|Lease Equipment Return Summit
May 6, 2015One of the frequent issues brought to the Business Technology Association’s Legal Hotline is the early return of equipment coming off lease. It is often the desire of the lessee to return the equipment early and pay the remaining lease payments in full. Ideally, the equipment would be picked up by a third-party engaged by the (originating) leasing company, so that the equipment can be sold. In this case, the equipment is at a greater value than having it sit in a dealership's warehouse until the expiration of the lease. In addition, the equipment is not available to a dealership for spare parts that may be required to service other equipment. An early return managed by the lease company (again, with the remaining lease payments being paid in full) would ensure lease terms are not breached by having the equipment relocated to a location unknown to the lease company. Finally, multiple shipments of the equipment can be eliminated as well as the potential for any corresponding damage.
BTA has determined that there are hundreds of copier/MFPs in warehouses waiting to be returned until the expiration of leases. It has been proposed that an industry policy be prepared that would allow shipping companies, engaged by leasing companies, to remove the equipment from lessee’s premises and either have it stored on behalf of the leasing company or shipped to a reseller of used equipment. Of course, full payment of the remaining lease payments, as well as any other contractual obligations, would first need to be fulfilled.
In response to the industry requests, BTA is hosting a Lease Equipment Return Summit in conjunction with the May 7-8 BTA Mid-America Cruise to Success district event in Minneapolis, Minnesota. The meeting will be led by BTA General Counsel Bob Goldberg and will take place at the Radisson Blu Mall of America on Wednesday, May 6, 2015. The Summit will begin promptly at 1:00 p.m. BTA is inviting all interested leasing companies, manufacturers, shipping companies, resellers and dealers. Also attending will be representatives of the Equipment Leasing and Finance Association. Legal Counsel will be present to assure compliance with antitrust laws. (The details for the Mid-America event can be found at here.)
For hotel reservations:
Radisson Blu Mall of America, Bloomington
2100 Killebrew Drive
Bloomington, MN 55425
Phone: (952) 881-5258
Room rate: $155/night + tax and service fees
Room rate discount deadline: April 15, 2015
Click here to reserve your room. You can also reserve from the main bookings page using the promo code BTASOC.
To register for the summit, click here.