Ending a Lease

Common End-of-Lease Questions

One of the most frequent topics our clients ask about is the end of their copier lease. Below are answers to some of the most common questions we hear:

1. Should I lease a copier so I can terminate the contract if my business slows down?
   Leasing is a financial agreement, typically with a bank, and early termination usually comes with significant penalties. A lease allows you to spread out payments instead of making a large upfront investment, but it’s not a flexible option if you’re unsure about your future needs. If flexibility is important, consider renting instead of leasing.
2. Why should I lease?
   Whether leasing is the right choice depends on your specific financial situation. Your accounting team should evaluate the benefits and potential drawbacks of leasing versus buying to determine the best fit for your business.
3. Should I lease to get a good service contract?
   Leasing and service contracts are separate agreements. A service contract ensures your copier is maintained and protected, regardless of whether you lease or own the device.
4. How do I end a lease?
   Typically, you’ll need to fulfill the terms of the lease. Be sure to understand the required notice period for termination. Missing this window could result in your lease automatically renewing for another term.
5. I feel like I’m being overcharged. What can I do?
   Unfortunately, if you’ve signed a contract, you’re obligated to pay the agreed-upon terms. To avoid issues, it’s critical to thoroughly review contracts before signing and ensure you’re comfortable with all terms.

Need Help?
If you have questions about leasing or need guidance at the end of your lease, feel free to reach out. Our team is here to help!