sub-issue: Problem when attempting to purchase vehicle at the end of the lease

Complaint:
PLEASE NOTE : This is NOT about a vehicle lease, but a lease for a copier/printer instead. 

I feel that I am the victim of an extortion scheme. In XXXX of 2018, I contracted with XXXX XXXX to lease a XXXX copier/printer to use in my home. They prepared several quotes and found a used machine I could lease for around $ XXXX. for 36 months. I understood I would have the opportunity to purchase the copier at a very reduced rate at the end of the lease, as the equipment was 2 to 3 years old at the time I leased it, and it was coming off of another lease with a church in Florida. The data from that church was still on the machine, and I had to have my technician delete it so it would not interfere with my information. 

The original lease was financed through Everbank. 

Approximately 4 months ago, I received notice that TIAA Bank was taking over Everbank, or at least the lease that I was paying. I have paid every payment on time and in full for the life of the lease. My last payment on the lease is due in 2 weeks, and is scheduled to be paid from my online bank as usual, next week, so my obligation with them will then end. 

I expressed to the Copier salesman I dealt with that I would be interested in getting a buyout offer, and if reasonable, would just purchase the equipment. He contacted the appropriate people at TIAA and I received an email indicating that someone would be in touch with me. More than a month went by with no contact, so I reached out again last week and was met with a quote of nearly {$3000.00} to buy the 5 to 6 year old copier that is available, brand new, for around {$3500.00}. Keep in mind, my total lease payments have exceeded {$7700.00}, and the former lessee certainly contributed to the cost of this equipment as well, likely for the same or very similar amount. 

I told the TIAA rep. that he must be mistaken. He indicated that he had misquoted because he did not realize the equipment was used when I got it. But he took only about {$500.00} off the original quote, making it still well over {$2000.00} to buy out this copier after paying so much over the past 3 years and accepting its wear and tear of 2 users over the last 6 years! 

When I told him this new offer was still unacceptable, I made him a reasonable offer of {$500.00} or at most, {$750.00} that I am willing to pay for this copier, just for the convenience of not having to look for a new one right now. Frankly, after what I and the former lessee have paid, it should be free by now, but I am willing to pay a little. That is still not acceptable, and they also want to charge me upwards of {$600.00} to ship the equipment back to them in XXXX when my lease expires. 

This has to be an abusive practice, but nothing I say or do will cause them to reasonably negotiate with them. I need your help. 

I have included the final offer from TIAA for me to pay them another $ XXXX for a 6 year old copier for which they have already pocketed nearly {$14000.00}!

Company response to consumer: Closed with explanation