Have you looked to see when your copier lease ends? If not, you are not alone. Most copier companies will tell you, but what happens if they don’t? This is where it can get a little weird for you as a company.
If you are looking at your copier lease and trying to determine when it ends, you are at the right place. In this article, we will discuss how to tell when your lease ends and what to do if you are close.
How to Determine When Your Lease Ends
The easiest way is to call the company you make your lease payments to and ask. This will normally be someone like Xerox Financial Services, Wells Fargo, Great America, Marlin, Lease Corporation of America, etc. If you talk to them, you will know exactly when your lease ends.
If you don’t want to do that, but still want to get a really good idea of about when it ends, you can look at the copy of your lease you probably have filed. You will see a date signed as well as the number of months. Now the lease won’t end 60 months after that date (if it is a 60 month lease), normally it will be about 1 month later. The reason for this is because there is time to deliver the copier and install it which is normally about a month start to finish… so that slides your leasing initiation over a month. This is because it starts after you sign a delivery and acceptance document.
What is a Delivery and Acceptance Document (D&A) and what is it for?
A Delivery and Acceptance, or D&A document on a copier lease is what the lease company uses to prove you got the copier you thought you were leasing. The leasing company asks you to sign this because you are onsite and are the one who can say that yes you did get the copier and yes it is what it is supposed to be.
The one thing you should know, is the copier company is not paid until this document is signed. So, if your installation wasn’t done or if you didn’t get what you were supposed to, don’t sign this document! This is the best leverage you have to ensure you got the copier you were supposed to get.
The D&A is the document that proves to the leasing company the copier you got is the copier you signed for on the lease and says essentially, please pay the copier company, we are happy with what we got.
What to do When Lease is Ending
If your copier lease is ending, you may want to get a lease quote from other copier companies (like ours). It is always good to ensure the quote you are getting is fair. If you are curious how copier leases work, we have a nice article on how copier leases work.
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