re-negotiating equipment lease

[studioindustria]

Anyone who has recently re-negotiated a digital printer lease please share your experience. I am 12 months in with 48 months to go on the lease. I did ask back in March. The initial offer was to defer 3 months plus accrue interest. I passed on that. I felt that was a "thanks for nothing" offer.

I am certain that thousands of re-negotiating going on.

 

[tngcas]

I honestly didn't know you *could* renegotiate a lease, so I'm interested to hear what others say about it.

 

[easiprint]

Not aware of anyone who has renegotiated a deal after only 12 months. Best I've ever managed was when I only had 12 months left to run a contract was renegotiated.... if I also bought the newest model.

 

[bill kahny]

The only change I have had success with was to the maintenance agreement not the lease it self. Leases can roll over into new ones but the banks get their money one side or the other. The service company has some play in the click charge and monthly minimums but what do you want them to do? Do you think you qualify for a lower interest rate? I have had competitive upgrades make sense (canon replacing my konica) but not with that much time left on the lease.

 

[studioindustria]

Thanks for the reply. I guess lease arrangements are tougher than other notes. My big beef was that I saw so many businesses doing a lot to help each other out. I know the note is held by Wells Fargo and they came back with an offer that resulted in a "thanks for nothing". I'm doing everyone I can to keep the machine. We'l see. I'll post the outcome when it's over. I'm sure I'm not the only one in this situation.

 

[Shawnd]

Your not the only one. Pretty much the going practice is to extend the lease x months for a $$$ processing charge plus interest.

The banks are looking at you getting PPP and EIDL so they should still get paid regardless of whats going on. Yea they live in a different world.

 

[studioindustria]

Your not the only one. Pretty much the going practice is to extend the lease x months for a $$$ processing charge plus interest.

The banks are looking at you getting PPP and EIDL so they should still get paid regardless of whats going on. Yea they live in a different world.

I agree with ya 100% I plan on entering the "Lion's' Den" next week.

 

[A&BPat]

Anyone who has recently re-negotiated a digital printer lease please share your experience. I am 12 months in with 48 months to go on the lease. I did ask back in March. The initial offer was to defer 3 months plus accrue interest. I passed on that. I felt that was a "thanks for nothing" offer.

I am certain that thousands of re-negotiating going on.

You were offered exactly what Xerox offered me. It was almost an entire months lease payment extra over the balance of the lease to get the 3 month extension. I had about 30 months left on mine. I passed on it as well.

 

[studioindustria]

You were offered exactly what Xerox offered me. It was almost an entire months lease payment extra over the balance of the lease to get the 3 month extension. I had about 30 months left on mine. I passed on it as well.

I passed on the offer too, I worked out payment plan for back payments, no penalty and lease ends at orig. date. Looks like PPP allows for 2-3 months of equipment lease payments. Wording regarding forgiveness is vague but look into it.