FAQ Answer About: Equipment-Leasing
  • Can I change my mind after signing a leasing contract?

Generally speaking the answer to this question is no, for commercial finance a signed contract is legally binding from the outset, but not always.

For unregulated leasing finance, unless the lender offers a "cooling off" period then the answer is no. Limited Companies and Limited Liability Partnerships with 3 or more partners are currently unregulated. Any other business such as sole traders taking finance of less than £25,001 is currently regulated, however current rules should be checked should this circumstance occur.

If you have changed your mind, but find you are legally bound to the contract then you should investigate the minimum contract term for ending the lease and the potential costs of early termination.

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