Can I elect to have my lease renewed automatically?
Yes, but you should make sure this is the right decision for your business before you opt in to any sort of contract that renews automatically. Copier leasing terms are similar to consumer subscription services in the sense that you’ll need to cancel before the end of your contract. Otherwise, your contract will automatically renew for another year, or possibly longer.
What will happen if a copier arrives before the lease’s start date?
The heavy-duty nature of copy machines, printers, and other office equipment usually means a specialty shipper will be in charge of shipments and returns. Sometimes the supplier uses a shipper that delivers your machine early, but this can end up actually costing you. Should your copier arrive before the term of the lease, you will be on the hook for those costs.
Known as “interim rent,” you’ll have to pay a pro-rated amount based on the extra days you have the copier in your office. The discrepancy may not be your fault in the slightest, so make sure you know the consequences of accepting a copier earlier than expect
What happens when the lease is over?
When the lease is over, you will typically have a few different options. If you loved your copier, you’ll have the option to purchase it outright at the end of the lease. If buying the copier is not something you’re interested in, you can always renew your lease and continue using the copier in your office. If you’re not interested in renewing your lease or purchasing the copier you’ve rented, you’ll be responsible for sending the machine back to a specified location. Be sure to follow the shipping terms in the contract to the letter. Lessees are typically required to pack, ship, and insure the copier so it gets back to its destination without incident. Be sure to consider these costs in advance.
What happens if I want to purchase the copier at the end of my lease?
Many copier leasing agreements have a buying clause in place at the end of the term. This clause would give you the right to buy the machine at a certain percentage of the fair-market value. Since this price is fixed before the lease begins, it’s crucial to agree with the valuation put in writing. Otherwise, if you find yourself with no option but to buy the copier, you’ll be stuck with a bad purchase.