Equipment Financing & Leasing

CAD/CAM Mill for Dental...Lemon law?

bleu2th — Thu, 12 Mar 2009 23:32:20 GMT

I leased a CAD milling zirconia system Jan 06 from a local company in California. System is about $60K. The system has been plaqued with problems from the beginning. The manufacturer has admitted the issues and has been supporting the machine but after 2 years it is developing problems and breakdowns that are causing me delays in my production, if not all out failure to manufacture what it is designed to do.

The company has developed new software that drives the system and has admitted the sofware that came with the machine was a problem. The new software requires an addtional scanner ($25k) for it to work with the system.

The company has been promising me updated software for about 11/2 years and now I am told it will come at an added cost. I have told them they need to retrofit the new software with my present system without any new hardware and they are researching it.

for 3 months I have had daily failures and breakdowns in the system, their software, hardware and even the materil this machine mills. I am at this point considering giving it back to the leasing company and declaring it unusable for the purpose I bought it and cancel my contract.

My questioin is that if the company cannot support a machine after two years of failing to get it to perform as it was designed to do can I invoike any lemon law or legally give the machine back and cancel my lease contract.

any input will be appreciated

Lease vehicle returned in perfect shape. However.........

Raymond8 — Sat, 21 Jun 2008 03:44:31 GMT

I recently returned a leased 2004 Silverado.The truck was in amaculate condition, no dents etc.I also turned over the title to the dealer. They had someone inspect the vehicle at the dealership and had me fill out the vehicle return form.

On the form there was a section as to the condition of the body etc which was left blank, meaning no damage or any large dents etc and that the truck was in good condition.

The loan company GMAC just sent me a letter stating that there was several deep scratches and a large dent in the rear quarter panel that I was responsible for. Good thing I took pitcures of the entire truck at the dealership and had a copy of the inspection vehicle return form.They also said that I never handed in the title,when in fact I did.

Is this going to turn into a nightmare or is the proof that I have, suitable enough to tell them to go fly a kite

Vehicle repo and repairs are done.

lisa7112 — Tue, 10 Jun 2008 22:15:54 GMT

We are a repair facility and we did repairs for a vehicle which is now being reposessed. The loan carrier wants to pick the vehicle up and pay storage charges ONLY. My question is this. Can the "credit union" pick up the vehicle without paying for the repairs which have been completed. That particular credit union has already signed off on a repair draft issued to both them and the member. The driver had 2 $1000.00 deductibles on the claims and another repair which fell below the deductible amount. The total owed is approx. $2600.00. Is the credit union responsible for the entire bill or are they only responsible for the storage charges after the vehicle has been completed? HELP!!

guareteed signature

KJ4 — Wed, 04 Jun 2008 07:05:56 GMT

When the bar I managed wanted to accept credit cards, I set up the account. I stopped working there in January, and in April the bar stopped using the machine and the merchant account I set up. Now the equipment leasing company is holding me responsible for the breech of contract. The sales rep hurried me through the application-calling me the president of the corp. I was the manager only.

End of lease May 31

Raymond8 — Fri, 18 Apr 2008 13:14:57 GMT

The end of my lease on my truck is up May 31 08
Truck will be paid off but will have to hand it in. I want to buy the truck but most likely will not be able to get refinaced through the current lease company ( I had a repo last year, made good on it and got the truck back.) On June 31 i will be getting a lump sum of money. Is there a way i can stall the dealer for a month until I get my check.Then I can just pay them cash.What options are there.What if I dont hand the truck in exactly on the due date.Options please

auto lease question

indebt2008 — Fri, 11 Apr 2008 14:19:59 GMT

I leased a vehicle a week ago; I need to return the vehicle as I cannot afford it---the salesman put so much pressure and I see they were not looking at my best interests, nor was I in the right frame of mind at the time.

I called the finance company yesterday and told them the predicament. They told me to take the vehicle back to the dealership and if the dealership could put me in a less expensive vehicle and a different lease for a car I could afford, no voluntary repo would ding my credit report; otherwise, by turning the vehicle back, it would show as a voluntary repo. I asked about any fees or judgments for the return of the vehicle..he didnt tell me. The dealership did not return my call. If I return the vehicle, and walk away..what will happen? a judgment? lawsuit? I am considering filing Chapt 13, and obviously it is better for me to keep the financed car if I have to go that route.
Please advise. I was just getting myself out of debt and then I listened to these guys and messed everything up. I will not be able to pay my rent.

Crossed Collaterizing

Nerkal — Wed, 05 Mar 2008 20:07:38 GMT

Hello,

My sitiuation is as follows,
I had five peices of equipment leased purchased through a single company (UFG). All the equipment pieces were signed into differnent leasing contracts at different times. Four of the Five leases were paid off, and for quite some time. On the final peice of equipment, due to economic instability in the southwest florida region, I fell behind two months in payments. They came to repossess the equipment when it was unatended, but instaed of taking the just the one peice that was behind in payments, they took all five peices right there. When I called to complain the company claimed all the equipment was crossed collaterized, which in turn gave them the right to reposses everything the finaced allthough it was paid off.

The Payoff value of the machine that was left was $30,000, yet they repossessed about $120,000 worth of equipment.

UCC 1 Financing Statements in Bahamas

elmadden — Wed, 06 Feb 2008 19:58:48 GMT

Can you file UCC 1 Financing Statements in the Bahamas for equipment which you have shipped to customers over there?

Pay off on lease

Raymond8 — Wed, 30 Jan 2008 16:31:47 GMT

My vehicle is sheduled to be turned in May 08
the payoff is 18k.Can I work something out with them to finance the 18k and make payments
GMAC

Auto LEase w/ Personal Guarantee (forged)

Jop — Sat, 22 Dec 2007 00:08:50 GMT

I am the CEO & principal shareholder of a business (S-corp) that is shutting down voluntarily and working with secured Bank creditors at this point but with a Chapter 7 to be filed shortly after all the assets are liquidated.

I found out that one auto lease for a sales person's car is under water by $7K and want to return the car to the lessor. But now in reading the fine print I notice that the lease is in the companies name first but that my old CFO, when getting this car leased, had forged my signature under a personal guarantee section.

Can they enforce a personal guarantee against me based on a forged signature ?
Will they go after the CFO ?

Do I have a case?

MBSeattle — Thu, 06 Dec 2007 04:22:07 GMT

MB - client
LC - leasing company

1. MB contacted by LC Aug. 2007. in respond to 100K equipment leasing request.
2. LC write reassurance of ability to finance manufacturing equipment from overseas vendors (2).
3. LC request signed agreement & deposit ~ $5000
4. Deposit sent Sep. 2007

As of today (Dec. 2007) - nothing financed except one domestic vendor - $5000 This vendor added to equipment quote about 2 weeks after lease signed. So, this vendor nor the machine not on the original lease agreement or equipment list.

Even in this case approval took so long - vendor sell equipment before payment even made. LC forced domestic vendor to provide machine. Machine provide are completely different.

Main vendors never contacted by leasing company. LC refusing deposit refund for unknown reason.

Now we have double document fees charges, double lease bills from two different leasing companies and no refund or return of phone calls or emails with explanations.

Today bank statement shows $25 charge from LC president old & sold company. LC does not return written or voice mail request to explain or to refund charge. Bank stated that charge was made using routing numbers electronically, not with check or plastic. Bank advice on file dispute.

We pay equipment with our own money, it will arrive soon and I'm afraid we will be to busy to deal with those guys.

Do you think we have a chance to fight with this company? Personally I'm giving up.

Sorry for long post, I tried to be as short as possible. Thanks in advance.

lease application

toolatethehero — Sun, 04 Nov 2007 20:03:38 GMT

does signing a credit check application bind an agreement to lease the equipment when it is a 3 member llc. In the articles of organization it states that transactions must be in agreement and signed by all 3 members?

Eviction , Landlord responsibility, question

Grmstr — Wed, 17 Oct 2007 19:25:00 GMT

We have been told to vacate our commercial premise, which we did, due to failure to pay rent. The reason why we have been unable to pay the rent is that the landlord failed to properly repair many water intrusions, which caused mold and musty odors to permeate the premise and prompted our clientel (Mothers with young children) to leave or not join our programs.
Now the landlord is requiring that we pay all back expenses, many which were arrived at via creative bookkeeping, i.e., electric is charged via sq ft rather than actual use, as the unit does not have an electric meter assigned to it, specifically, and for a electric common Marque sign, which also is charged for by sq. ft. rather than time displayed.
We have had water intrusions nearly every month for the last 21 month, some months having multiples intrusions. The intrusions have cause ceiling tiles to develop mold, get saturated with water and actually collapse into the room more than once, and onto our equipment and common area. One specific leak reoccured over and over again, for a period of more than a year. These leaks and collapses have been documented via photos and by witnesses. They have also caused a mold condition to develop.

ALSO, during the build out, the landlords builders left a gap at the top of the wall, hidden by the ceiling tiles which caused our heating system to run continually, while barely maintaining a comfortable temp. and during the colder months, not even reach 68 degrees.

Any thoughts?

TIA
Mike P

Mall Lease Question

chiks — Wed, 10 Oct 2007 00:28:42 GMT

15 days ago I signed a specialty lease contract with a Mall in the DFW area to open a temporary in-line store for a period of 12 months beginning Nov 1st, 2007. I paid them deposit by cashier check and both licensor and licensee signed the contract.

Anticipating the move-in, I ordered store fixtures worth $15,000 and merchandise worth $30,000.

However, today on October 9th, 2007 the Leasing manager calls me up and says that consider this lease as void as he is unable to evict the existing tenant.

What can I do? Do I have any recourse?

Default & termination

mm24 — Tue, 02 Oct 2007 02:17:37 GMT

what are some of the things that a leasee has to do to terminate a equipment lease contract. What are his responsibilities in regards to notices and grace period and stuff like that in order for him to get his equipment back by law. Thanks for any help as it is very urgent

Equipment Loss Responsibility

brj4 — Mon, 01 Oct 2007 22:00:19 GMT

Hi - we signed a lease with a company to provide a fabric tent and about 400 chairs for a student event we hosted at a local campsite. After everything was done, the company billed us for 8 chairs they claimed they "lost" at the camp, when what likely happened is the campsite accidentally took the 8 chairs for their own. Neither the campsite's chairs nor the company's rented chairs were marked in any sort of way, and I don't think it's fair for them to bill us for $160, when there is no plausible way we could have stolen the chairs (the students came by bus and left by bus).

Are we in fact liable for a loss they claim happened?

Signing a lease

Boondocker — Sat, 22 Sep 2007 01:28:53 GMT

I am starting a small business and I am thinking of incorporating. If I inc, sign a 5 year lease for retail space as a corporation and I go out of business after 6 months, am I personally responsible for the lease for the remainder of the term. What would happen if the landlord sued the corporation which at this time is insolvent?

End of Lease Nightmare

Patty14 — Thu, 19 Jul 2007 01:16:34 GMT

Can someone please advise as to whom governs or handles licensure for copier equipment leasing companies, I am being strong armed by the leasing company on a replacement copier that requires service 4/5 days a week. I have complied with all lease termination paperwork, requirements but alas they do not care. I have fax and fed ex confirmations on all correspondence all to no avail. I need to get this piece of _ _ _ _ off my books and out of my office a/s/a/p. I have a open complaint with the BBB not sure how to proceed, Would love to push it down the stairwell but I would be biting my nose to spite my face. Any help
greatly appreciated

Patty

Equipment Leasing Termination

AI1 — Mon, 16 Jul 2007 18:24:47 GMT

I currently have a 5 year lease with Wells Fargo for a Xerox color printer. I wanted to turn in the equipment at the end of the lease which is in about 100 days. When I contacted Wells Fargo, they stated that I no longer have that option until next year because they only have a window of 180 to 120 days that I can send them a registered mail letter stating that I wanted to return the equipment. They are telling me that I can just purchase the equipment for about 4 times the current value of the machine or I can continue to pay the same rate for 1 year and send them a letter next year. I understand that they have 2 lines of text in the lease agreement that states this but I wanted to know if it is legal for them to have such an odd window of time to receive notification. Do I have any legal means to return the equipment this year?

Enjoy a relaxing and safe 4th of July along with

Denise, Community Director (Admin) — Wed, 04 Jul 2007 14:12:07 GMT

a bit of history

http://en.wikipedia.org/wiki/Independence_Day_(United_States)

Denise

Copy Machine Lease Contract

Non-profit — Wed, 06 Jun 2007 07:46:12 GMT

Thank you in advance for your feedback!

Does our non-profit corporation have any legal standing to fight an automatic lease contract renewal?

In 2001 the organization signed a leasing contract contract that expired in December, 2006. We tried to cancel the contract by calling the leasing company several times throughout 2004, 2005 and 2006 since the copy machine kept breaking down and was out of order most of the time. Every time, the leasing company simply faxed us buy out amounts that were more expensive than making the rest of the payments for the rest of the contract. So, we decided to continue to make the paments until the contract expired.

We notified the company in writing one month before the expiration date three times, requesting instructions to return the equipment. But, the leasing company told us the contract had automatically renewed for another year since the contract required a 90 day cancelation notice. We feel it is unfair to pay for another year of service for this equipment that doesn't work, especially sinbce we requested verbally many times before the 90 day period the cancelation of the contract.

The contract was signed in California, although there is a clause in the contract saying that the contract will be governed under New Jersey Law. Is this legal?

The company is threatening to sue us since we have not made payments since the official expiration date of 12/06. We have received several letters from an attorney in Ohio.

Do we have good chances of winning if we fight this case or should we just pay the $2,000 for the year auto renewal lease?

Retail Installment Sales Contract for MN

fanci cross — Tue, 29 May 2007 14:00:12 GMT

I am looking for someone who can help us with the retail sales installment contract in MN payment calculation methods. We are looking for the formula to calculate the payment with.

Turning in a leased vehicle of a deceased Spouse

Diane Zarsky — Fri, 20 Apr 2007 16:15:07 GMT

I live in New Jersey, and four months ago my husband passed away. He had leased a SUV for 4 years, and there is still another 12 months due on it. His name was only on the lease agreement not mine. My question is: can I turn this vehicle in without having the leasing company come after me for payment of the remainder months or put a lean against my home? I spoke to the car company and they can't even give me a straight answer. Any advice would be appreciated.

SUBPOENA of records ??

loanman — Tue, 20 Feb 2007 00:09:59 GMT

June, 2005 I received $25,000.00 from Leasing co. and purchase various business items. In June, 2006 I chose to close the business and cut my losses. I telephoned the Leasing Co. for instructions and I was advised to try and sell the items at a reduced amount. After paying storage rate for 6 months I received an offer for approx. $11,000.00. I contacted this Company to get the go-ahead and the Rep. was out indifinetly then she was out on medical leave. I sold the equipment and recived the money. Now this Company has turned to an Attorney and he is requesting $43,000.00 and has SUBPOENAED my personal records at my credit union and at a finance company requesting copies of the loan app and copies of the checks provided for payment on those items. Questions is WHY. Couldn't he telephone me? He did mail me a letter in December 2006 demanding $43,000.00, which I prompty telephoned his office and left (3) three messages, none of calls returned. What is his motive? What can be done?