Xerox Capital Service

[JustPrint!]

Does this ring a bell for anyone else:

1. Xerox plays games when you ask them to give you the buyout amount. They won't give you numbers over the phone and while I was on the phone with them, my Xerox sales rep calls me. Lol coincidence? heck no. They gave him a heads up. The lady told me its Xerox's policy to not give numbers over the phone. I was what??? I pay for this efin machine and you won't give me my numbers that are right on your computer screen.

F___K Xerox Capital Service. I am sorry but yes this languaage is necessary. I have never ever seen such absurdity in my life. To top it all off, after they promised me that they will e-mail me numbers within 3 days. Nothing. My sales rep gives my only one number "unofiiccialy" and it was number to return machine not to buy it out. His excuse was that his sales manager took forever to get back to him (5 days).

Who treats their customers like that??? Fine, you don't want to loose a customer so you notify your sales rep. Fine, but don't hold my numbers and tell me my sales rep is the only one who can give me my buyout numbers. And then when I make a big hoot about it say you can e-mail it to me and never do. What kind of business is this?

I swear if Xerox gives my an Igen4 for the price of Xerox 700 I would have them install it and print one 14x20 sheet on it with the following: "Your Total Satisfaction Guarantee is a Joke: Come pick this crap up"

2. They start charging me out of the blue sales tax on my click charges (service). We call them and tell them why? They don't know why! So we fax them resale cards and previous invoices where we never paid sales tax (at least 20 or 30 invoices). They fix it. A year later and same thing again: out of nowhere here comes sales tax on service and it's on random invoices. I contact my sales rep this time and it's been 3 months. 3 months to figure it out. Lol. What a joke!

3. I don't know if this is just from my Sales Rep or true about Xerox in general, but, my only option to lease is with Xerox Capital Service. God, that is desperate. As soon as he told me that, it went off right in my head that I would never deal with Xerox again. Oce and KM told me I can use whoever I want to lease their machines. They were both ready to look at other leasing companies other than their own to make me happy.

Sorry, long rant. Just had to get it off my chest.

 

[Craig]

Canon finance is exactly the same, I have dealt with them both. You DO NOT need to finance with Xerox you can use whoever you want. I had Canon give me a buy out amount in writing UNTIL they found out I was getting a Xerox and NOT another Canon, then the story changed and they tried to increase the amount... by $25,000.00! WTF I had it in writing!

Just tell whoever you are dealing with you no longer will talk to them, you want their supervisor, then fire off emails to EVERYONE within Xerox you have addresses to, including Ursula Burns, CEO. Always make sure you keep it professional and polite!!! Trust me you will get results.

 

[ShortRunMagazines]

Ask to have the incident transferred to a Customer Solutions Manager. It was the only way I could get things moving on several issues we had.

Good luck... And fyi, I'd stay away from GE Capital...

 

[X33]

1. It's policy in this industry that no one gives buyouts on the phone. It could be too easy for vendors to ask for buyouts for their competitors. Asking for buyouts, no matter who (Xerox, Canon, KM, or any 3rd party vendor) is always a red flag for the vendor.

2. If someone changed your customer number, they did not do it correctly. That just shouldn't happen; someone messed up.

3. If you think Xerox is difficult, you'll have to wonder how the rest are, especially 3rd party lenders. If you are not comfortable with your Xerox rep, feel free to call Xerox Customer Relations 877.979.8498. That's the highest level you can get and things tend to move much faster that way.

 

[JustPrint!]

Thanks guys for your help, I was able to call Customer Relations and they immediately e-mailed me info. Wow.

What is strange is that my rep. quoted me $8,500 more for the buyout.

I have never ever seen such games in my professional career and I have been at this since 1994.

 

[julianheron]

Sorry to hear your frustrations. For those that do run into trouble my firm, Clear Advantage Group can help. We are client advocates for copy & print. Our primary role is to benchmark costs, run RFP's that reduce costs up to 50% & improve contract terms.

That said (and hope the plug was ok), we do help clients with vendor reviews, disputes etc. While like anyone, I'd love business from this forum, I primarily like the community here and am happy to help when I can. So feel free to email me questions on issues like this and I'll see if I'm able to point you in a good direction for resolution.

 

[jdkmfish]

Experience with Xerox Capital

Experience with Xerox Capital

I have been in this business for over 25 years
and have bought Xerox printers thru Xerox Capital.

From my experience, I can tell you the mistake most printers make with all financing
companies including Xerox Capital is actually created when you sign your lease agreement, It is not caused at the end

You have the most leverage when you are buying your equipment,
and anyone who signs a FMV buyout lease is going to get screwed.

Vendors love FMV leases because at the end they throw a high number at you,
to buy, fully knowing it is overpriced and then try to sell you a new machine.
And if you do not either buy it or get a new printer, they will take your 36 or 60 month
and you will pay forever, it converts to month to month.

You should only sign a $ 0 or $ 1 buyout at the end of your lease,
and you can do any terms, you do not have to do a 60 month or 36 month lease.
Do what you can afford.

I have done 24 month leases with $ 0 buyout, so therefore at the end of
2 years I own the equipment, cuts down on my finance charges
and the printer still has several years worth of solid use.

Hope this helps!

 

[julianheron]

I have been in this business for over 25 years
and have bought Xerox printers thru Xerox Capital.

From my experience, I can tell you the mistake most printers make with all financing
companies including Xerox Capital is actually created when you sign your lease agreement, It is not caused at the end

True, your "power" is before a lease or at the very end of one.

You have the most leverage when you are buying your equipment,
and anyone who signs a FMV buyout lease is going to get screwed.

This is not alway's the case. There are tax reasons for an FMV lease & lifecycle considerations to make. Like anything with money, you need to know what your getting into, its terms and conditions. For instance while a standard FMV residual is 15% there are some that balloon into 50% residual's. Further the FMV isn't based on the equipment FMV its based on the factored residual off of the total financed.

Vendors love FMV leases because at the end they throw a high number at you,
to buy, fully knowing it is overpriced and then try to sell you a new machine.

Again this depends on the vendor & terms in some cases the residual is fixed or can be specified. Usually the "overpriced" factor is because of the use on the equipment and changes in the market working against the fact that the residual was factored on total financed which usually included some sort of buyout of a previous lease.

And if you do not either buy it or get a new printer, they will take your 36 or 60 month
and you will pay forever, it converts to month to month.

It can also "roll" in 90 day frequences or 12 month frequencies. You have to be aware, and you have to send in your letter of intent on time and confirm they recieved it. It's a pain on purpose but a little work ensure's that your covered.

You should only sign a $ 0 or $ 1 buyout at the end of your lease,

Actually it depends, that becomes a capital equipment finance where you need to depreciate the equipment, not write off the payment so it may or may not be in your best interest. Also if this is your intent, you should certainly check with your own bank as the actual APR on those leases through the vendor finance companies can be as high or higher then credit card rates. ... Certainly if the goal is only financing, not the flexibility of a lease, you need to shop it, not let the vendor shop for you.

and you can do any terms, you do not have to do a 60 month or 36 month lease.
Do what you can afford.

Very true you have more control over terms then they let onto, however this takes investigation so you know what's reasonable to ask for. There are even leases based on lifecycles called "copy block" leases. Essentially you commit to a volume, once that amount has been run, your lease ends. Unlike others however you have no ability to upgrade.


I have done 24 month leases with $ 0 buyout, so therefore at the end of
2 years I own the equipment, cuts down on my finance charges
and the printer still has several years worth of solid use.

As a general strategy I completely agree its important to ensure you get a good ROI by having your equipment paid for well in advance of its end of life.

Hope this helps!

Hope the augmented information helps, not trying to bash, just add a more complete picture to the prior reply.

 

[JustPrint!]

You learn so much from the first lease, so much that you feel like an idiot. But I guess, that's life. I definitely will be asking for a lot more documentation this round.

 

[msaeger]

You should only sign a $ 0 or $ 1 buyout at the end of your lease,
and you can do any terms, you do not have to do a 60 month or 36 month lease.
Do what you can afford.

I have done 24 month leases with $ 0 buyout, so therefore at the end of
2 years I own the equipment, cuts down on my finance charges
and the printer still has several years worth of solid use.

Why do a lease over a loan if you are going to keep it anyway ? I would think if they are giving it to you for no cost at the end of lease you must be paying the full cost of the machine anyway ?

Just a curious bystander.

 

[Drum]

Always separate financing from purchase

Always separate financing from purchase

Just so you'll know I'm qualified: I am a CPA and also in a past life was in the leasing business.
When purchasing equipment I always separate purchase price from financing. In other words, I negotiate a straight out cash purchase amount (along with maintenance charges) and then evaluate how I'm going to finance it. I have an advantage because, due to my background, I understand how to compare various financing options. Any CPA can help or, if you prefer, contact me and I'll be happy to help.