What You Need to Know When Your Lease Is About to Expire
Leasing office equipment is a great way to enjoy the benefits of the latest technology without a large capital investment up front. If you’re one of the many businesses around the world that leases office equipment, you have some options to consider when your leases are about to expire.
Understanding all of your options at the end of your lease term is important. Because office equipment like copiers, printers and MFPs aren’t cheap, you need to know how to maximize your investment without interrupting the workflow of your business.
First, it’s very important to know when your lease term is about to expire. Sometimes, vendors place fuzzy or vague end-of-lease requirements within your contract. The term “evergreen” is used when the customer has passed the period that allows him or her to terminate the lease. If you find that your leasing contract contains these or any other type of ambiguous terms, contact your vendor right away to clear up these discrepancies before it’s too late.
Next, you must decide what you want to do with your leased equipment after your lease expires. Your basic options include purchasing the equipment, returning it, upgrading it, or leasing it again. Here are some important things to consider:
Purchasing equipment after a lease: This is a good option if you are completely satisfied with your current equipment and don’t anticipate the need for newer technology in the next several years. If your equipment is a few years old, you can probably get a good deal with this option.
Returning equipment after a lease: If you’re unhappy with your current equipment or your office equipment vendor, consider returning the leased equipment and looking for a technology dealer that can provide you with quality equipment and top-notch service.
Upgrading equipment after a lease: If your office equipment is more than five years old, you might consider upgrading to newer technology that could save money and increase efficiency in the long run. Newer equipment models can often save energy, reduce waste and cut office expenses over time.
Renewing or extending your lease: This is probably the best option if you are satisfied with your current equipment, but you don’t want to make the capital investment or long-term commitment to your machines. By renewing or extending your lease, you can continue enjoying the benefits and revenue generated by your equipment, without interrupting your workflow.