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Leasing Facts You Need to Know

As you may know, equipment leasing is used by more than 80% of all businesses. In addition, this industry is largely unregulated. To protect you, Regency gives you security by working with a finance company that not only has a track record of integrity and excellence, but will put its promises to you in writing.

It seems that this important aspect of the office technology sales process is grossly overlooked. Too often leases are written by competitors that weren’t in the best interest of the consumer. Some of you out there have already experienced this and have a bad taste when it comes to leasing.

The most common problem is automatic lease renewals, which are costly and frustrating. This is where the lease that was supposed to end on a designated date renews for a predetermined period, usually annually. It generally happens if the consumer has not notified the leasing company of their intentions prior to the end of the lease, usually within 3-6 months. With our leasing program, you are notified on the last invoice that your lease is coming to an end, and will default to a month-to-month contract if you do not cancel.

There are also other problems with leasing terms and conditions, such as the requirement to ship a product across the country at the end of the lease, or hidden fees throughout the lease. Many lease companies offer low (teaser) rates to attract business and then benefit from extra fees or hidden payments. In fact, the consumer actually pays more at the end of the lease than if they were partnered to a company that provided them with a lease that was written to their advantage. Dealers are frequently offering incentives from leasing companies to promote these types of programs to the consumer.

What to consider
Was the lease written for the customer’s benefit or was it written for the benefit of the leasing company or dealer? Most obviously, it should be for the consumer’s benefit as much as possible.

Here are some questions that you should ask your office technology provider in order to ensure that the lease is written with your best interest considered:

  • Besides my lease payment, what other costs can I expect throughout the lease?
  • What are my obligations at the end of the lease?
  • What purchase options do I have when the lease expires?
  • What are my insurance obligations?
  • Is there a notification period required prior to the end of the lease?
  • If my needs change prior to the lease ending, what are my options for changing the equipment and how can we do so without a penalty?

What you can expect from Regency MPS:

  • We will offer a lease written with fair terms and designed to the consumer’s benefit.

  • We will provide an upgradeable lease and the ability to easily change equipment when needed.

  • You will have the option to benefit from insurance our leasing company maintains or you may provide your own insurance.

  • You will not be charged a fee for processing property taxes.

  • You will not be billed for renewal payments if your lease contains a $1.00 purchase option.

  • We will not auto-renew your lease. You will receive a notification on your last invoice that your lease is coming to an end. If you decide not to take advantage of your purchase option, your contract will renew on a month-to-month basis until we hear differently.

You will always receive prompt, courteous, professional and fair treatment from us. Contact us for more information on Regency’s leasing program.