Leasing HELP needed from the Mita People

We use GE Leasing and the way it works for our customers is they have to do the Buyout to Keep or Buyout to Return to pay off the lease, they can not do the upgrade to keep or upgrade to return. The customer also has to pay the freight back to GE

Ted:

I think its Citi Capital and they are the worst, plus they lie.

Art

When I go to the website on their invoice, it takes me to the GE website. I pretty sure that GE has a payoff(buyout) to return. I think the old vendor is trying to make them sorry they aren't going back with them. I'll do some more investigating. Thanks for the info.

You have to be the original vendor to get buyout info from GE. OR you have to be the customer and ask specificly that they send by fax the buyout information DIRECTLY to you and not the original vendor. GE tries to protect itself and vendors by making the vendor be the gobetween for buyout quotes. If your customer asks GE to send the buyout directly to him he should get all his options.

Graham

I have a freind that owns a leasing company and he says that the talk at convention is that we can expect this from everyone soon because there is nothing contractually keeping them from doing it. They get their money early, get their exagerated buy-out and don't have to worry about wholesaling the unit. When Global lost their lawsuit with Wells Fargo (It was Wells Fargo wasn't it?) over this issue, the flood gates opened.

The lawsuit, as some might remember, was whether a customer had "the right" to pay off a lease early and return the equipment. The ruling came down that if that "right" was not covered by the lease document (which it isn't) then leasing companies do not have to allow it.

Interesting>....

A way to circumvent is to figure the remaining stream of payments owed to the leasing company (not including the buy-out). Have the customer agree with the remaining stream and then cut the check to the customer.

Have the customer warehouse the unit for the remaining stream of payments (if the can). Put the return back in the customers hands to call for the return location, and we the vendor will pack, wrap and delivery for an additional charge when they are ready.

I also am aware that some of the leasing companies have a written paragraph not allowing the copier to be removed from the office. This can be resolved with a simple letter stating that the copier no longer "functions properly" and we need to store it until the return is applicable!

Fight fire w/fire. I would hope that leasing companies can change and offer real value for their services. Profit building, repeat business discounts on new leases, etc.

I have seen 39 month rates @ .0248 and 36 month rates @ .0264.

These are from GE and are listed as GE Challange Program, does anyone know what this stands for?

Art