A photocopier lease sounds like rent, because it`s almost always rent. Although it is possible to purchase your photocopier at the end of the lease, most business owners prefer to upgrade their equipment and start a new lease. A photocopier lease is a legally binding contract between a leasing company and a company. The leasing company allows the company to use a photocopier for a longer period, usually one to three years. In return, the company makes regular payments to the leasing company. The company has the option to buy at the end of the leasing period. If you do not provide this letter of intent, the contract can be automatically renewed and most contracts will be renewed for a further 12 months. Make sure you understand the retraction procedure, even if your contract is about to expire. A broken lease occurs when a party terminates the contract before all pre-defined conditions are met.
Once you have found that your photocopier lease no longer meets your professional requirements, there are six ways in which you can legally withdraw your lease: to legally break the lease, you must inform the leasing company of your intention and present your documents. It is also advisable to keep records of all notifications from the leasing company, changes to the agreement or other official measures. This will help you support your case if other complications occur. Here`s the quintessence: Is your lender helpful in explaining the rental terms so you know what you`re signing? Do they have your back making sure you don`t get stuck with rental conditions that aren`t in your best interest? At SOS, we believe in transparency and integrity. We will be happy to advise you on the rental conditions; Feel free to answer your questions. Large national companies with more than 10 sites may find it difficult to obtain an individual service contract for each site where a machine is installed. If you do not send the lender a letter of intent to return the machine within the time frame set out in your copy contract, you risk an automatic 12-month extension. This extension means one more year of payments for a photocopier than you may no longer want.
If your service contract and leasing are taken into account, you also pay for the service. It is advisable to have a service contract separate from your rental agreement. Be sure to post a warning in your electronic calendar for the expiry date and take action! Also – you can check prices directly online via our shop www.usacopierlease.com So, do you really have a buyout? Not really. It`s more like refinancing your existing appliances by spreading your remaining rents over the next 36-60 months, while giving you the freedom to equip your existing photocopiers today. Every distributor and manufacturer does it, so you can be sure it`s not a proprietary secret. A buyout option. As mentioned above, lenders sometimes allow you to purchase the photocopier at the end of the lease for $1. Buyback may seem like an attractive option in your copy contract, but it could cost you more money for your monthly rental payments. It may be safer to accept smaller payments and decide at the end of the lease if you want to buy the photocopier. If you decide at the end of the lease, you can find out the status of your photocopier and whether your copying requirements have changed.
To get a closer look at the copy contract process, check out our free guide: The Newbie`s Guide to Leasing to Office Copy. The photocopier you rent may not perform the advertised functions. Make sure the lease contains certain benefit guarantees that are not met.