10 Tips on How to Return a Leased Copy Machine!

Over the years, I would say that ninety percent of my clients leased their copiers with an option to buy the copier at the end of the term. Most of these leases had a buy out option for FMV (Fair Market Value). The general idea of an FMV lease is that the customer has no intention of ever owning the equipment and they will return it at the end of the lease.

Most leasing companies have been and still are very aggressive with FMV rates (interest), however most will have clauses in the leases that you must notify them in writing before the end of the term. All of the leasing companies have a "Window" clause, meaning you only have "x" amount of time when you can notify them, some are not more than 90 days prior to the end of the term and others are not more than 180 days and not less than 90 days. Make sure you read the lease!!!

Here's a few helpful tips for you:

1) Read the lease and be familiar with the return clause, Make sure you notify with in the parameters of the lease contract.

2) Set a reminder in MS Outlook or another contact management program to remind you to submit your LOI (Letter of Intent), state whether you will return or you wish to purchase.
3) Send all correspondence via certified mail oR Fedex, where you will get a signature that they received your letter.

4) Make sure that the system is in good condition, make sure the system makes a clean copy/print and make sure all of the accessories are working (some leases now have clauses that they will charge you for parts and labor if the system was not returned in good working order).

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