Consumer Law, Warranties Conned

[panchodog]

I signed a lease/purchase 3 years ago with American Capital Group to prochure a piece of machinery. The machine failed after I had it for about a year but I honored the agreement paying it off last month. The salesman told me that when the payments ended the buy back was a formality with a dollar buyout as the life of the machine was about 3 years. I just recieved a bill from American Capital Group for rent. According to the contract I had to notify them 120 days before the contract ended or rent the machine for another year. So according to them I have to rent a machine I do not have ($7200) and if I do not remember to notify them 120 days before the official date this will go on forever. #1. The salesman lied to me!
This lending group has several names.
1. American Capital Group
2.US Bank
3.Manifest Lending

 

[Michael Wechsler]

I'm not sure I understand what happened. If you're renting a machine, wouldn't it be up to ACG to provide you with the machine or a suitable replacement? I'm not doubting the salesman may have lied to you but it doesn't make sense for them to charge you rent without also providing to you the machine.