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So, you’re nearing the end of your lease agreement for your office’s printer/copier and want to know what your options are.
Knowing your end-of-lease options is crucial. Consumers who ignore the upcoming end of their copier lease agreement can open themselves up to automatic lease extensions if they don’t notify their print vendor or provider in a timely fashion.
This means you could be paying for a machine you no longer want for another year, resulting in frustration and financial burden to the tune of thousands of dollars.
As a long-time print vendor, we’ve learned the importance of having a plan for when you come to the end of your lease. And since over 90% of our customers choose to lease their machines, we’ve had to assist a number of clients in their post-lease decision.
In this guide, we will walk you through each of the four options available when your lease ends, so you can decide which one suits you best.
Having a plan after your lease ends is essential, not just to avoid financial penalties but also to ensure you have the right equipment to keep your business running smoothly.
Before getting into the article, though, do note that print vendors or providers around the country will have different end-of-lease policies. The vendor you use may have different rules in place to govern its leasing conditions.
However, the four options discussed in this article are very common in the printer/copier industry. They should be broad enough to apply to your situation, regardless of which vendor or provider you’re dealing with.
Table of Contents
- 4 Options You Have at the End of Your Copier Lease
- Upgrade Your Copier
- Do Nothing
- Purchase Your Copier with a Service Agreement
- End Your Lease
- What Happens If I Ignore the End of My Copier Lease?
4 Options You Have at the End of Your Copier Lease
Here are the four most common options you have as you come up on the end of your copier lease:
Upgrade Your Copier
Upgrading your office machine to a newer model is the most common option among consumers when they reach the end of their lease.
It’s similar to upgrading your old car for a new one; it provides access to the latest security and productivity features.
The updated security features are particularly noteworthy because the older your machine is, the more vulnerable it will be to a security breach.
If you printed or copied at a high volume during your lease agreement, you may want to consider upgrading your machine to avoid service issues that can arise as the copier ages.
Most of the time, when you upgrade to a new machine, it’ll be for a newer model. But if you find during your current lease term that the machine you have is being underutilized, you can change it for a smaller, cheaper model that may be more suitable for your situation.
Most vendors will handle the removal of the old machine and delivery of the new one if you decide to upgrade your copier, which takes the logistical hurdles out of your hands.
Need help deciding if it’s time to upgrade? Check out our blog on the 5 signs it’s time to upgrade your printer.
Do Nothing
The next option you have when your copier lease comes to an end is to, unless specified, continue with your current agreement.
This can come in varying terms, but the most common is a month-to-month lease extension, although this can vary depending on the vendor. Some leases can be extended for three-month terms, while others can be extended for a full year.
If you’re happy with your current machine and would like to keep leasing it, then this would likely serve as the best option for you.
Make sure that your machine can effectively handle another leasing term before committing to another lease extension. This will help ensure there are no underlying service problems with the machine.
Ask your vendor to send out a service technician to check on the functionality of the machine. Do this before extending your current contract if you have any concerns about the machine lasting for an extended time after your initial lease term date.
Keep in mind that manufacturers do assign the end of service by model. So be aware of when your model might be affected by an end-of-service announcement. Learn more about end of service here.
Purchase Your Copier with a Service Agreement
The third option you have is to purchase the machine outright and then place your newly owned machine on a service agreement.
If you’re satisfied with your current machine, purchasing it for yourself is a viable option. However, you will likely want to get a separate service contract from your vendor to ensure that you still have maintenance coverage for your machine.
Service technicians can charge upwards of $100 an hour to fix copier service issues. We recommend paying a monthly fee of around $25 to ensure that you won’t have to pay in excess for service if your machine breaks down.
You should also note that copiers are depreciating assets, which means they lose value with time. So, if you plan to sell the machine eventually, you likely won’t get a positive return on investment for it.
Learn about our maintenance plans here.
End Your Lease
The final option is to end your lease and return the copier to the company that you’ve leased it from. This means you are no longer contractually obligated to continue working with that company, and you can choose to switch vendors or source your own machines.
If you are unhappy with your current vendor and want to switch companies or handle your future printing matters independently, then this would be the best option for you.
Choosing to return your printer means you’ll likely have to ship the machine back at your own expense to the vendor. However, arranging a pickup location can be an option at some print vendors.
Keep in mind that ending your lease may also result in charges or fees, as many leases are fair market value leases. This means that while the term is complete with your print vendor, you may still have to deal with third-party leasing and/or shipping companies.
Learn more about the types of copier leases here.
Make sure to check the terms and conditions of your lease and notify your vendor in advance (usually around 90 days) if you want to return your device and end your current lease.
As a side note, you will likely be responsible for early termination fees if you want to get out of a printer/copier lease before it expires.
To learn more about different strategies for getting out of leases or switching vendors, check out our article on how to get out of a copier lease.
What Happens if I Ignore the End of My Copier Lease?
If no action is taken at the end of your lease, whether intentionally or unintentionally, then you could automatically go into an extension period on your current lease. This is typically called an evergreen contract that renews annually (auto-renewal).
As mentioned in the introduction, this is a serious consequence that can damage your organization monetarily. Not notifying your vendor of your intentions before your lease is over can result in you having to pay for up to a year for a machine you no longer need.
Some vendors can work with the customer on a month-to-month basis, allowing you to continue using the machine as long as you decide which option you prefer.
However, if a vendor has a strict end-of-lease policy stated in the terms and conditions of the lease agreement you signed, there is not much you can do to circumvent the situation.
This is why it’s essential to read the terms and conditions before you sign a lease and to work with your vendor on a solution before your lease is over, so you don’t get stuck paying significant money for an unwanted office machine.
Check out our blog on red flags to look out for in a copier lease contract.
Which Copier Leasing Option Is Right for You?
We’ve covered the four most common end-of-lease options. However, choosing the right one depends entirely on your situation.
- If you’d like to lease a new machine, upgrading your current printer/copier would likely be your best bet.
- If you want to keep your current machine, then either choosing to extend your existing lease (do nothing) or purchasing the machine outright would be the best option.
- And finally, if you decide that you want to move on, ending your lease makes the most sense.
Over the course of nearly four decades in the printer/copier industry, we have helped clients of all kinds find an end-of-lease solution that meets their current and future needs.
If you need guidance on choosing the most logical option for your workplace, our team of experts can guide you in planning for your future printing needs.
Even if you’re not a current customer, reach out to us. We'll use our expertise and honest guidance to help find the best solution for your situation.
