CT&L Customer Services :: End of Lease Process

So, how does it work? Simple. We've whittled the whole End of Lease Process down to four easy steps. That's it. In fact, we've made it even easier in that you don't even have to lift a finger to efficiently terminate your lease. CT&L takes care of reminding you that a lease is expiring -- you'll never have to worry about it. Nobody works as hard as us to make sure you're aware of these things.

Walk through the process. It's straight forward, and uncomplicated. We think you'll appreciate our simple approach.

		Relax and wait for our signal.			Send us your notice.			Decide on how to handle the equipment.			Let us take care of it.
Click on a Number for the Details.

This is real easy: sit back and relax. We'll let you know ahead of time that you've got a lease that's due to expire.

What we do is send you written notice of any leases that may be expiring in the coming months. We've nicknamed them our "180 Day Letters," since we send them out approximately 150 to 180 days prior to the expiration of a lease. In the letter, we'll let you know which leases are expiring, the expiration date, and what your current monthly rent is. We'll also sketch out a few options for you.

It's our way of providing a "heads up," so that your not caught unsuspecting, and it provides you with some details as to how to plan for the future.

Every CT&L Lease Agreement notes that you need to tell us, prior to the end of the lease, what you plan to do when the lease actually expires. It's stated in terms of "XX days prior notice," which means you need to provide notice of how you intend to handle the lease at least XX days prior to the end of the lease. Now, XX could be a range of values, but most commonly our leases require anywhere from 60 to 120 days prior notice.

Well, we'll teach you a little trick. The best way to address this is to send notice that you wish to terminate the lease upon expiration. However, in the same breath, you then ask to review any other available options, such as the FMV purchase price, or fixed term renewal rates, all of which CT&L will gladly provide for your review. That notice of termination gives you an "out," if you need it, but you also get to review any other available options before you decide upon a course of action.

Technically, your lease can terminate no sooner than XX number of days from which you provide notice. That means that if you provide notice 30 days before a lease expires, but the Lease Agreement requires 90 Days Prior Notice, your lease will automatically extend for an additional 60 days beyond the original expiration date.

Now, CT&L doesn't approach every lease in such strict terms. We've been known to give a few days leeway on the issue. But this is the very reason that we notify you in advance, so that you're not caught unaware of a lease expiring shortly before it's due.

OK. You've submitted notice, and reviewed all of your End of Lease Options. This is the point at which you need to decide which path to take. We can't tell you how to manage your IT equipment, but we can answer any questions you may have.

Once you let us know how you wish to proceed, we'll take the steps to make it happen:

If you choose to Renew Your Lease, you'll see little change beyond savings each month, not that savings aren't appealing. Keep the equipment exactly where it is, and we'll still send you a monthly invoice. The only difference is that the invoice will reflect a rental that's derived from the value of the equipment at the end of the lease, not the start.

If you wish to Purchase The Equipment on lease, CT&L will terminate your lease, and you'll no longer have to deal with a monthly rental invoice. The last invoice you'll receive from us will be for the purchase, and then the equipment is yours to do with as you see fit.

And if you wish to Return The Equipment, we'll work with you to make sure it's a simple transfer. We encourage you to review our recommendations on Returning Equipment, which you'll find here. We've done this enough times to know how to avoid problems.

Finally, if you're still unsure at this point, we can still accommodate your wishes. Do Nothing with the lease, and we'll make sure it continues on as if nothing changed. We'll extend the lease for as long as you wish, with no penalty.

Really, no matter how you wish to handle the End of Your Lease, CT&L can take care of it.