Northern Leasing Systems Lawsuit Update 2020
In June 2020, the New York Attorney General won the 2016 lawsuit filed against Northern Leasing Systems, Inc, voiding thousands of fraudulently-induced credit card equipment leases. The ruling also vacates nearly 30,000 default judgments and bans Northern Leasing from engaging in equipment leasing, effectively dissolving the company. The Attorney General’s victory will also force Northern Leasing and its related entities, Northern Leasing’s chief executive officer, and others who engaged in the fraudulent scheme to provide restitution to small business owners who were fraudulently induced into financing leases for credit card processing equipment from April 1, 2013 through the present. Northern Leasing is ordered to dissolve 60 days after providing relief. Restitution amounts are to be set by the court at a later date. Small business merchants are not required to take action at this time in order to receive restitution.
A Leasing Company of Many Names
Northern Leasing Systems, Inc., also known as MBF Leasing LLC, provides credit card processing equipment leasing services to merchants and businesses in the United States. Northern Leasing also does business under the names Lease Finance Group LLC, Golden Eagle Leasing LLC and Lease Source-LSI, LLC. Most publicly available complaints about this company mention either Northern Leasing or Lease Finance Group. Launched in 1991, the company primarily leases point-of-sale terminals and other payment devices, enabling customers to accept credit and debit card payments. Northern Leasing is based in 132 W 31st St Fl 14, New York, NY, and Jay Cohen is listed as the founder and president of Northern Leasing Systems.
Northern Leasing Systems Review Table of Contents
- Costs & Contract: Northern Leasing Systems offers a four-year lease contract that cannot be cancelled.
- Complaints & Service: Northern Leasing Systems has received more than 400 public complaints.
- BBB Rating: Northern Leasing Systems has an “F+” rating with the Better Business Bureau and has received 224 complaints and 54 reviews in the past 3 years.
- Sales & Marketing: Northern Leasing Systems exclusively uses third-party independent sales agents to market its products and has received a high number of complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Northern Leasing Systems