[mnewport]

I've got a lease for some manufacturing test equipment that just ended, and it's quickly turning ugly with the lease company. I won't name names, but their initials are American Capital Group.

First, the lease was supposed to be set up with a $1 buyout. When I originally looked at the test equipment, I had enough cash on hand as well as other sources of financing that I could purchase it outright. The leasing company sales guy talked me into taking the lease because of better interest rates, allocation of capital, blah blah blah. In the end the promise of the $1 rider was the key deciding factor for me.

Now that the lease is up, the leasing company is insisting that I pay a $13k buyout or return the equipment. The lease manager refuses to entertain the notion of a $1 buyout. Both the sales person AND the president of the test equipment manufacturer are furious with the leasing company over this, and have taken my side. Both are putting pressure on the leasing company, insisting that the original deal as they understood it included the $1 buyout.

To make things worse for me, the original equipment invoice lists five options that were installed in the test equipment. The lease company insists these five options are separate items that need to be returned along with the testing device. They won't entertain the notion that it's one device with five options inside it, which makes me worry that I'll be looking at a costly legal battle because of their misunderstanding.

What should I do? I've turned this over to my attorney, but I fear that I will be the loser in the end. I'm pretty sure that no matter what happens I can kiss the $5000 deposit I paid goodbye.