Copier lease provides offices or businesses with a cost-effective way to fund their new printing or copier equipment. In a printer lease, the cost of your device is divided over three to five years by the copier leasing company.
Two main types of leases are available: capital and operating leases.
Operating leases are the simplest and, generally, least expensive option. With an operating lease, your monthly payment allows you to use the copier for the term of the lease.
Capital leases have higher monthly payments and include the option to purchase the copier at the end of the lease for a marginal cost (often $1). In essence, capital leases are similar to rent-to-own arrangements.
If you choose an operating lease but decide that you do want to keep the equipment at the end of the lease, you can still investigate buyout options. Most operating leases allow you to purchase the old equipment at the fair-market value when the lease expires. Again, though, better copiers with newer technology will almost certainly be available by this time, and a new lease likely remains your best bet.
What happens at the end of a copier lease?
Knowing your end-of-lease options is crucial because consumers who ignore the impending end of their copier lease agreement can open themselves up to automatic lease extensions if they don’t notify their print vendor or provider in a timely fashion.
This means you could be paying for a machine you no longer want for another year, resulting in mass frustration and financial burden to the tune of thousands of dollars.
As a long-time print vendor, we’ve learned how crucial it is to have a plan in place for when you come up at the end of your lease. And since over 90% of our customers choose to lease their machines, we’ve had to assist a number of clients in their post-lease decision.
We’ve found that there are four main options you have when your copier lease is up: Trading in your machine for a newer model, renewing your lease for another term, purchasing the machine, or returning it to your vendor.
Trade-In Your Copier
Trading in your office machine for a newer, more updated, model is the most common option among consumers once they get to the end of their lease.
It’s kind of like trading in your old car for a new one; it gives you a chance to trade in your old machine for an upgraded one that is equipped with the latest security and productivity features.
Extend Your Current Copier Lease
The next option you can choose from as you come to the end of your copier lease is to extend your current lease agreement.
This can come in varying terms, but the most common is month-to-month lease extensions, although this can vary depending on the vendor. Some leases can extend for three-month terms, and some can extend for a full year.
Purchase Your Copier
The third option you have is related to the last option in that you keep the same machine you leased but instead of extending your current lease, you can choose to purchase the machine outright and have the ownership title transferred to you.
If you’re satisfied with your current machine, purchasing it for yourself is a viable option. However, you will likely want to get a separate service contract from your vendor to ensure that you still have maintenance coverage for your machine.
Return Your Copier
The final option is to return the copier to the company that you’ve leased it from, which means you are no longer contractually obligated to continue working with that company, and you can choose to switch vendors or source your own machines.
If you are unhappy with your current vendor and want to change companies or want to independently handle your future printing matters, then this would be the best option for you.
If you need guidance on which option is the most logical for your workplace, we can offer you advice through our team of experts in crafting a plan for your future printing needs.
If you plan to get copiers for your office in Minneapolis, you can opt to buy copiers or lease copiers in Minneapolis We can give you the option to get the copier that you want. You can contact our local copier leasing services department in your location.
If your Location is around Minneapolis you may call us at (612) 255-6208, our personnel for copier leasing in Minneapolis will assist you. If you are also looking for copier repair services in Minneapolis, you may contact our copier repair personnel at the same number.