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Richard, Attorney
Category: Business Law
Satisfied Customers: 55703
Experience:  32 years of experience practicing law and a businessman.
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I had a 18 month lease on some dental equipment that was sold to Wellsfargo. Our

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I had a 18 month lease on some dental equipment that was sold to Wellsfargo. Our lease had special stipulations which allowed me to make 18 monthly payments that was to be automatically charged to my business Amex. Wellsfargo did not notify me of the purchase of my lease,(even though they claim they sent out a notice) I never received It nor did they ever call. They only called after all the prepayments were applied and to inform me now I am deliquent with my payments and are demanding payment in full plus ridiculous penalties and interest, as well
as placing a negative report on my A+ credit.
My attorney has informed me that I may have to pay some of the interest the are requesting since a payment hasn't been made since July . I am furious with this because Wellsfargo failed to read the special
stipulations that was attached to the entire lease. It was also written on the former owner of the lease's letter head (Kodack)
Please tell me do I have a reasonable legal course?
Submitted: 6 years ago.
Category: Business Law
Expert:  Richard replied 6 years ago.

Good evening. This is so typical of these big banks, especially Wells Fargo, because they think because they have all the money, they can simply shove this stuff down your throat. And, most of the time, they do because people pretty much fold their tent and just take it. But, you should not! You should write the lender a certified, return receipt requested letter detailing the history and terms of your lease and demand they rescind all interest charges resulting from their error and the negative credit report within a short specified period of time or you will have no choice but to file a claim against them. This typically causes the bank to fold, because the bank is just like a big bully....i) they beat up on people because most people let them, and ii) they back down quickly when someone actually calls their hand......the bank knows that when you take this to a judge, the game is over for two reasons...1) the judge will enforce the law rather than allowing the bank to simply make it up to suit their own needs; and 2) if you select a jury, the bank knows it's like the "Revenge of the Nerds" where everyone on the jury that has ever been screwed by a bank or other bully gets to exact their revenge....though they shouldn't, each juror brings their own lifetime biases to that jury room!



I hope this has given you the guidance you were seeking. I wish you the best of luck!


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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 6 years ago.
Thank you for your answer, however I am sure the bank knows i am serious because I have retained an attorney. My attorney is telling me that if this has to go to court Wellsfargo is going to try to sue me in Mass. Where the headquarters are placed. I live in Atlanta, I cannot afford to close my practice and travel back and forth. As you know this can get very costly. Any other advise?
Expert:  Richard replied 6 years ago.
Your attorney should be able to get this removed to Atlanta. I understand the costs of litigation, but if your attorney can't work out a solution that's workable to both of you, taking into consideration the costs of litigation, your only real alternative is litigation.
Richard and other Business Law Specialists are ready to help you
Customer: replied 6 years ago.
Thanks for your help.
Expert:  Richard replied 6 years ago.

My pleasure. You take care!


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