My husband and I leased equipment for our gym we opened. Well, now, 2 1/2 yrs later we are closing are facility. We signed a non-cancelable lease with Pawnee, therefore, we cannot just 'give the equipment back'. I completely understand this. However... I tried patiently working with them on various ways we could payoff and sell the equipment. Every idea I had, they had some type of stipulation that we couldn't do it.
Finally, they agreed that we could sell the items in an auction with the rest of our equipment...here comes the HOWEVER, they wanted ALL proceeds from the leased equipment to go directly to them. They REFUSED to give me a payoff amount that would accept from the sale.
I understand they may have taken a lesser payout if the equipment sold for less, but what if it sold for more???? They originally gave me a cash payoff number, but would not give me an auction payoff amount. She had every excuse in the book as to why she would not.
There were numerous emails going back and forth as to why she couldn't and me stating that I was not comfortable with just leaving the payoff amount 'in the air'.
After all the hassle, my parents loaned us money in order to payoff the equipment and get them out of our hair. NOW we can sell the equipment at the auction!!!
I have learned my lesson and will thoroughly research any company and their complaints BEFORE doing business with them!
And one last thing, she stated that we were not paying interest on our equipment, however, our equipment purchase was for $32k and we would end up paying $55k over 5 yrs. Hmmmm...

I purchased a microdermabrasion machine for $6, 000.00. I was never advised how much my specific interest rate was however, when I asked a paralegal friend of mine to review the contract she said that my payments for 60 months for $6K were almost as much as her $10K 60 month Kia contract and her interest rate was 17 percent due to her credit so she thought I must really be getting ripped off.

I did the math on $6K over 60 months for my payments of $250.00 AND THAT IS $15, 000.00. THAT IS OVER 50% INTEREST!!! AND MY CREDIT SCORE WAS BETWEEN 650 AND 700. WHAT A RIPOFF!! I FEEL SO STUPID!!!