Post a new topic
    2 Replies Latest reply on Jun 15, 2009 7:57 AM by phanio

    Taking over product bought on lease.

    Ainz1331 Newbie
      Hi all.

      Does anyone know the process of buying products from companies that have leased equipment and gone out of business?
      For example: Company ABC opens up a laudromat and buys 50 washer and dryers on Lease for 150K. They pay down 50K, and then go out of business. I'd imagine the lease company that now has to go after the owner for the remaining 100K would be interested in reselling it to someone for say 75K? I'd think this is a highly utilized practice by many people, much like buying a foreclosed home. Anybody have any experience with this? Would love to know more about it.

      Are there any websites that explain this method of purchasing product? In the case of Forclosed homes, anyone can go purchase a list of homes that are in foreclosure, but can someone also purchase a list of businesses in similar situations?

      Thanks
        • Re: Taking over product bought on lease.
          LUCKIEST Guide
          Taking over product bought on lease, Welcome

          Who are you?? Go to Members page and share some info.

          If a leased equipment company goes out of business, who do you send the monthly payment too??

          Talk to your lawyer
          • Re: Taking over product bought on lease.
            phanio Pioneer
            In your example - you would just have to contact the lessor and see what they would be willing to do.

            Regarding forecloused businesses. Most banks and other lending institutions keep their own lists - not really public information - but it is a good idea.

            Many banks use liquidation specialists to help them 'fire sale' assets from failed businesses. Thus, you can contact local banks and see how they go about it or find liquidation specialists - both are just a simple google search away.

            Business Money Today