Do You Know the End of Lease Terms for Your Copier?
It’s exciting to get that new piece of equipment you need to grow your business. You’ve spent time doing research and found the perfect copier to meet your needs. You negotiated a favorable lease and you’re on your way.
But did you read the lease’s fine print? Do you know your end-of-lease options? Can you purchase the unit at lease end? Can you renew or extend your lease? Can you trade-in and trade-up? Sometimes the end of a lease can offer some unpleasant surprises if you don’t take the time to read the fine print.
What You Don’t Know Could Cost You
When you read your lease agreement, be sure to look for these terms:
- Removal Fee – Where does the copier need to go at lease-end? Is it to the destination of the leasing company’s choosing? This could be anywhere and it could be at your cost.
- Auto-Renewal – How long is the renewal? Do they need to give you any notice? Know the procedure to prevent auto-renewal.
- Packing fee/shipping fee/transportation insurance – Again, this may be required and it could be on your dime. Copiers are large, heavy items and they’re not inexpensive to ship. Make sure you know the details or you could be surprised at this cost.
- System Overhaul – This is a fee to service your system to previous benchmark level.
What You Need to Know
When leasing any piece of office equipment, whether it’s your phone system, a multifunction printer, or a copier, it’s important to understand the terms of your lease early in the buying cycle. Understanding your options at lease end and the financial impact it may have on your business is critical before you sign anything.
Sometimes a lower lease cost may mean additional expenses at lease end. Make sure you understand your lease, know your options, and have any end-of-lease costs outlined in writing before you sign. Knowing your options and the impact end-of-lease costs can have on the overall lifecycle costs of the equipment is a smart business practice.