Several factors have to be considered when buying or leasing a copier and this article aims to give you a guide on how to take advantage of your offer. This will also help you decide how you are going to pay for the next office machine.
As a copier vendor, we have learned that copier leasing service is the most efficient way of paying for a copy machine. However, customers usually do not fully comprehend what they have to do before getting into a lease. Remember, you do not want to be in a contract that you cannot take advantage of because, in the end, it will only, one, waste your money, and two, waste your time. So it’s very important to find one that’s perfect for you, your needs and your budget.
Let’s begin by answering the question “What is a copier lease?”
What is a Copier Lease?
A lease works the same way as all other leases. Like a car lease, office lease and house lease. You are bound to pay a monthly fee for an agreed period of time for the copier machine that you want to own. Breaking down the copier cost into small monthly payments instead of paying the whole amount upfront, is what made this payment option popular among consumers. However, there are various types of agreements that you can choose to be on and it’s very necessary to be aware of the many options that you have before finally deciding the right payment option for you.
Here are the three most popular types of agreements when deciding to own a printer or a copier.
- FMV or Fair Market Value
The first kind of lease agreement that you need to know is the fair market value, also known as an operating lease. In simple terms, this lease agreement will have you purchase the copier machine you are wanting to lease based on its fair market value at the end of your term. The most prominent advantage of this option is that you will have the flexibility to buy the copier machine without committing to full ownership. At the end of your lease term, you will not be obliged to buy the device. The FMV lease is the most affordable leasing option in the market today because it can keep your monthly payments at a minimum.
- Installment Purchase
Another kind of agreement is the IPA or the instalment purchase lease agreement. This is most often used by customers who are looking to buy the machine in cash but are looking for vendors who offer installment schemes over a certain amount of time instead of having to cash out upfront. If you want to go for this option, most likely, you will have to buy out the machine within the months agreed upon. The most popular advantage of the IPA option is as soon as you pay in full. There will not be any form of the lease agreement in your name and you will not be obliged for an ownership buyout agreement after that. The IPA option is also best for companies that can afford to buy the machine in full, in cash but would prefer to have it in monthly increments.
- Fixed Purchase Option
The FPO or the fixed purchase option agreement which is also known to some as a dollar buyout or term lease or capital lease, is another popular option, especially for those who want to own the machine by purely leasing it. Under this kind of agreement, you are presented with a choice to purchase the machine after the last fixed-price purchase is given to the vendor, and your vendor agreed before signing the lease agreement. Just like FMV, a fixed purchase option will not require you to buy the machine when you get to the end of your lease term.
What happens at the end of a copier lease?
Because you’ve already understood the kinds of leases available for you, it’s now important to pay attention to the agreement after the lease term. Always remember to check the agreement’s wording purposefully because there are vendors whose agreement terms confuse their clients. Pay attention to these things:
- 30 days before the notice
- Requests at the end of the agreement term
- Any special agreements like buyouts at the end of the term
- 90 days before notice
How to get out of a copier lease?
As soon as you have your lease agreement signed by both you and the vendor, you have automatically entered into a contract for a specified length of time. There are particular ways that you could get out of the agreement, especially when your terms are not met.
- Pay the lease amount
- Do it by lease transfer
- Review the cancellation condition
- Make negotiations with your provider for a possible early termination
- Look at special clauses in the contract
- Check your assumption clause in the agreement
If you think you are caught up in a copier lease agreement that does not benefit you or your work, do not ever think that you cannot get out of the contract. There are always ways to get around it, you just need to make yourself aware of the lease agreement and the terms specified in it. Carefully evaluate your work condition and make sure that the terms are meeting your needs and are the most suitable for you.
If you are in Charlotte and you are looking to purchase a copier for your business, you may contact Clear Choice Technical Services in Charlotte. You can ask about Copier Leasing Services in Charlotte, Copier rental services in Charlotte, and Copier Repair in Charlotte.