Why You Need to Take Advantage of Your Expiring Copier Lease
October 18, 2019 | NECS
Your expiring copier lease may be a good thing. If no one in your office is in charge of managing leased devices and the responsibility falls on your lender, you’re probably already in a sticky situation.
Ask yourself the following:
- Do the copiers exceed the needs of your employees?
- Is the monthly cost too high?
- When is your renewal date? Has it already passed?
Companies opt for leased technology, but then overlook the management of the lease. If you’re not convinced your current lease is the best fit possible, you need to act now. There are legalities to be aware of and getting locked in for another 12 months with your current provider could amount to thousands of dollars in monthly fees.
So, what do you need to look for in your copier lease agreement? Start with these 3 things.
Automatic renewal. This clause requires you to take a specific action, usually a formal, written request to your provider, prior to term end or you will be bound to another year with outdated equipment and additional fees.
$1 buyout. With this, you can buy the equipment for $1 at the end of your lease term. It sounds like a good option initially, but what it really boils down to is higher monthly payments and owning an outdated device at the time of purchase.
Insurance charges. If your office insurance policy already covers copiers, additional insurance charges on your lease agreement may just be money in your lender’s pocket. Talk with your equipment provider to see if your company can be exempt of these charges.
Checking for these red flags is a good place to start, but there are many other Easter eggs to be found. While leaving your agreement in place is easy, exiting on term-end can be too. If all or some of the above sound familiar, it’s probably time to plan your exit strategy.
Your window of opportunity is closing. Take control now by following these easy steps.