The paperwork at Summit Commercial Finance does not show the amount of finance charges or percentage of interest rate on this contract. My small business paid $22,499.52 in on payments on $13427.26 in equipment. Then Summit adds fair market value for the equipment or $2,177.23 at the end of term. The total paid on the original contract is $24.676.75. That's $11,249.49 in charges on $13427.26 value. Summit has a line on the contract stating that it your responsibility to contact them prior the lease end to discuss the options. They made no attempt to contact the business owner by phone or email prior to lease end. Summit says they sent the lease end notification information by mail in February 2010 but admitted that they sent it to our old address. The lease now ends and Summit automatically renewed the contract for 12 additional months. I then had to negotiate that amount down to $1,503.76 bringing the total money paid to Summit Commercial Finance to $26180.51. That's almost double the original amount. Small business owners have to understand the risk and expense of doing business with this company. Summit Commercial Finance does not disclose the finance charges, interest rate, money factor or total of payments. Terrible experience and strongly recommend not to do business with Summit Commercial Finance.
more