You may be able to get out of the lease if the lease that you have is for a different piece of equipment.
However if the lease you have is for the piece of equipment that you have, albeit that it’s not the equipment that you initially wanted, it is unlikely that you could get out of the lease on that basis after 18 months.
The reason for getting out of the lease now after all is not because it’s the wrong equipment, but because your business is closing.
The amount of money that you seem to be being asked to pay seems to be out of proportion to the cost of the equipment although that is obviously a mathematical thing within the terms of the agreement and taking into account any early redemption penalty.
Selling the equipment back to the lease company for a small percentage of what it’s worth is not uncommon.
You are in a very difficult situation here because this could go either way in court (if it got that far) depending on the minutiae in the paperwork and the view the judge takes on the day in court.
I think you have probably got a 50% chance of getting away with it although, if you lose, you may have to pay considerable legal costs on top of the amount they are claiming. I wish I could give you a definitive answer to this but sometimes, there is no definitive answer. If there was a definitive answer to every legal question, nothing would ever end up in court. Litigation needs at least 2 parties and neither of them goes to court expecting to lose. Nonetheless, one of them does even though they have been told by their respective legal advisers that they have a good chance of success.
I am not certain whether that answers the question for you or not but I am happy to answer any specific points arising from this.
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