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30. May 2008 by admin.
Lately, we have had several opportunities to work with customers that have either come to the end of leases on copiers or are about to enter into them. Caveat Emptor! Copier and business equipment leases are the most difficult lease to get out of. They are typically written to favor the seller (go figure), and a thorough understanding of what you are signing is imperative. Here is one story.
Customer A leased a copier for four years. They were paying way to much in overages and service. It was actually cheaper for this customer to buy a used copier from us and just park the other one, making the lease payments, until the lease expired. THey actually saved money per month on their copying needs. When the lease expired, Customer A found out that if they did not want to purchase the machine outright (at a price that was more than it was worth), then they would have to arrange for and pay for the shipment of the copier back to the leasing company. The dealership would not even come and pick up the off lease machine for them. This customer had to spend in excess of $1400 to close out the lease and ship the copier. Needless to say, they learned a hard lesson.
The moral of this story, understand before you buy. Don’t be afraid to ask questions, hard questions. What are the terms of the lease? What are buyout options? How many copies per month are included? What are the overage charges? What happens at the end of the lease if I buy the copier or just terminate the lease? Then have a lawyer look at the documentation to verify that the dealer and their sales representative is telling you everything.
Good luck!
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