Lease Pay-off

By benami313 on May. 07, 2011
benami313's picture
United States

Pardon me if this is the wrong spot to ask this, but has anyone ever reached the end of their lease, expecting to pay a token purchase amount (10%) only to be hit by more eyegouging? the lease contract clearly states fair market value not to exceed 10% of original purchase price, which comes to about $1500, and they are asking for $3500??? What do I do? Call a lawyer?

Embroidery

There are 10 Comments

Submitted by dd2 on Thu, 06/16/2011 - 20:11

If you plan to own the equipment, you may look at an installment loan, once all payments are made the equipment is yours. Leasing is advantageous if you plan on returning at the end of the term and upgrading to the newest technology.

Submitted by Jaeb on Sat, 05/07/2011 - 23:44

Yes
I bet I can name the lease company. If you go back to the start you most likely also have a 2 -3 payment deposit your owed that you must ask or they will keep. Try to talk with them I know its customer no service but ask for a owner or vp or yes go see a lawyer and pay for a letter. Thanks, Eric

Submitted by flcc4409 on Sat, 06/04/2011 - 17:41

I bet I can name the lease company too. Those guys do not keep their word and are underhanded cheats. Not much you can do. If you call a lawyer they will fight back and you will end up spending more on legal fees than the machine is worth. I saw it happen to a friend in the industry.

Submitted by madrod on Sat, 06/04/2011 - 18:22

or you can take them to small claims court. they are not allowed a lawyer there and you can represent yourself.

benami313's picture
Submitted by benami313 on Sat, 06/04/2011 - 19:47

OMG! Thanks. When I quoted the terms of the original lease to them, they just stopped talking to me.

Submitted by majcne on Wed, 06/15/2011 - 16:34

But, you could be helping others not get waxed by them if you tell who it is.

benami313's picture
Submitted by benami313 on Wed, 06/15/2011 - 19:03

Well, I got some help from within the company, and we have a worked out a fair, and satisfactory outcome.

Submitted by DASWholesale on Mon, 06/13/2011 - 16:29

You may try this as an option. Send a certified check for 10% by registered mail. Make sure that the check has notation that this is the 10% buy-out per lease #xxx PAID IN FULL. This does not guarantee that they will not try to repo the machine, but it does give you some standing with the court should they try to get a summary judgement. Remember, possession is 9/10th's of the law! Once they cash your check, they make it harder to obtain a judgement.

benami313's picture
Submitted by benami313 on Tue, 06/14/2011 - 20:31

Gabriel wrote:
what is the company you are talking about?

I just don't want to say who. One of the major ones.

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