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T & L LEASING CORP. v. GE CREDIT CORP.

UNITED STATES DISTRICT COURT, EASTERN DISTRICT OF PENNSYLVANIA, CIVIL DIVISION


June 19, 1981

T & L LEASING CORPORATION
v.
GENERAL ELECTRIC CREDIT CORPORATION

The opinion of the court was delivered by: POLLAK

MEMORANDUM

Plaintiff, T & L Leasing Corporation (T & L), an equipment leasing corporation incorporated under the laws of the State of New Jersey, brought this diversity action against defendant General Electric Credit Corporation (GECC), a commercial and industrial leasing and financing corporation which does business in the Commonwealth of Pennsylvania. *fn1" Plaintiff seeks to recover an alleged overpayment of $ 11,739.36, plus legal interest thereon, which was paid to defendant as part of a prepayment agreement in satisfaction of an installment sales contract and note. Each party has moved for summary judgment.

 On March 23, 1978, plaintiff entered into a conditional sales contract and a note with Modern Handling Equipment Company, Inc. for the installment sale to plaintiff of nine forklift trucks. Plaintiff paid $ 18,622.80 upon execution of the contract and was to pay the remaining time balance of $ 226,402.20 (principal sum of $ 167,605.20 with 7% per annum interest) in sixty monthly installments of $ 3,733.00 each. Subsequently, the contract and the note were assigned by Modern Handling Equipment Company, Inc. to the defendant GECC.

 In December, 1978, some eight months after the initial undertaking, plaintiff got in touch with defendant with regard to an early payment of the remaining portion of the debt. After being given a payoff figure by defendant of $ 181,250.65, plaintiff paid this amount to defendant in full satisfaction of the debt. Subsequent to this payment, plaintiff requested of defendant a breakdown of the payoff amount. On April 11, 1979, plaintiff received the following breakdown which indicated that $ 11,739.36 of the payoff figure was attributed to "normal acquisition charges" for early payment: 1. The Total Balance Due amounted to $ 207,535.35 2. A refund base i.e. total leasing charges was determined, this amount to 58,697.00 3. Standard refund rate chart for prepayment in full after 8 months of a 60 months lease contract indicated a refund percentage of 75.30%, which when multiplied by Item 2 ($58,697.) amounted to 44,198.84 4. Normal acquisition charges of $11,739.36 were deducted from Item 3 leaving an applicable net refund amount of 32,459.48 5. Item 1 minus Item 4 equals 175,075.87 6. Charges for late payment for installments of rental amounted to 1,320.69 7. Refund applicable to rate participation actually paid by General Electric Credit Corp. to supplier (Total: $6,446.34 4,854.09 8. Final Prepayment-In-Full amount (Item 5 plus Items 6 & 7) 181,250.65

19810619

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