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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 9721
Experience:  30 years of corporate, litigation and international law
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Hi I am asking about a lease on equiptment. can you help I

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Hi I am asking about a lease on equiptment. can you help? I do not have the lease with me at this time? it was a lease in 2007 we took out a lease for a mailier . I paided on time for two years until 2009 but the downturn I could not pay any more. they have not charged a late payment ? or turned me over to collection? or did anything I still get payment componds.? where do I stand on this lease? I have ask for a short sale or to return the equiptment but no answer?
When you say they have not responded did you send them a letter making a specific proposal? How much more are the remaining lease payments compared to the value of the equipment? Would reduced payments make any difference to you? In other words if the payments were reduced for a period of time to give you a chance to get the business up would that work for you?
Customer: replied 5 years ago.
HI again well I have not made a payment since july of 2009. I made payments for two years on the 5 year lease? it was a dollar buy out at end of lease. they have been sending me payment coponds. and they are starting to call. I emailed them back in 2009 and ask to return the equiptment. they said they could not do that? the lease company changed hands. and now have a new finance company? they have called me twice. I told both of them I could not make payments at this time due to the downturn. I ask for a short sale figure. to settle this dept. they said they would send me something and nothing happens. my question I think the retailer may have had recourse paper and had to pay the lease off if I defaulted? or they lost my contract ? as I never show a late payment or have they dinged my credit? after two years? I don't think they are that nice not to have dinged my credit ? ???????????? the market value on this addresser is only about $1500.00 on ebay? how much longer can the keep this up ? Thanks again Barry

At this point in time, there is nothing for you to do. You are not paying and they have not pursued the matter. The statute of limitations on collection does not run out until 2013. While they do nothing, hopefully your business will pick up and you will be in a position to resolve the matter when they get to you. At this point I would let sleeping dogs lie.


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