While leasing your office equipment can most definitely be the most advantageous option for your business based on your current financial situation, you need to be fully aware of what that entails as you approach the end of the lease. For those of you who are in the beginning stages of the process and questioning which route to take, you can find the pros and cons of buying and leasing here.
If you choose to enter into a lease agreement or are already in the middle of one, make certain that you pay particular attention to the requirements of the termination clause. While lease termination language varies, nearly all copier lease agreements require you to notify the lessor anywhere from 30 to 150 days PRIOR to the end of the lease term that you wish to purchase or return the equipment. If you miss this window, some lease agreements will automatically renew your lease for one year, which could potentially continue until formal notification is made to terminate the lease.
For businesses who are satisfied with their equipment, payment amount, and service, this may not be an issue and they may elect to continue with the terms of the lease as they exist. But for those companies whose equipment no longer serves their needs, is not functioning efficiently, or is costing a substantial amount of money in overage charges, this can pose a serious problem. In order to avoid the pitfalls of a lease extension, here are a few tips to ensure you are able to keep all of your options open as you approach the end of your lease agreement:
Ford Business Machines’ experienced sales team is available to provide you with comprehensive lease termination options and answer any questions you may have. Call 800.633.3673 for more information.