How to Get Out of a Copier Lease
Unfortunately, there may come a time that you need to break your copier lease. Usually this is because your current copier lease is no longer the right fit for your company, or you may be looking to upgrade your machine early with a different copier vendor. Here is a little guidance on how to break a copier lease with as little hassle and financial repercussion as possible.
When is a good time to break a copier lease?
Consequently, there is no good time or bad time to break a lease without a backup plan.
However, there are several reasons that a business may decide to lease a copier in the first place.
First of all, a copier lease may make sense if you don’t have the capital funds to pay for a brand-new office copier. Or maybe, you needed a copy machine for a short term project that ended a little early.
Here is a link where we talk about the advantages of leasing a copy machine.
Therefore, with this being said, there maybe a time when you are no longer satisfied with your copier lease contract or vendor.
Below are a few examples of when it may make more financial sense to cancel your current copier lease:
– Your maintenance pricing is climbing and you want a machine that has a lower cost per page.
– Your business is upgrading and needs a larger high-volume copier or more.
– You found out that competitors are paying less in their copier leases through other vendors (like us).
– You didn’t read the lease terms and conditions carefully and have signed an unfair agreement.
– Your lease has been automatically renewed before you had time to cancel.
And this list continues to grow with new customer stories we hear. If any of the above resonate with you, it may be time to think about breaking your lease. In most cases, it is possible to legally break a copier lease. In the next section we will tell you how to minimize your financial risk.
3 Escape Routes to get out of a copier lease
Most of all, it is very important to note that a copier lease isn’t easy to break. Reading your lease terms and conditions in detail before signing is super important. It is especially relevant to verify that you are 100% happy with the agreement. View our sample lease agreements here for examples of escape clauses.
A lease is a binding contract that may be hard to get out of. Nevertheless, there are several options available to you to break a copier lease, including:
1. Cancel your automatic lease renewal – All copier leases have an auto renewal clause. Usually you have 30 days before your lease ending period to notify the leasing company.
2. Pay the remaining balance – If you are desperate to get out of your lease and have the money available, you can be released from the agreement if you pay the outstanding balance in full. Before writing a check, determine if there are any penalties for paying out early.
3. Upgrade and Roll your Lease – If your current copier is no longer cutting it, you can request that the remaining balance be rolled over into a new lease for an upgraded copier. We specialize in lease roll overs!