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NorVergence Settlements Being Accepted Breaking Record Numbers
Twenty-three states attorneys generals plus the District of Columbia obtained settlements in behalf of NorVergence lessees against many of the large funders such as Wells Fargo, CIT, USbancorp, just to name a few. They had provisions in applying and then making the settlements with a certain period of time. For the great majority, that time is now past, and within the next 30 to 60 days the actual number of those who have accepted the settlements, and those that want to take their chances in court, will be known. “I wanted you to know we signed the papers with Wells Fargo. We took the 2 year plan, our payoff was $18,000.00. It really hurts. I feel the AG should have put a cap on the payoffs. I'm sorry the AG even got involved, I would rather be sitting around in limbo with the WF lawsuit and hoping for the FTC to find all the contracts null and void. Now no matter what the FTC does it won't help us. “We have settled with ****. It cost us $4,100 out of a total lease of $41,000. Lesson learned... Do not trust lenders, keep in mind that the dollar is the only thing that matters to banks and leasing companies; to the point that they will violate the law to get their dollar! Do not sign any papers concerning financing without a careful understanding of the contract. Do without before agreeing to unfair trade practices. “I must say it feels good to have this behind me.” Here is a synopsis written earlier regarding the settlements with CIT, USbancorp and Wells Fargo: http://www.leasingnews.org/Conscious-Top%20Stories/Good_bad_&_Ugly.htm Here is an article on the costs difference between litigation and a settlement with leasing company's direct: http://www.leasingnews.org/Conscious-Top%20Stories/
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