Lease Purchase Agreement
I entered in to a lease purchase agreement with a family member,on a 2000 Intl.semi-truck where as the truck is financed thru Intl.in their name and then I hold a informal notorized lease-purchase agreement where as I make the monthly payments ,insurance payment,pay for registeration and so on to them and they in turn pay Intl. insurance co.and so on. Also I hold power of attorney for all proceeds and to be able to sign all document pertaining to said truck,again informal but notorized.My problem lies here,I had to replace the Transmission in the the truck @ Approx.$10.000.00 so there for I got behind on one payment and although the lease purchase agreement specifys until I am in default on a payment for 45 days I'm allowed to keep the truck they have decided to try and take the truck from me and allow yet another family member have it,my question is where do I stand legally,can they take the truck or stop me from operating it at this time?
Answered on: 4/24/03, 11:30 am by Heidi Milam
Re: Lease Purchase Agreement
You need to speak with an attorney and have them examine your informal lease-purchase agreement and if possible the original purchase contract on the truck. Without examining these two documents I could not really answer your question. The lease-purchase agreement would have to be examined to see exactly what terms are in the agreement. The original purchase contract needs to be examined because it may provide that such a lease-purchase agreement violates the contract. Without examining the documents that your relationship is based on, there is no way to know what you can or should do.
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Heidi S. Milam, Attorney at Law P.O. Box 867 Hernando, MS 38632► Other answers from this attorney