So, you leased a copy machine for your business and it’s been a great run. The machine has served its purpose; it’s cranked out the umpteen last-minute jobs you needed, stapled and hole punched according to plan and you’ve only threatened to kick it three or four times (or more, but you don’t have to admit it).
Overall, she’s been a good machine…but now the lease is ending, what comes next? Listen up, cause this next part gets tricky.
- Letter of intent– Every lease requires a written confirmation of your intention NOT to renew the lease agreement. But each individual lease document differs in the requirements associated with making sure this is done correctly. Read through your lease carefully to find what is required. Not doing this correctly is costly. Most leasing companies will automatically renew your lease agreement for up to a YEAR if they fail to receive this information.
- Machine Condition– The leasing company requires that all equipment being returned be in “good, working order”. To them what this means is that the equipment first and foremost will A) Power on, B) pass paper and C) has no cosmetic damage (dented panels, broken parts, etc) One way to prevent any unexpected bills for damage is to take photos and/or video to keep as a record in case you need to dispute an issue later. Return facilities can take up to three months to review the condition of your machine and a lot of dings and dents can happen during that time.
- Returning the Equipment– Request return instructions from the financial institution that holds the lease on the machine. Usually this prompts a final bill as well. Once the lease has a $0 balance they will give you instructions of where the machine needs to physically go back to. From this point, you need to arrange freight transportation of the equipment and make sure it is insured and packaged properly. Make sure to request delivery confirmation from the shipping company.
- Contact Capital Office Products– If you’re struggling with what to do and can’t seem to find any help, call us today. We handle all aspects of the end of lease process for current and prospective customers. With over 20 years in the copier industry we have learned the ins and outs of the ever-changing end of lease process to help facilitate a smooth return process on your behalf. (This really should have been #1)