With a lease agreement in place, you have entered into a binding contract for a predetermined amount of time and money.
That said, there are specific ways in which you could get out a copier lease if you are sure that the copier in no way is meeting your requirement.
Let’s discuss how.
1) Review the condition for cancellation
Once you have decided to cancel your contract, carefully look into the contractual agreement to check whether the condition for cancellation is spelt out, along with any fine for early termination.
If you can handle the additional costs that incur early termination, it is better to go forward.
2) Look at the contract for any clauses that might be helpful
Take a look at the contractual agreement carefully to check if all performance guarantees are met and whether a breach of a guarantee allows you to terminate the contract.
If you find a clause that is not met, the copier leasing company may be questioned for a contract breach.
3) Pay off the lease amount
This is a better option if you don’t want to be meddling with penalties. However, having done that, you will be stuck with the copier that you do not wish to proceed with.
You can try to recover some of the cost by selling the equipment, but the prices of used printers are relatively low.
4) Check the agreement for an assumption clause
Sub-leasing the equipment is another effective way to relieve yourself from the lease agreement. Check the contractual agreement for any assumption clause that allows another company to assume your lease’s remaining terms.
5) Through lease transfer (copier lease buyout)
Dealers are willing to take business away from their competitors.
In a new lease, copier lease buyout can be included as one of the terms. This allows the new dealer to earn your business on new equipment. Once a lease transfer is made, the new dealer will take care of the pending balance that you have with your old company.
6) Negotiate with the provider for early lease termination
This can be used as a last resort if all the above steps fail. You could negotiate with the leasing companies for early termination of the lease