The Three Deadly Sins of Copier Leases
In the copier leasing industry, there are three legendary sins that businesses make. Approximately 95 percent of small to medium-sized businesses who lease office space will sign a lease for a copier. However, the majority of these businesses assume that their monthly payment will be the most important factor of the three to five-year commitment.
Deadly Sin #1: Failure to Notify the Leasing Company in a Timely Manner
Most leasing companies require the customer to give a written notice in a certain frame. This can be between 30 to 120 days. Failure to give a notification can automatically extend your lease for up to 12 months.
Deadly Sin #2: Paying the Initial Document Preparation Fee
Leasing companies call this the initial document preparation fee, and it costs between $75 to $200 at the first invoice. However, this administrative fee will be waived if you ask. Simply tell the representative to remove this clause from your contract.
Deadly Sin #3: Paying for Insurance
In the majority of cases, your existing office insurance policy will cover the copier lease’s insurance needs. During the first 30 days of your lease, contact your insurance provider and ask for documentation about the limits of your coverage. Forward the information to the leasing company. If you do not have adequate documentation, your invoices will show an additional charge between $10 to $50 per month for insurance.
Keeping the three deadly sins of leasing a copier in mind can save money on your lease and avoid the most common problems people run into with leases. Write yourself a list of reminders to avoid the unwelcome surprises and headaches.