Comments on: Big Lesson Learned About Leases Today

By: Darren White

Darren White — Sat, 02 Jan 2010 19:48:15 +0000

UPDATE:

I had my accountant call on this and we finally agreed on a 1,900 settlement.

A reminder to look at your leases. These are still around.

Darren

By: Bacan

Bacan — Thu, 15 Oct 2009 15:05:27 +0000

I want to say – thank you for this!

By: Johnathan 'Rocky" Oliver

Johnathan 'Rocky" Oliver — Thu, 17 Sep 2009 14:19:50 +0000

I just reviewes my lease from NCMIC that states “if the lease is a 1 dollar buy-out then you agree to pay that amount at lease termination”. Which the lease is a 1 dollar buy-out so this one is good.

It does say “IF this is a Fair Market Value Lease (FMV) then it auotmatically renews if not paid in a reasobable time frame”. A rep at NCMIC told me that they do not use FMV in that manner. They use the 1 dollar buy-out so the one who is leasing does not get automatically renewed and stuck with new payments.

With that said, I would always review the lease even if it is from NCMIC. You can usually find the terminology listed in the area “End Of Term” on your lease.

Johnathan Oliver D.C.
Oliver Specific Chiropratic LLC
1335 Dublin Road Suite 75-A
Columbus, Ohio 43215

john_oliver76@yahoo.com

By: Benjamin Kuhn

Benjamin Kuhn — Tue, 15 Sep 2009 15:51:46 +0000

This is the same style of agreement that Rent-to-own companies use as well … most people do not pay attention once they get used to the automatic payments and overshoot the end of their contract period – where the renting company does the exact same thing and automatically renews the rental agreement.

Definitely a good reminder for everyone out there to watch the fine print and if you are forced to sign such a contract, to put plans in place immediately to ensure you are prepared to take the necessary steps later to not get burned.

By: Brandon Harshe

Brandon Harshe — Tue, 15 Sep 2009 14:25:01 +0000

Wow, I did not know that. Thanks for posting this. Just think… your pain has become everyone else’s gain because you shared this.

By: Johnathan Oliver

Johnathan Oliver — Tue, 15 Sep 2009 14:22:29 +0000

Wow, that is really dirty that they put those clauses in there. Thanks for posting this as I have a lease to review today.

Hope you are able to get out of that mess.

Johnathan “Rocky” Oliver
Columbus, Ohio