Copier Leasing is a terrific tool for businesses to acquire office equipment without a major outlay of cash. With copier leasing, as with car leasing, you only pay for what you use then return the equipment at the end of the term. One question that frequently comes up is: At what point in the lease can I upgrade or change equipment?
Managing your Copier Leasing Agreement
Unless things change dramatically in your business or with your vendor, it is not a good idea to prematurely end a lease until you are in the last year. At that point the vendor can usually discount the equipment enough to make up for the pay-off due to the original leasing company. Keep in mind that the earlier you upgrade, the more is due to the original copier leasing company. At Dean we advise our customers as to when an equipment change makes the most sense.
Another issue that comes up on a regular basis is what to do at the end of the copier lease. Most copier leases have a clause in them dealing with what you are required to do. Generally you must send a letter to the lease company (some accept faxes, some do not) stating your intentions, and there is a specific window of opportunity to do this, perhaps between 180 to 90 days from the end of the lease. If the letter does not get in during that time frame, your contract may go into renewal. If this happens, your contract automatically renews, for a period of one month to one year depending on the copier leasing company, whether you want them to or not.
Many businesses lose track of when leases end and exactly what must be done to end a lease. Make sure you know when and how your copier leasing company must be contacted. It is always in your contract. At Dean Office Solutions, LLC one of our services is to track your leases and get you the proper paperwork and advise in a timely fashion. This simple service can be the difference between having a very good or very bad copier leasing experience.