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Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6674
Experience:  Licensed attorney helping individuals and businesses.
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My partner got involved in a lease to own contract. He was

Customer Question

My partner got involved in a lease to own contract. He was purchasing a 14 to 16 passengers limo. The company he was dealing with sold him a 10 passengers limo for the price of a 14 to 16 passengers. The price was $49999. No interest rate was mentionned in the contract. They made him put down $14000 and make a payment of $1295 per month for 48 months. After 8 months in the contract we found out that the limo is not the correct size and the interest rate is huge. So we called the company and we expressed our frustration and we asked for the pay off amount. We received a 2 lines email stating that we have to pay arround $35000. We stopped making the monthly payment and we sent a letter of demand requesting to reconsider the contract. 1 week after the letter of demand they came and reposesed the vehicle, which was last saturday. I was surprised today they are putting it for sale. Please any advices on where to start and what should i do?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Maverick replied 1 year ago.

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1. Why did it take so long to know that the limo was not the correct size?

2. What do you estimate the interest rate to be?