While leasing office equipment can most definitely be the most advantageous option for a business based on the current financial situation, it’s important to be fully aware of what that entails as the end of the lease approaches. Knowing how and when to terminate a copier lease agreement is the key to avoiding long term issues. If you’re just starting the purchase process, read about the pros and cons of buying and leasing here.
If you opt to lease your equipment, pay particular attention to the requirements of the termination clause. While lease termination language varies, copier lease agreements typically require notification be given to the lessor anywhere from 30 to 150 days PRIOR to the end of the lease term to confirm a buyout or a return of the equipment. If you miss this window, the lease could automatically renew for one year. This may 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. If that is the case, 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.
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.
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