When you first start to incorporate a large piece of equipment into your office, you can’t help but feel like your company is growing. Like most good business owners, you probably did your research in finding the best copier that would meet not only your needs but also a favorable lease rate.
While this is a great step in the right direction for your business and definitely something to celebrate, did you notice the fine print on your lease? Did you know that there are certain end-of-lease options? Do you have the option of purchasing your unit at the end of your lease? Can you extend your lease, trade-in or trade up when it ends? If you aren’t able to answer any of those questions, you can get into some serious problems down the road. Here are a few things to keep in mind before you sign on the dotted line.
Ignorance Can Cost You Big
Once you have your final lease agreement, make sure that you are looking for these terms:
- Auto-Renewal – What happens to your copier once it reaches its lease-end? Does it need to go back to the leasing company? Keep in mind that this could a far destination as all as an expensive one out of your pocket.
- Removal Fee – What is the length of the renewal? Is it mandatory for them to give you some type of notice for auto-renewal? Make sure to be aware of their procedure to prevent an unwanted auto-renewal.
- Shipping and Packing Fee/transportation insurance – Be aware that this might be part of their requirement and it could be at your cost. While more copiers are starting to be more compact and smaller, they are still large and heavy not to mention expensive to ship. Don’t be caught off guard with this hidden cost.
- System Overhaul – This is a fee aimed to service your copier machine so that it can be at the benchmark level.
Understand Your Option
Whether you are leasing a phone system, a multifunction printer, or a standard copier, it’s important to keep in mind the terms of your lease in the early stages of your buying cycle. There are times where a lower lease cost may mean an additional expense at lease end. Be conscientious of your lease end and the possible negative impact it may have on your business before signing anything. If you still have questions, make sure to get in contact with one of our professionals today. On the off chance you were already roped into a lease you didn’t want, we strongly encourage you to take advantage of our free upgrade program for new customers. For more information on how you can qualify, simply give us a call.