Your lease *does not end* until the equipment is either purchased or returned to the leasing company. If the machine is not returned by a pre-specified date then the lease WILL go into renewal. In order to discover what date the machine must be returned by you will require a ‘Return Authorization’. Without a return authorization you cannot return your equipment. So, how do you go about getting authorization?
After you have turned in your letter of intent, the leasing company will contact you will information on your final payments, property tax and any fees that may have been added over time.
Most leasing companies require all payments to be complete before they issue a return authorization. If the amount is not paid past your end of lease date then the lease may go into renewal. Once your account has been paid in full then you will receive your return authorization.
This document contains important information and should be reviewed carefully before you attempt to return your machine. Always verify your lease account number, serial number, machine make and model number. If ANY of these do not match what you currently have then the machine cannot be returned until the changes are corrected.
Once all of your information is verified it will be your responsibility to return the machine to the listed return address, which is non-negotiable. All return times must be scheduled in advance with the receiving company, failure to do so may result in having the receiving company reject your shipment.
It is possible to hire a third party to ship your machine back for you but it is the responsibility of the customer to pack the equipment in accordance with the manufacturer’s guidelines to prevent any physical damage or internal malfunction.
It is also the responsibility of the customer to insure the equipment for loss or damage while in transit. If there is any damage to the machine while it is being shipped it is the customer who is responsible for filing an insurance claim. Every machine is issued a non-negotiable insurance minimum on their return authorization.
At the time of return the receiving company will issue a receipt of acceptance stating that they received your equipment and that it matches the information provided on the return authorization document. They will inspect the machine and document if the machine is in good working order. Any issues should be recorded on the receipt for your records. Any damage must be reimbursed at the customer’s expense. The value of the damage will be determined solely by the leasing company after a full inspection has been made. The customer is responsible for the cost of all repairs to bring the equipment up to standard. If you have any concerns about damages that may have happened after your return then don’t hesitate to contact the leasing company with any previously documented or videotaped records of your machine prior to its return.