Getting a credit card machine lease is easy. However, getting out of it is an entirely different scenario. When you sign a lease, you are also signing a contract with the company. Merchants who have signed a lease often fail to understand these agreements. This could lead to serious problems. These problems usually occur when the contract is drawing near its end.
If you want to get out of a credit card machine lease, follow the steps provided.
- Understand a credit card machine lease. A credit card machine lease is like any other lease. You will sign a contract with a leasing company for the credit card machine. It involves asking the lessee to pay monthly fees over a certain period. A credit card machine lease is usually not eligible for cancellation. Within the period of your contract, you cannot cancel the lease. You can only end it after the expiration date. Credit card machine lease also renews the contract automatically. The contract will only ends permanently when you notify the leasing company.
- Choose an end of lease option. There are ways on how to end a credit card machine lease legally. You can opt for a $1.00 buyout. This end of lease option allows you to buy the credit card machine for $1.00. You also have the fair market value option. This option requires you to pay for the current market value of the credit card machine. The leasing company will determine the current market value. You can also buyout the lease. This is when you pay the remaining months to end the lease. The best end of lease option is the $1.00 buyout. However, you should consult with the leasing company. They may not allow this. If this were the case, your best option would be the fair market value.
- Review your lease contract. Understand the end of contract agreement. Take note of any violations made by the leasing company. You should also check if you made any violations yourself. Any violations made on your part could cause renewal of the lease. You should also take note of the expiration date of the contract. You need to act in advance if you want to end the lease.
- Notify the leasing company. After reviewing the contract, write a notification letter. Address the letter to the leasing company stating your interest of ending the contract. Make sure to notify the company ahead of time. 60 days before the expiration date is advisable. Send the letter to the company. Make sure that the company received it. After a few days, call the leasing company again. Follow up on your notification letter. Check to see if they finalized the end of contract. This is very important. If you fail to end the contract after the expiration date, the contract will automatically renew.
Getting out of a credit card machine lease can be frustrating. Fortunately, the steps provided can help you get out of your lease permanently. In some cases, you may find grounds for canceling your lease. If you have grounds, you may opt to cancel the lease even before the contracts ends.