With a lease agreement in place, you’ve entered into a legally binding contract for a set period of time and money.
That being said, there are specific ways to get out of a copier lease if you are certain that the copier is not meeting your needs.
Review the condition for cancellation
Once you’ve decided to cancel your contract, carefully read the contract to see if the conditions for cancellation are spelled out, as well as any penalties for early termination.
It is preferable to proceed if you can afford the additional costs associated with early termination.
Examine the contract for any clauses that may be useful.
Examine the contract carefully to see if all performance guarantees are met and if a breach of a guarantee allows you to terminate the contract.
If you discover a clause that has not been met, the copier leasing company may be questioned for breach of contract.
Pay off the lease balance
If you don’t want to mess with penalties, this is a better option. However, once that is done, you will be stuck with the copier that you do not want to use.
You can try to recoup some of the costs by selling the equipment, but used printer prices are low.
Check the agreement for an assumption clause
Another effective way to get out of a lease agreement is to sublease the equipment. Check the contract for any assumption clauses that allow another company to assume the remaining terms of your lease.
Through lease transfer (copier lease buyout).
Dealers are willing to steal business from their competitors.
A copier lease buyout can be included as one of the terms in a new lease. This allows the new dealer to earn your business on new equipment. Once a lease transfer is completed, the new dealer will take care of any outstanding balances with your previous company.
Discuss early lease termination with the provider.
If all of the previous steps fail, this can be used as a last resort. You could negotiate early lease termination with the leasing companies.
