How to Avoid an Auto Renewal
End of Release: How to Avoid Auto-Renewal
Copier leases may require you to give a written notice of lease termination 90 days in advance to avoid auto-renewal. The majority of companies will cancel the lease when the letter of intent has been received. However, do not trust that email will accomplish this task. Mailing it will give you a signature to keep for your records. Less honest companies have renewed leases because the lessee gave no proof of delivery. If you do not submit a lease termination letter, it will automatically be renewed, and you could be stuck with outdated equipment.
The majority of leasing companies include a clause that states the lessee must return the equipment at their own expense unless they renew the lease or buy the equipment. Always be certain that you factored that cost into your new lease. To avoid auto-renewal, ask questions before you sign the lease, and always maintain a copy of your signed lease. Some leasing companies do not want you to have this information because they can automatically renew your lease.