Is there any way to void or cancel the contract?

Posted in the Business News Forum

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1 - 4 of 4 Comments Last updated Thursday Jul 24

Since: Jul 14

Singapore

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#1
Wednesday Jul 2
 
I did something very wrong. I signed an equipment lease where I agreed to pay 1600/mo for 3 years on a 35,000 loan. I thought the lease had a no prepayment penalty, but I did not find anything in writing referencing that after reviewing the contract afterwards. It appears that I will be the one responsible for the full term balance regardless of anything. I trusted the lease rep and signed without checking this clause was included. Lease company paid the distributor on 6/27 but since the equipment has not been delivered yet is there any way to void or cancel the contract? The equipment will come from Singapore and it will be delivered here in Jakarta in less than a week. I should have gone for Axis Capital Group, http://www.axiscapitalinc.com/ !
JeffBray
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#2
Friday Jul 4
 
You had been wreck less and impulsive. Does the lease provide for a prepayment penalty? IF not, there is none. Is this a lease with an option to buy?
Nick

Zagreb, Croatia

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#3
Tuesday Jul 22
 
I agree, you had been very careless, something like this is something to think million times before proceeding. That a lot of money to waste.
Abby

Riyadh, Saudi Arabia

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#4
Thursday Jul 24
 
A prepayment penalty has absolutely nothing to do with being responsible for the full term of the contract.

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