Legal Question in Credit and Debt Law in North Carolina

I purchased a shed on a lease to own deal where it says that payoff anytime is fine with no penitalies. I try to pay it off and the companies numbers and mine are not matching.

The issue that I am having is that nowhere on this contract does it state interest rate because if it did i would not of signed. Does the interest rate have to be disclosed on the contract?

Lastly I just need to know if there is a regulated amount of interest that can be charged.


Asked on 8/07/12, 11:25 am

1 Answer from Attorneys
Rachel Hunter

Yes, interest rates have to be disclosed unless this was somehow factored in. Without looking at the contract, I cannot say.

Contracts have to conform to the legal rate of interest. The maximum lawful rate is 16% on loans under $25,000.

Rent to own is a bad idea. Better to save your money and go buy the item outright.

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Answered on 8/07/12, 4:38 pm


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