I leased some office equipment on a “lease to own” deal.

Additional Information:

I have a small business in the Greater Boston area and leased some office equipment, with the agreement being a ‘lease to own’ deal. Things did not go well and about 2 years into the 5 years agreement I called to terminate the service.  They came and took the equipment because I could not afford it. Now a company that buys charge-offs contacted me asking for the full amount of the lease, even though I do not have the equipment and thought I ended the agreement with the original company. What should I do?

ATTORNEY ANSWER:

It is extremely important that you understand your rights and obligations of any finance equipment leases that you enter into with any finance/leasing company.  Simply returning the equipment will not typically negate your liability to make payment to the lease company that simply financed the lease and did not manufacture the product.  You should have an attorney who is well versed in this specialized area of law to assist you in determining your rights and obligations relative to your equipment leasing issues.

The Greater Boston Equipment Leasing Attorneys at Goldberg & Oriel represent individuals and businesses throughout Massachusetts.   Located in Framingham, Massachusetts our attorneys serve the entire Boston region including the communities of Acton, Arlington, Belmont, Boston, Braintree, Brockton, Brookline, Burlington, Cambridge, Canton, Dedham, Framingham, Lexington, Marlborough, Milton, Natick, Needham, Newton, Norwood, Quincy, Waltham, Watertown, Wellesley, and Worcester.