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We are dealing with a "finance company" presently trying to

Customer Question
We are dealing with a...
We are dealing with a "finance company" presently trying to end the agreement. I thought the equipment was being financed for a set amount of time as laid out in the agreement. Comes to light it is a "lease" to eternity on payments. It may be cheaper if the equipment is lost than the payoff and return the equipment. (Option B) However, I don't quite understand what option B really means.Quarterly Rent: $400.00
(plus applicable taxes):
Base Term in QUARTERS: 20
**WE HAVE PAID FOR OVER 24 1/4s.LOSS OF EQUIPMENT: You are responsible for installing and keeping the Equipment in
good working order and repair. You will keep and use the Equipment only at your address
shown on this Lease, only for business or commercial purposes and in compliance with all
applicable laws ordinances or regulations. You will not make any alternations to the Equipment
without our prior written consent, nor will you permanently attach the Equipment to any real
estate. You are responsible for protecting the Equipment from damage, and from any other kind
of loss while you have the Equipment or while it is being delivered to you. In the event the
Equipment is lost, stolen or damaged then you shall have the option within one week of such
event to: (a) repair or replace the Equipment or (b) pay to us the unpaid balance ofthe remaining
Rent under this Lease and our residual interest in the Equipment, discounted to present value at
the rate of five percent (5%) plus any other Obligations.
Submitted: 20 days ago.Category: Consumer Protection Law
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Answered in 6 minutes by:
11/21/2017
Consumer Protection Lawyer: LegalGems, Lawyer replied 20 days ago
LegalGems
LegalGems, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 11,101
Experience: Research Attorney; Private Practice; Attorney Mentor; Mediator
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Consumer Protection Lawyer: LegalGems, Lawyer replied 20 days ago

If the lease is for 20 quarters and that time period has elapsed then that would generally terminate the obligation unless there is an automatic renewal clause or a specific cancellation procedure that must be followed.

Option b appears to state that in the event of loss, the lessee must pay the unpaid balance on the remaining rent (so if there were 5 quarters remaining, the rent due on those 5 quarters) plus any residual interest discounted to present value, and 5% interest. Residdual and present value can be determined by an accountant or by someone proficient in excel or other similar programming.

If the contract is vague as to expiration date, renewal policy etc, under the in pro proferentem doctrine any ambiguities or inconsistencies in a contract are construed against the drafter, being that they are the party that created the inconsinstency and thus should suffer the consequences of that.

Further questions? Please post here to continue the chat.

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Customer reply replied 20 days ago
Here is the clause. Thanks.16. RETURN OF EQUIPMENT;
RENEWAL: If no default exists or has occurred under this Lease, you may, at the end of the
original or any renewal term, purchase all (but not less than all) of the Equipment. At least 180
days but no more than 270 days prior to the end of the original term, you must give us written
notice, via certified mail, that you will purchase the Equipment for its fair market value, which
we shall determine in our reasonable judgment, or that you will return the equipment to us. If
you do not give us such written notice or if you do not purchase or deliver the equipment in
accordance with the terms and conditions of this Lease, then this Lease shall automatically
renew for a 12 month term, and thereafter renew for successive 6 month terms until you deliver
the Equipment to us. During such renewal(s), the Rent shall be the highest monthly rate set forth
in this Lease. We may cancel the renewal by sending you written notice 90 days prior to such
renewal term. This end of term option may become null and void at our discretion if any Event
ofDefault occurs or continues at any time during the original term of the Lease. Upon payment
of end of term option price plus any applicable taxes, and if no default exists, we shall transfer
our interest in the Equipment to you “AS-IS, WHERE IS” without any representation or
warranty whatsoever and this Lease will terminate. Provided you have given the required notice,
and are not thenin default, you shall return the Equipment, freight and insurance prepaid to us in
good repair, condition, and working order, ordinary wear and tear excepted, in a manner and to a
location designated by us. Until the end of term option price is actually paid, you will be
responsible to continue to pay rent at the monthly rate set forth in this Lease. 17. LATE
CHARGE; FEES:If any part of any Obligation is not made by you within three (3) days ofits
due date, you agree to pay us the greater of eighteen percent (18%) of each such late payment or
$25 (to the extent permitted by law). If two payments are not made bv you within three (3) days
of their due dates, vou agree to increase vour payment bv ('18%). Anv deposit will not bear
interest and may be commingled by us with other funds. We may apply the deposit to any of
your obligations or to any loss or damage that we suffer as a result ofyour default. If so applied,
you will, on demand, restore the deposit to its full amount. On your payment of all obligations,
provided that you are not otherwise in default, we will return the balance of the deposit to you or
apply it to your final rent payment as you direct.
Consumer Protection Lawyer: LegalGems, Lawyer replied 20 days ago

OK; so the renewal clauses will need to be reviewed and a timeline determined so one can see how much time is left on the lease; that will help explain the financial implications of an option B.

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Consumer Protection Lawyer: LegalGems, Lawyer replied 20 days ago

Unfortunately I can't make that determination as I am only able to provide information and cannot apply the information to the customer's specific facts as that requires an attorney client relationship, fee agreement, conflict of interest check, review of all documents/correspondence between the parties, etc, which is beyond the scope of this question.

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Consumer Protection Lawyer: LegalGems, Lawyer replied 14 days ago

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

The above information is for educational purposes only. A consultation with a private attorney is recommended so they can apply the law to your specific facts, and suggest the best course of action. An attorney can be located here:
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