What happens when your lease comes to an end?
At HP Financial Services, our goal is to assist you in meeting your IT management needs, mid-lease and end-of-lease responsibilities. As the term of your lease comes to the end, you will want to consider the following end-of-lease options:
- Lease renewal and mid-term extensions - HP Financial Services offers standard renewal options for 6 and 12 months, and a 24-month option for certain types of assets. We can also customize a renewal period to suit your needs. The renewal option may also address your budgetary needs, since it is priced lower than your current payment.
- Automatic month-to-month renewal - when more time is needed before making a decision about your leased equipment, allowing the lease to automatically renew may be a good solution for you.
- Return to HP Financial Services - when the leased equipment no longer meets your technology needs, it may be returned to HP Financial Services. In this case, your HP sales representative will assist you in selecting new equipment before the old is returned, in order to ensure a smooth transition from old to new technology. See our end-of-lease return process guide for more details.
Your HP Financial Services financial area manager or representative will be your initial contact and will engage the various resources of HP Financial Services during the end-of-lease process. If additional contacts are required to provide the appropriate level of service, your HP Financial Services representative will coordinate and monitor this activity to your ultimate satisfaction. In most cases, your representative will assign a portfolio specialist to coordinate asset purchases, renewals or returns.
Additional facts on lease expiration
The HP Financial Services standard contract requires written communication of your end-of-lease decision at least 90 days prior to lease expiration. If you have not informed us of your end-of-lease decision, the lease will automatically renew based on your lease contract until notice is received.
For more information, assistance to guide you through this process, or to request a list of equipment that is expiring, please contact us.