How do I get out of an equipment lease?

Provided by:  Jennifer Kirschenbaum, Esq.

November 7, 2019

Question:

Jennifer, 

I was talked into taking on a piece of equipment I do not need and do not want to pay for. How do I get out?

Thanks, Dr. P

Answer:
 
There is so much more I need to know.  I need to see the contract, if any.  I need to know when you signed.  I need to see if the revocation period has based if there is a 3 day right to rescind.  I need to check for cancellation rights/termination rights/ return rights, etc.  Most equipment leases will be drafted very vendor friendly and will be difficult to terminate.  If you have a preexisting relationship with the company and other equipment, we may have some leverage and good will to work with.   An alternative to get out may be to transfer the equipment to someone else - if authorized.  

Regardless, we need to see the agreement to help.  If you are entering into any new commitment, be sure to have the contract reviewed, if at a minimum, to help you create a "'cooling off period" where you get to think about whether you actually want the equipment.  If nothing else, my providing you with a laundry list of issues I have with a boiler plate lease might give you less buyer's remorse if you do sign something we can't negotiate to look better.   Better to go in with eyes wide open and vetted!