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Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 99005
Experience:  Lawyer
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I've leased a trailer, (flat bed equipment hauler), and

Customer Question

I've leased a trailer, (flat bed equipment hauler), and wanted to buy it out after a year of payments. I was surprised when the company told me how much the buyout would be. In my contract, it does state the number of months and the amount of the monthly
payment, (there are two different amounts on different areas of the contract, but I figured it out), but nowhere does it tell me the total amount I'd be expected to pay when all's said and done, nor the interest rate. In the Ontario Lease Disclosure Statement,
Sec 79, it states that the APR and total cost of borrowing, (implicit finance charge?) must be indicated in a lease contract. Does this only apply to MOTOR vehicles? Have I misunderstood the LDS? Do I have any options here? (CPA's hands are tied because we'd
originally intended to use the trailer for a business). Thanks.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

Leases of this sort are covered by the Consumer Protection Act. Read this:

http://www.sse.gov.on.ca/mcs/en/Pages/Leasing_Goods.aspx

If they breached the Act you may be OK.

I suggest as a first step you call the Consumer Protection Branch and see what they say.

After that you may be able to file a complaint with them. If not your next step would then be to have a lawyer send then a letter explaining the law and asserting your rights. If that doesn't work you may need to have a court decide.

Customer: replied 1 year ago.
I have spoken with Consumer Protection - again, they're not getting involved because the trailer was originally intended for a business. I did come across that government page in my research - it says basically the same thing as the Lease Disclosure, but I'm still in the same position. I'm trying to find out if they ARE in breach based on that partial missing information - I don't want to accuse anyone of something so serious unless I'm sure - and if they are, what ARE my rights?
Expert:  Debra replied 1 year ago.

Yes they are in breach and as well they are the experts and you relied on their representations which at best were unclear.

Customer: replied 1 year ago.
what rights am I asserting when I contact them? In what manner can they be expected to repair this breach?
Thanks again.
Expert:  Debra replied 1 year ago.

This is about contract law and you want to receive damages to put you in the position you would have been in had this not happened.\

So you have to figure out what you would have done had they been upfront with the costs.

This is complicated and so you can see why retaining a lawyer to assist in this issue at this point would be good.

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