1. Prepare and send a Letter of Intent
to your leasing company.
In most leasing situations, the lease automatically ends when the lease terms are finished. This is not how it works regarding your copier. Most copier leases have automatic renewal periods that are activated if you do not declare your intention to end the lease. This can leave you trapped in your lease for an additional year if you are not careful.
To begin the process of finishing your lease, prepare a letter of intent. This letter legally declares that you do not want to continue your copier lease and starts the process of finishing out your lease. Here is a sample letter of intent you can use to begin drafting your letter.
The timing of when you hand in this letter is also very important. Each lease has a specific window during which a letter of intent can be accepted. Some companies accept these letters up to 30 days before the term ends, while others will need it 90 or 120 days before the term ends. Additionally, most leases specify a date before which a letter of intent will not be accepted. You can typically find this in the terms section of your lease, usually under the heading “Automatic Renewal” (click here for an example). If you have any questions about the timeframe you have to hand in your letter of intent, contact your leasing company.