Why You Need to Re-Evaluate Your Equipment Lease Now
February 17, 2021 | NECS
Has your equipment lease lapsed or auto-renewed due to the pandemic? With so much going on this year—all of the adjustments you have had to make to your business model and helping your employees navigate these transitions, your printers’ lease ending is probably the last thing on your mind. That could be a costly mistake, though.
The good news is, as businesses begin to open back up and near-normal is on the horizon, it is the perfect time to re-evaluate. We know you’re busy though, so we will make this simple.
Here’s what you need to examine:
- Has your cost per month increased?
- Is the monthly cost too high to begin with?
- Do your copier functionalities surpass the needs of your employees? Do they have the right functionalities for their needs?
- When does your contract expire or renew?
If you don’t feel like your current lease is the best option for your company, you need to act now.
Here are some other items to keep in mind and look into.
1. What responsibilities fall on you in terms of equipment return?
You may be responsible for all of the fees associated with returning your equipment. This is something you will definitely want to ask your provider about—or else you may get caught paying fees you were not expecting/prepared for, financially speaking.
2. Are you overpaying in insurance fees?
If you pay for office insurance, it is likely that it covers your equipment as well. So, any additional insurance you are paying on your lease agreement, may be wasted money.
3. What actions must you take if you do not want to renew or extend your lease?
In most cases, you need to send a formal (written) request before your lease ends. This will ensure that you don’t go another year with outdated equipment and additional fees.
Staying with your current lease provider may seem like the simple choice, but if they aren’t the right provider for your company's needs, you may end up costing yourself more money in the long run.
We, at NECS, alongside our manufacturers and leasing partners, have many programs to assist you financially, operationally and logistically. Reach out for more information on how we can do this for you today.
You can also see why leasing your next copier from NECS is a great idea here.