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My partner got involved in a lease to own contract. He was

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purchasing a 14 to 16...
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: 2 years ago.Category: Consumer Protection Law
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11/20/2015
Consumer Protection Lawyer: Maverick, Lawyer replied 2 years ago
Maverick
Maverick, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6,425
Experience: 20 years of proefessional experience
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Welcome to Just Answer (“JA”)! My name is Maverick. Please note that:

(A) The information we provide is general information. No attorney-client relationship or privilege is formed by communicating with me. If you want legal advice, you must consult with a local attorney in person before acting or deciding not to act based on any information given here;

(B) When I feel that I have provided you with a complete answer, I will ask for you to assign a feedback rating so that JA will compensate me for my time; and

(C) You should not be concerned about any short delays between your questions and my replies. Please know that I answer most questions within the hour if I am signed on. If I am not signed on, then I still make every attempt to respond within 24 hours.

Thank you for taking the time to understand how this site works. By continuing, you confirm that you understand and agree to these terms.

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?

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