Getting into a new lease is always exciting. Finishing a lease, however, can be challenging and confusing.
Here at Document Solutions, we want to help you navigate every part of your copier lease. Below is a 6 step guide to help you finish out your current copier lease. You can also fill out the form below to talk through your copier lease with one of our representatives
In most leasing situations, the lease automatically ends when the lease terms are finished. This is not how it works regarding your copier. Most copier leases have automatic renewal periods that are activated if you do not declare your intention to end the lease. This can leave you trapped in your lease for an additional year if you are not careful.
To begin the process of finishing your lease, prepare a letter of intent. This letter legally declares that you do not want to continue your copier lease and starts the process of finishing out your lease. Here is a sample letter of intent you can use to begin drafting your letter.
The timing of when you hand in this letter is also very important. Each lease has a specific window during which a letter of intent can be accepted. Some companies accept these letters up to 30 days before the term ends, while others will need it 90 or 120 days before the term ends. Additionally, most leases specify a date before which a letter of intent will not be accepted. You can typically find this in the terms section of your lease, usually under the heading “Automatic Renewal” (click here for an example). If you have any questions about the timeframe you have to hand in your letter of intent, contact your leasing company.
Before you can proceed with closing out your copier lease, you will need to pay any outstanding balances. This will include the last scheduled payments on your copier. Most leasing companies will require that you make this payment before they give you instructions on how they want you to ship the copier. Being prompt with this payment will give you more time to get your copier ready for shipping.
Once your final payment is made, your leasing company will give you shipping requirements. Here is an example of the return requirements you may be sent. Make sure to review these requirements carefully. Not following these requirements may lead to additional charges if there are any damages.
If you are responsible for hiring a company to ship your copier, make sure they are aware of the shipping requirements. Your leasing company may be able to recommend a shipping company for you to use that will align with their standards.
As you use your copier, it collects all the data you put into it. This means that the hard drive of your copier can store valuable and sensitive information. Before sending your copier back, you will want to make sure that no company information is still being stored. Click here to watch a video on how to wipe your copier hard drive.
Whenever you hand in any leased item, you want to know everything about its condition. Leasing companies will inspect your returned copier for any cosmetic damages or functionality problems. Before you pack your copier, make sure to inspect it thoroughly and take detailed notes about the condition of your copier.
Keeping those notes can come in handy should your leasing company attempt to charge you for an issue with the copier. These notes will be extremely useful if you need to file a claim after shipping.
Each leasing company will have its own requirements about how your copier should be packaged. Some will want you to load it onto a wooden palette, some will ask for specific protective packaging, and others will leave it up to your best judgment. Make sure you have contacted your leasing company about their specific requirements for your copier.
Some shipping companies may be willing to help you with this step. While that can be helpful, their guidelines may be different that those of your leasing company. Whether you do this work in house or hire someone to help, you will want to be an active part of this step. By not packing your copier according to your leasing company’s guidelines, you may become liable for any damage that occurs during shipping.
Want help navigating the end of your copier lease? Let Document Solutions walk you through your situation!
No matter where you are in your copier lease, Document Solutions can help you get the most out of your copier situation.
Fill out this no obligation form to have one of our representatives contact you. We will talk you through your current situation and help you find the best copier situation for your business to grow!
While other companies put the burden on clients, we handle the burden for you. Document Solutions will pick up your old copier and deliver your new copier with no requirements on your end.
After we get you your copier, we don’t leave you on your own. We stand by our copiers for the entire time you have them, providing regular maintenance and making stops by your office as needed.
At Document Solutions, we charge you on a usage-based model. This means you only pay for the services you actually use, making your business more efficient and more profitable.
At the end of your copier lease, you may decide that you simply want to keep the copier. Different leases will have different buyout options built into them. These conditions will already be worked into your lease agreement, but it is worth asking your leasing company which options they will help you enact. Below are 3 main buyout options for your copier.
A fair market value (FMV) lease gives you the option to buy the copier for its current market value at the end of the lease. This lease typically has lower payments because of its higher buyout cost.
A $1 Out lease option is designed for you to keep the copier at the end of the lease. After your final lease payment (typically a $1 payment), you own the copier. These leases usually have higher payments throughout.
A 10% lease option gives you the option of purchasing the copier at the end of the lease for 10% of the original lease cost. The buyout cost is determined at the start of the lease and gives you flexibility at the end of the lease.
There are a lot of steps that are easy to miss in a copier lease. That’s why you want the right person managing your lease from beginning to end.
At Document Solutions, we want to take the burden of a copier lease off your plate! One of our qualified representatives can help you get the most out of your copier without the headache.
Fill out this no obligation form to get in contact with one of our representatives.
