The Importance Of Staying On Top Of Your Copier Lease End Date
When you first start incorporated a large piece of equipment into your office, you can’t help but feel like your company is growing. Like any good business owner, you probably did your research finding the right copier that will meet all of your needs and negotiated your way into a favorable lease rate.
It’s great that you are finally on your way to building your company, but before you start celebrating, did you read the leases’ fine print? Are you aware of your end-of-lease options? Will you be able to purchase your unit at the end of the lease? Were you given the option to renew or extend your lease? Will you be able to trade-in or trade-up before your contract ends? Without asking or knowing this question, you can really 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 – Where will the copier go once it reaches its lease-end? Does it need to go to the leasing companies’ assigned destination? Keep in mind that it may be a far destination and it could be at your expense.
- Removal Fee – What is the length of the renewal? Is it mandatory for them to give you some type of notice about auto-renewal? Be aware of their procedure to prevent an 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.