Defining actual current spend is the beginning phase to saving money and reducing waste in your copier lease! Most contracts I have read and went through with previous clients were anywhere from 9% – 22% A.P.R. ! Hope this isn’t you but checking is empowering!
Have you ever wondered what your interest rate was in your copier lease? What about the Residual Value or percentage factored in your rate factor? Was that ever disclosed to you? How about the Principal or Original Loan Amount?
If your rep never disclosed the residual formula and principal or was not entirely transparent about this ask for it-in fact be firm in your request. If they tell you it’s proprietary information remind them that you are their customer and you’re demanding it!
It’s very likely you know your Monthly Payment and Term (number of months) so finding the missing requirements for residual and principal may remain. Again, insist on getting to know the residual formula and original principal.
Once you have all 4 necessary components you can enter that data into this lease calculator to see if your current terms & conditions are in your best interest.
Click this link:
If you would like assistance with this process please feel free to reach out to me. I’m happy to help!
Al Kietzmann, President, Copier Consulting, LLC
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