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BMW Financial Services v. Smoke Rise Corp.
Citation:
486 S.E.2d 629 (1997)Facts
Smoke Rise Corporation leased a BMW automobile from BMW Financial Services, with William Probst personally guaranteeing the lease. The lease agreement, as modified by an extension agreement, provided defendants with an option to purchase the vehicle at the end of the lease term for $16,863.75, representing the estimated wholesale value. The agreement also contained an excess mileage provision requiring payment of up to 15 cents per mile for usage exceeding 85,011 miles if defendants returned the vehicle rather than purchasing it. Upon lease termination, defendants chose not to exercise their purchase option and returned the vehicle with an odometer reading of 180,409 miles, representing 95,398 excess miles. Plaintiff calculated the excess mileage charge at $14,309.70 (15 cents times 95,398 miles) plus attorney fees, which defendants refused to pay, arguing the provision was unconscionable.
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