What Are My End of Lease Options?
Your Multi-Function Printer (MFP) has come to the end of its lease — what are your options? There’s a lot that can happen at and towards the end of your MFP lease. Let’s get into it:
IF YOU WANT TO KEEP YOUR MFP
If you like the machine you currently have, you will have two options to keep it — and that decision was made at the beginning of your lease. During the process of creating a contract, your company would have decided whether to lease the MFP at fair market value, or a dollar buyout contract.
A dollar buyout is exactly what it sounds like — at the end of the lease, you can purchase your MFP for one dollar. While this leaves you with a (much) lower purchasing cost at the end of your lease, you will see a higher monthly rate on your invoices during the duration of your lease.
TYING UP LOOSE ENDS
As your equipment’s lease term nears its end, your dealer representative should reach out to you, informing you of your available end-of-lease options, and see how you’d like to proceed. Even as your lease comes to an end of term, you don’t have to make a decision right away. You can always ask your dealer if you’re able to switch to a month-to-month contract — sometimes, at the end of a lease, the leasing company will lock you in to a new lease for a certain period of time — usually 6 months.
If you choose to rollover your lease into a new one, there will be very little for you to worry about — your dealer will handle a lot of the details for you, and since your company will already have established credit, getting a lease approved should be a breeze. Any remaining charges on your previous lease can be bundled into your new lease — meaning you won’t have to pay potential hundreds of dollars up front, but rather $10-$20 dollars a month extra on your new lease. This includes service and leasing charges.
The only concern of yours when rolling your lease over is what MFP is best for you.
THE CHOICE IS YOURS
Fair market value, or dollar buyout? Rollover, re-lease for two to three years, or a new lease entirely? Purchase your existing equipment, or switch to month-to-month? The options available to you are pretty straightforward and simple. As always, if you have any questions, don’t hesitate to contact your dealer — they’ll be happy to walk you through your options.