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Breaking an equipment lease
Posted on 7/22/08 at 6:27 pm
Posted on 7/22/08 at 6:27 pm
Does anyone know how the Louisiana laws work pertaining to equipment leases. The lease cost were misrepresented to me and now I would like to get out. I am only into the second month of the lease. What options do I have?
3
Posted on 7/22/08 at 6:32 pm to tammanytiger91
quote:
What options do I have?
Depending on the amount, small claims court. But I would just talk to him and explain the misunderstanding. Try to come to a compromise.
Posted on 7/22/08 at 6:37 pm to tammanytiger91
I'd get an attorney to look over your lease agreement before you make any move.
Posted on 7/22/08 at 8:58 pm to C
From experience. Almost impossible to get out of a lease. Even if they lied to you, if you signed the lease documents, you will be held liable. If anyone leases, be sure to read the entire lease and do not believe anything the salesperson tells you. Once you sign the lease, they get their money and are out of the picture.
Posted on 7/22/08 at 9:18 pm to tammanytiger91
quote:
The lease cost were misrepresented to me
Rambling answer:
Fraud and certain types of error can vitiate your consent to any contract. You'd have to sue for rescission of the contract, which itself involves significant expense.
You must review the provisions of the lease and determine whether and under what circumstances you can get out from under it. There is often a schedule of stipulated damages for breach or termination of an equipment lease in any given period depending upon the type of equipment.
They might make demand for you to pay stipulated damages, but they might go away if it's not enough $ to fight about or if you have a legitimate claim of misrepresentation.
Alternatively, you could try to resolve the issue by refining the price terms under the lease through negotiations.
Short answer: get an attorney, have him look at the lease and any other documentation you have, and then do what he tells you.
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