Posts Tagged ‘Business Equipment’
My brother sold his business including the equipment while he was still paying on the lease for the equipment. He continued paying on the lease when he hit hard times. Now he cannot make the payments and the equipment lease company is trying collect by calling him and his wife day and night and being really nasty. He doesn’t have the money right now. What are the consequences here? There is no equipment for the compnay to repossess. They probably could not recover cost of repossessing it and selling it to cover that cost and what is owed. Will they pursue that? Can my bro be criminally charged?
We made all 60 monthly payments but were late on most of them and the leasing company is asking for at least half of the late fee total or else they will escalate the collections process. We had several leases with this company and now face a significant amount of late fees.