Questions to Ask Before Signing an Equipment Lease
October 20th, 2005Before You Sign on the Dotted Line – Know This
Knowledge is power. The Equipment Leasing Association recommends businesses ask the following 10 questions before signing a lease. These questions take into account the “before, during and after” stages of a lease.
Before
1. How am I planning to use this equipment?
2. Does the leasing representative understand my business and how this transaction helps me to do business?
During
3. What is the total lease payment and are there any other costs that I could incur before the lease ends?
4. What happens if I want to change this lease or end the lease early?
5. How am I responsible if the equipment is damaged or destroyed?
6. What are my obligations for the equipment (such as insurance, taxes and maintenance) during the lease?
7. Can I upgrade the equipment or add equipment under this lease?
After
8. What are my options at the end of the lease?
9. What are the procedures I must follow if I choose to return the equipment?
10. Are there any extra costs at the end of the lease?
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