There are a lot of predatory "leasing" agencies popping up daily promising to finance you when no one can. I can promise you the contracts are written to benefit the Leasing company only and to defraud you specifically. The company's representatives are encouraged to lie to you, assuring you they will work with you if a situation arrises, but you must read the contract! In the end, the contract is what will stand up in court.
One company in particular, Financing WWEL and LRM Leasing of Pompano Beach, FL requires drivers to travel to Florida at the driver's expense and when you arrive they want you to sign a contract the same day in order to do a deal. The contract is predatory, and it states Lessor does not warrant merchantability or fitness for any particular use of equipment and disclaims any other warranty, express, implied or statutory?. It goes on the say Lease payments will be due despite dissatisfaction with equipment for any reason.
In the Memorandum of Understanding it requires the driver to sign that he understands that certain violations will result in losing the leased vehicle and my security deposit. And farther down the page I understand that breakdowns are not an acceptable excuse for untimely due lease payments.
By signing the document you have essentially waived any right to claim against the leasing company (Financing WWEL/LRM Leasing) for any reason. They make it clear that their role is merely to obtain or provide the vehicle to in whatever condition it is in. It is up to you to have the vehicle inspected and if not satisfactory to you, then you should not take it. By taking it, and in view of the disclaimers and your acceptance of the vehicle you are essentially stuck with it. In the Terms And Conditions (paragraph 2) they make it clear in bold letters, that you take the vehicle of you own free will, and that If the equipment is not properly installed, does not operate as represented or warranted by the vendor or is unsatisfactory for any reason, Lessee shall make any claim on account thereof solely against the Vendor and shall nevertheless pay Lessor all rent payable under this lease.
This type of transaction should always be reviewed by an Attorney up front.
The Lessor (LRM Leasing of Pompano Beach, FL) has isolated itself from any problem pertaining to the vehicle leaving you to go after the Vendor with regard to any of the problems you experienced or area experiencing. This company requires advance rental payments that they will keep regardless of the time that you have the vehicle in your possession even if its for less than 1 month. Advance Rentals, and may be applied to the first month and unspecified subsequent months rental. As stated earlier, by signing this predatory contract you are committed to pay the lease without regard to any other issue. Therefore they can credit that money to unpaid rents, to the extent it covers it, and technically could come after you for the full amount you contracted for even if they repo the vehicle.
This shady company (Financing WWEL/LRM Leasing, Inc.) ran by Cubans and Italians are only looking to fatten their own pockets thus benefitting themselves. They do not offer any late fees and will only give you 5 days before they come and repo the vehicle. They will default you for something as little as not answering their phone call when they call. And guess what, they can let you pay the contract in full and then still take the vehicle deciding not to sale it to you in the end. Places like this are not designed for the driver to win.
Unfortunately, Financing WWEL and LRM Leasing have linked themselves up with a shady dealer, Grand Rapids Truck Center in (GA and MI) that will make a truck look good on the outside with crome and detailing and then erase codes from the ECU using stolen software from various dealers (Volvo, Peterbilt, Freightliner) so that when you test drive it you'll feel that it is mechanically sound. How will you know? When they refuse to let you take it to the dealer (Volvo, Peterbilt, Freightliner) for testing by lying stating that they have their own mechanics and there isn't a dealer near them. So when the truck begins to break and you can no longer pay the high priced rental rates you'll loose your money invested in payments, the money you paid in the high security deposit, and the thousands wasted in mechanical issues, and yes......the truck itself!
To avoid being a victim of these types of scams, (1) make these "finance companies" fax you or email you a lease to review with an attorney before you sign anything and (2) only sign what you're attorney has read and explained to you. If you choose to pay your own expenses to visit Financing WWEL/ LRM Leasing, be forewarned, they will try to switch the contract on you so keep a tight eye on the document that you brought in with you.
Trust me, you'll be glad you did.