Is there any way to void or cancel th...

Is there any way to void or cancel the contract?

Posted in the Business News Forum

Since: Jul 14

Hong Kong, Hong Kong

#1 Jul 2, 2014
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

Cameroon

#2 Jul 4, 2014
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

#3 Jul 22, 2014
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

#4 Jul 24, 2014
A prepayment penalty has absolutely nothing to do with being responsible for the full term of the contract.
Lee Gettinger

Buenos Aires, Argentina

#6 Jul 29, 2014
He's stuck with the consequences of not reading and understanding the contract that he signed. You should have transacted business with axis capital group
Cheryl Boylan

Hanoi, Vietnam

#7 Aug 12, 2014
Make sure he ups his business insurance coverage in case something happens to that equipment that's covered by insurance.

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