very bad deal

[randy1]

can a leasing company from texas repo equipment in michigan without going to a michigan court for permission, and do thay notify me of this so i can be there. do thay have to disclose the intrest rate on the contract before i singhed it. thanks so much randy

 

[JETX]

If the property is security on a lender note or lease, and you are in breach of same, they do not need 'permission' to repo the security.

Your other question is particularly interesting ("do thay have to disclose the intrest rate on the contract before i singhed it"). I guess that there could be some consumer requirement that an agreement have all blanks completed (depending on local statutes), but it is really YOUR responsibility to make sure that YOU are fully familiar with the terms BEFORE you sign the agreement. If you signed it without determining the interest rate, you may have just learned an expensive lesson.

 

[randy1]

when i applied for the loan it was with a michigan company, done on the phone, i asked all the right questions even the intrest rate it was supposed to be 9 persent. i was told, i sent them the down payment, thay sent the equipment, upon recving the equipment i seen it was a lease from texas, i refused to accept the lease, thay told me that if i did not thay would put a lean on my house, so i made the payments till i found that the intrest was 25 persent, i filed a complaint with the atturney general told them that i was not going to pay till this was resolved, thay said thay would report it stolen and have me put in jail. can that happen. thanks randy. this equipment cost 20,000 new to get out of this lease thay want another 38,000. i paid them 13000.00 in payments already, plus the 2500.00 that the broker took, that was not applied to the loan, then thay went out of buissnes. thanks randy

 

[JETX]

I'll give you the same advice that you have already received on your other posts on this same issue....

I recognized that you had already posted this issue on the forum before (and even realized that I was 'taking the hook' by answering your fairly simple questions on this thread).

So, I will try to answer some of the issues you raise:
1) "when i applied for the loan it was with a michigan company, done on the phone, i asked all the right questions even the intrest rate it was supposed to be 9 persent."
Why would ANYONE do a large purchase (or lease) like this purely over the phone???

2) "i was told, i sent them the down payment,"
Why would ANYONE send money to a voice on the phone without AT LEAST some written agreement detailing the facts???

3) "thay sent the equipment, upon recving the equipment i seen it was a lease from texas,"
Why would ANYONE allow unloading or delivery or accept delivery when they 'seen' it was not what they thought??

4) "i refused to accept the lease,"
Why would ANYONE accept delivery of a product then argue the issue of the lease AFTER the fact?

5) "thay told me that if i did not thay would put a lean on my house, so i made the payments till i found that the intrest was 25 persent,"
Why would ANYONE start making payments on a THREAT of action without talking to a lawyer???

6) "i filed a complaint with the atturney general told them that i was not going to pay till this was resolved, thay said thay would report it stolen and have me put in jail. can that happen."
They can certainly report it as 'stolen', but that would make them liable for filing a false report and subject to criminal investigation themselves.


From your post, it is OBVIOUS that someone is going to need to read all the documents you have and go into some detailed when and how questions to properly answer your questions about your situation. This is beyond the scope of an online advice forum. I strongly sugget that you talk with a local attorney and let him review your entire case. He will be best suited to answer your very specific questions and how to resolve this issue.

So, you are now out a lot of money, have a lot of debt, and even some threats made. GET AN ATTORNEY, it is something you should have done in the first place.