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Should I Buy Out My Lease Early?

Should I Buy Out My Lease

With the fast-growing innovation of technology, most companies choose to rent copiers rather than buy their own. Copier leasing provides fewer expenses and convenience to the renter and honestly speaking it is the best option for starters.

How does a copier lease work?

Copier leasing services provide an option for companies and individuals who opt to rent a copier or those who want to replace their old ones with the new model. Copier lease service companies provide information for each copier and allow the renters to compare each copier depending on their budget and needs.

A lessor and a copier leasing company will be bounded by a contract and that’s what we called a copier lease. Under this contract, there is a program that allows you to pay the machine until you eventually own it or you can trade it into a newer model. Just like any other lease, a copier lease cannot be canceled once you agree to sign it.

 What is a copier lease buyout?

You finally acquired a copier months ago and now you wanted to get the latest copier that will be out in the market, but your contract won’t expire until next year. Now that’s the problem, bounded by a copier lease you can’t just switch your copier into a new model or halt your payment just because you wanted to get a new one. Under a copier lease, you are legally bound to pay your lease for the rest of the contract term and you are not allowed to cancel it once signed. But what can you do if you wanted to cut the lease contract to be able to get a new one? Copier lease buyout is the answer to your problem.

 A copier lease buyout or also called as an early buyout offers an opportunity to the lessor to be able to purchase a leased copier or printer under the lease agreement. The buyout amount will be decided by the leasing company based on the remaining payments left under the contract and the residual value of the copier.

 Under the copier lease buyout:

1. The new dealer provides you assistance in processing lease paperwork and assistance in searching for a new copier.

2. The new leasing company will provide you the details of your current lease, and cut a portion to pay your old lease

Why should I buy out my lease early?

Now that you know the policies about copier buyouts, why should you consider buying out your lease early?

·         It is pretty common in companies and dealers to buyout leases because it provides them new business without incurring any losses. Companies get the chance to replace their printer and copiers with a new one, and also an advantage to the dealer to sell their products to the new leasing company.

·         Additional service agreement. With the new copier leasing agreement, a lessor can opt to make a new agreement to the new leasing company to provide service maintenance and repairs for your new equipment.

·         Equipment Upgrade. Copier lease buyout lets you have new and upgraded equipment without waiting for the contract to end. New equipment provides you leveled-up performance for the needs of your businesses. 

If you are looking for a copier in New York, you can contact New York (718) 583-0098. You can ask about Copier Lease in New York, copier rental in New York, IT Services in New York, and even Copier Repair in New York.

Conclusion:

Why would companies opt to engage in copier lease buyouts? Isn’t it a hassle? According to most companies, copier lease buyout is the most feasible way for those who opt to renew their copier lease agreement with another company that offers the same services. Since a copier lease is a legal agreement that can’t be breached, a buyout agreement is the only legal way to get out of this.