Lease agreements are notoriously difficult, full of technical language and specialized terms--and copier leases are no different. You want to make sure you understand every word of what you're agreeing to, so today, we're explaining some important terms so you know how to navigate your lease.
What You Need to Know
Leasing a copier shouldn't be a chore. You shouldn't have to stress out about anything or worry that you've agreed to something you don't fully understand; instead, you should be confident and comfortable with your choice, knowing that this copier and this lease were the perfect fit. To do that, you'll need to brush up on your vocabulary. Here are some of the terms you're likely to come across:
Lessor: This is the lender, usually chosen by your copier dealer, who will be financing the lease agreement. Fair market value: When you have to option to buy the copier at the end of the lease, this term will come up. It refers to the amount you'll be paying to purchase the copier; that's usually 30% of the original price.
Rebates: These are offers specifically created by your dealer to make sure you stay interested in signing the lease. In most cases, your dealer will explain these in full.
Automatic renewal: In many leases, you have to specifically send a letter to the dealer stating that you intend to return the copier--or the lease will be automatically renewed and you'll have to pay for another year, which is where this term comes from. Keep an eye out for it!
Insurance surcharge: If you see this in your lease, it means that your dealer wants you to pay for insurance on your copier. Sometimes this can be negotiated, so don't agree to anything too quickly.
If you're still worried about navigating your copier lease, contact us today for all the right answers!