What are my options after a misleading commercial lease agreement?

Full question:

I had two commercial zero track lease for Chrysler financial lease indicated 52 k and change but after signing lease found out it was 75 K when you add up amortization schedule. Amoritation schedule never showed sub total but at top of schedule 22 point print is 52 K agreed number. Both trucks have been returned and Chrysler is asking me to pay balance of two leases after trucks have been auctioned off and monies applied to balanced owed. Which still leaves me 50 K in the hole, what are my options? I do not feel I owe anymore money, I feel I was taken advantage of with misleading lease documents. I need Help.

• Category: Debts and Credit
• Date: 04/07/2025
• State: California

Answer:

Your options depend on the lease contract terms and whether any details, such as the interest rate, are incorrect. In commercial loans, the total cost, including interest, does not have to be disclosed. If the lender demands the remaining balance after auctioning the vehicles, possible defenses include wrongful repossession, lack of proper notice of sale, or that the sale price was below market value.

Consult a local attorney to review your documents and circumstances. The federal Truth in Lending Act (TILA) requires disclosure of credit costs in consumer transactions but does not apply to commercial loans. TILA mandates a final disclosure statement at loan closing, detailing aspects like the amount financed, finance charge, and payment schedule.

Misrepresentation occurs when a party makes a false statement that leads another to enter a contract. For a claim of negligent misrepresentation, the false information must have been provided without reasonable care, causing financial loss due to reliance on it. However, courts may find reliance unreasonable if not documented in a written agreement with a merger clause.