Legal Question in Business Law in New York
vehicle leasing
I need to know if a leasing comapny can terminate a lease if you are 2 months behind? they issued me a 10 day notice and it expired and now they are refusing payment.
2 Answers from Attorneys
Re: vehicle leasing
The terms of your lease control your relationship with the leasing company. Somewhere in your lease, there are provisions regarding your default when you fail to pay on time. The big hint, of course, was when you received the ten-day notice which should have prompted you to bring your payments up-to-date, or, at a minimum, read the terms of your lease. I have a question for you - what did you expect would happen when you failed to pay for two months and then failed to respond to the ten-day notice?
Re: vehicle leasing
The rights of a leasing company on your default are set forth in the agreement. I presume from the notice that they were following the terms of the lease. If you ignored the notice you are bound by these provisions of the lease and the leasing company can exercise any default provisions in the lease.
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