Here are six tips on how to proactively manage the termination process for a lease agreement:

1. Start Early - If you have leases expiring any time during the next 6 months, start the lease termination process now, even if it’s to schedule an action on your calendar. Missing the lease company’s deadlines can put you in a bind.
2. Verify the dates - Do you know for sure when the lease ends? You can’t always base it on the date on the signed contract. The end date will depend on the date the first payment was due or when the agreement was accepted by the lease company. Contact your lease company to find out.
3. Get the Letter of Intent on File - Make sure you know when the letter of intent is due. Almost all lease companies require that you provide them with a written letter of intent to terminate the lease agreement. Some lease companies will renew the lease agreement for an entire year if you don’t get the letter of intent filed on time.
4. Know Your Options - Gather quotes, both for returning and for keeping the equipment. If the equipment has been running well, you may decide to buyout the lease and keep the device for another year or two.
5. Analyze the Buyout Quote - Verify the accuracy of the quotes - especially the quote to return a device. Find out what items are included in the quote and then compare with your records to make sure they lease company isn’t over-charging you to terminate the lease.
6. Track the Equipment Return - If you are returning the device at the end of the contract, keep the issue on your action list until you have verified that the equipment was returned to the lease company and the lease has been terminated. It’s easier to take care of any problems that arise right away and while the data is within easy reach.

Each of these tips is relatively easy, and completing them all can can help you avoid major frustrations with equipment lease companies. If you have any questions or need any assistance, feel free to give us a call at 208-389-1100. We’ll be glad to help! You could also check out the book our founder, Rod Davis wrote a few years ago. It’s called “Buying A Copier? How To Get What You Pay For!” It’s a FREE download available at our site - you can get your copy at http://www.optimizon.com/resources/ourbook.asp Hannah Recla Analysis Service Optimizon

Tags: copier lease, Copier Leasing

This entry was posted on Monday, April 28th, 2008 at 9:00 am and is filed under Copier Leasing, Fleet Management. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.