Equipment-leasing and finance companies have taken extraordinary steps to help customers throughout the pandemic. Ninety-six percent of equipment-finance companies offered their customers payment deferrals in 2020, including extensions, modifications or restructuring (“You Lease, You Owe, ‘Hell or High Water,’” Page One, April 15).
In discussing the “hell or high water” contract provision, the article notes correctly that support of leased equipment is driven by the equipment vendor. This is similar to acquiring a car with third-party financing. If the car breaks down or the driver is otherwise dissatisfied with the product, he or she would still expect to make car payments to the bank or finance company, and would take up the car problem with their dealer or manufacturer, not the bank or finance company. more here