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Consumer Complaints

BBB Accredited Business since 12/27/2010

GreatAmerica Financial Services

Phone: (319) 261-4188Fax: (319) 261-6188

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Customer Complaints Summary

11 complaints closed with BBB in last 3 years | 5 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues1
Billing / Collection Issues4
Problems with Product / Service6
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints11

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (11)BBB Closure Definitions
09/29/2014Billing / Collection Issues | Read Complaint Details
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Complaint
GreatAmerica Leasing increased their billing by a factor of 10X on a copier equipment lease contract and has refused to return the overpayment.
My company, **************, Inc. signed an agreement (XXXXXX) with GreatAmerica Leasing Corporation on Oct. 18, 2011 for a new photocopier. The agreement calls for a base monthly payment of $354.20 plus excess per image charges of 1.29 cents B/W and 5.9 cents color. There is a vendor listed on the agreement, Document Strategies who is not a signatory to the agreement and of whom the agreement says "Vendor is not Owner's agent nor is vendor authorized to waive or alter any term or condition of this agreement."
GreatAmerica Leasing prepared and forwarded to us bills for the copier including the base payment and the excess per image charges. The first billing was dated Feb. 12, 2012. The base payment amount was correct. The cost per excess B/W images was correct. However, the cost per color copy was mistakenly billed at 59 cents per image in lieu of 5.9 cents. WCL was overbilled by a factor of 10X. Unfortunately, this continued for 2 years until WCL noticed the overbillings and brought them to the attention of GreatAmerica Leasing Corporation. The amount overbilled is 53,660.53 including state taxes.
Although GreatAmerica Leasing signed the agreement, prepared the billings, collected the payments, they have chosen to deny any responsibility for the overpayments and have refused to return the overpayments to WCL. The legal department of GreatAmerica Leasing has indicated that the company will not entertain any thoughts of returning the overpayments.
Great American Leasing has indicated that this problem should be taken up with the Vendor listed on the contract. Please note that the Vendor was never involved in the preparation of the billings or the collection of payments due on this contract. The vendor is not a signatory to the contract and so has no contractual relationship with WCL.
GreatAmerica Leasing apparently has an agreement with and has paid the Vendor certain payments in connection with our lease agreement. WCL has no knowledge of these payments as these payments are not a part of our contract with GreatAmerica Leasing.
GreatAmerica Leasing signed a contract with **************. GreatAmerica Leasing prepared billings and collected payments. GreatAmerica over billed beyond the contract agreement. WCL made payments based on the billings issued by GreatAmerica. GreatAmerica is responsible for a complete refund of over payments to **************.

Desired Settlement
************** Inc. seeks a complete repayment of all over payments as a result of the mistakes in the billings prepared and issued by GreatAmerica Leasing Corporation. This is currently $53,660 without any applied interest.

Business Response
Contact Name and Title:*************, Vp Corp Com
Contact Phone: ************
Contact Email:*******greatamerica.com





07/22/2013Problems with Product / Service | Read Complaint Details
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Complaint
I have a leasing contract with GreatAmerica Leasing. They have not honored the terms of the buyout option at the end of the leasing period.
Under the terms of the lease the buyout option is fair market value.

GreatAmerica Leasing is requiring a 10% residual of the equipment plus sales tax.

When I contacted them they would not change the buyout required even though the contract indicates the buyout will be fair market value and there is a checkbox on the lease document where they would indicate if the buyout was a percentage of the equipment value at the inception of the lease.

Also GreatAmerica Leasing overbilled the final bill according to the terms of the lease. In all fairness to them they removed the overbilling when contacted.

Desired Settlement
I would like for GreatAmerica Leasing to honor the terms of the contract.

Business' Initial Response
This lessee is disputing that we have not honored the terms of the buyout option at the end of the lease term. This claim is invalid.

GreatAmerica received the lessee's notice of their intention to terminate the agreement on March 13, 2013. We processed buyout and return quotes which were delivered to the lessee by Gobin's Inc. Gobin's Inc. pulled another set of quotes on May 10, 2013 which they provided to the lessee. The lessee contacted us May 10, 2013 upset that the new quotes included the payment due June 1, 2013. GreatAmerica agreed to remove the payment due June 1, 2013 from the return quote. The lessee intended to return the equipment to us and paid the return quote which we received on May 20, 2013. We provided instructions for the return of the machine to the lessee on May 21, 2013. The equipment is due back at the return center on June 20, 2013.

On the return procedures document provided to the lessee, GreatAmerica provided a purchase option to the lessee. They may purchase the equipment for $405 or return it by June 20, 2013.

This agreement is a Fair Market Value lease agreement. There are many factors that go into the calculation of the residual (i.e. term, rate, equipment type, etc.). Had the residual been set at a lower amount, the monthly rental payment amount would have been higher.

GreatAmerica has provided the lessee with their options and acted in accordance with the terms of the agreement.

Consumer's Final Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Fair Market Value is Fair Market Value
Residual is Residual
My lease says Fair Market value.
It is not determined by the amount of my lease payments. That is residual. Although there is a residual option on the lease it was not presented to me in this way at inception and the representative checked fair market value is what would be charged at the end of the lease.

Business' Final Response
We stand by our previous correspondence, however, we would like you to provide us with what you feel is evidence of the fair market value of the equipment in question and we would be willing to negotiate.

03/30/2015Advertising / Sales Issues
03/11/2015Problems with Product / Service
02/23/2015Billing / Collection Issues
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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

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