Could it be worth having a forensic lease check done on your equipment lease agreements?
Perhaps a bit of a strange thing to be asking out of the blue like this - but never the less it could be well worth while as it’s something that you should be doing to see if all is okay.
The main reason for saying its strange is because ultimately it’s someone whose in authority who will sign and accept the terms and conditions of a lease agreement, and as we all have pride in our knowledge of what we do, none of us really would take to being told that the leasing agreement we signed for is not all it would seem.
But by having a forensic lease check done on your equipment lease agreements; it could be the best move you ever made both on current as well as expired lease agreements.
There are many elements which make up a lease agreement, and none of us normal business folk really know what they are, nor do we really care about the in-depth workings and calculations because we don’t need to know. Many business owners and managers are only interested in having the equipment for a price which they can afford per month.
Having a free forensic lease check will help you to identify if the lease agreement you have is fit for the purpose and is fair and reasonable.
Although possibility is it’s hidden in the calculations do you really know if the equipment you are leasing is contained within the agreement at a fair a reasonable retail rate? That the interest being paid on the agreement is at the percentage you assume it is?
At any point has you equipment supplier upgraded your equipment during the current lease term, if so this will undoubtly have started a new full term lease agreement on the new equipment supplied.
Do you know what the life expectancy of your leased equipment is, if the manufacture states its 3 years, and with that being the case is the lease agreement on that equipment for a longer term?
For those business owners and managers it’s really not as simple as looking at the end figures at the bottom of the agreement where you sign.
A forensic check on your leases is called that for a reason which is to look in-depth of exactly how a equipment lease agreement is made up, at all the nuts and bolts which make up the comprehensive agreement as well as how and what calculations are used.
It’s not to point the figure of blame on the person who signed the agreement or who’s responsible for sourcing the supplier.
But unless you know what you’re looking for, it’s quite easy to over look certain things and as mentioned before only look at the main 2 factors which are a concern at the time:-
- We need the equipment
- Can we afford the monthly payments?
If you feel that you need to connect to a free no obligation forensic lease check on any or all of your equipment lease agreements – then let us know, by using our contact form.
Likewise if you’re in a position whereby you’re about to sign a new equipment lease and wish for someone to check it over first, then we can also help.
Connect by name, connect by nature….!