Equipment Finance Question

[Commo_Soldier]

My wife recently signed an equipment finance contract with an organization. She selected the terms to be 60 months at 12.9% with $173.52 as the monthly payments. However I was looking through the paperwork they sent, and was signed by both parties, they put the terms as 48 months at 12.9% with $173.52 as the monthly payment. Is she now only obligated to pay the $173.52 for 48 months (~4.3% interest) or will the agreement have to be redone with numbers that match up?

[albionmoonlight]

That's going to be a question of contract law, which is going to be state dependent. Also, the question of whether you are "right" is only the first question. Let's say that month 49 comes and she does not pay. They complain. She shows them the contract. They say "that's not what we agreed on." You say "tough shit." The repo trucks show up at your door the next morning? Now what?

I think that you should talk to a lawyer, personally. You don't need a big firm for something like this.

[albionmoonlight]

http://www.wsba.org/Resources-and-Se...ind-Legal-Help

[britrock88]

+1 to am's answers.