In many capital equipment leases, the devil is in the details. It’s time-consuming not only to fully review the leasing company’s terms, but also to find suitable financing options and determine any applicable taxes.
Plus, there’s a lot at stake: More than two-thirds of the total value of all equipment and software in the U.S. was acquired through financing (primarily leasing) in 2015, a notable increase from 55 percent in 2011. Leasing has become the go-to option for acquiring major business assets, and as such, it should be easier to navigate than it often is.
With these challenges in mind, what can you do to ensure a smoother experience that also saves you money? It all starts with finding the right leasing partner. A partnership with an experienced provider will help you get the most from your leases, since it will ensure that:
1. Each lease is matched to the asset’s useful life
Unexpected maintenance issues are highly disruptive. While most equipment will inevitably degrade as it ages, you don’t want to run the risk of needing to replace it earlier than you expected. Organizations that work with LaSalle Solutions can match a lease’s terms to equipment’s useful life requirements to minimize the possibility of such unanticipated problems. They also benefit from usage parameters that reduce, or in some cases eliminate, the costs of increased utilization during the lease.
2. Simplicity and transparency are priorities
Going back to our opening statement, the terms of a capital equipment lease can be complex and confusing. You could be agreeing to onerous restrictions and, worse, costly fees. Evergreen clauses are emblematic of what can go wrong, as the lease in question could be automatically renewed unless you meet obscure requirements for renegotiation or cancelation. Simple, transparent leases save you the trouble of having to pore over fine print and worry about what you’re missing.
3. Tracking your assets and schedules is straightforward
The complexity of many leases is matched only by the difficulty of keeping track of them. Where is each asset located? What is its maturity date? It’s tough to answer these questions without a centralized solution that can streamline technology information management across your entire business. That’s why LaSalle built LAMP, a cloud-based platform for managing leases and more.
From one intuitive interface, you can easily view important details such as lease schedules, maturity dates, and equipment serial numbers, as well as manage your maintenance contracts. LAMP helps you stay on top of your leases so you avoid maintenance-related risks, compliance issues, or being forced into month-to-month leasing situations.
Getting started on the path to easier leasing
Leases are important to your operations, but you shouldn’t have to do the full-time work of a leasing company, like trying to interpret complicated terms or taking on the considerable risk for equipment acquisition and maintenance. By partnering with LaSalle, you don’t have to. We give you the freedom to find the custom capital leasing solutions you need to power your company. Learn more by contacting our team today.
Learn more from our team about how we deliver the lowest cost of usage with our technology asset refresh programs.
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