Last updated on 2024年4月15日

What are the common pitfalls and challenges of equipment leasing and how do you overcome them?

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Equipment leasing can be a viable option for capital equipment sales, as it offers flexibility, affordability, and tax benefits for both sellers and buyers. However, it also comes with some potential pitfalls and challenges that you need to be aware of and overcome. In this article, we will discuss some of the common issues that can arise in equipment leasing and how you can handle them effectively.

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Bryce Clifford

LinkedIn Top Sales Voice | Financing Equipment for Your Customers! | Dad | Husband | Alternative Sports Gamer

1 Lease terms and conditions

One of the most important aspects of equipment leasing is the lease agreement, which defines the terms and conditions of the lease, such as the duration, payment schedule, ownership rights, maintenance responsibilities, and end-of-lease options. You need to read and understand the lease agreement carefully, and negotiate any clauses that are unclear, unfavorable, or risky for you. For example, you should avoid leases that have automatic renewal, excessive penalties, or hidden fees. You should also check the lease agreement for any legal and ethical standards that apply to your industry and location, such as environmental regulations, safety requirements, or disclosure obligations.

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2 Equipment quality and performance

Another challenge of equipment leasing is ensuring that the equipment you lease meets your quality and performance standards, and that it remains in good condition throughout the lease period. You need to do your research and compare different equipment options, features, and specifications before you sign the lease. You should also inspect the equipment thoroughly and test it for functionality and compatibility. Moreover, you need to maintain the equipment regularly and follow the manufacturer's guidelines and recommendations. If the equipment breaks down, malfunctions, or becomes obsolete, you need to contact the lessor and seek a repair, replacement, or upgrade, depending on the lease terms and your needs.

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3 Equipment ownership and liability

A third pitfall of equipment leasing is dealing with the ownership and liability issues that may arise during or after the lease term. Depending on the type of lease, you may or may not have the option to purchase, renew, or return the equipment at the end of the lease. You need to be clear about your rights and obligations regarding the equipment ownership and disposal, and plan ahead for your future needs and budget. You should also be aware of the risks and responsibilities that come with leasing equipment, such as insurance, taxes, warranties, and damages. You need to protect yourself and your business from any potential lawsuits, claims, or losses that may result from the equipment use or misuse.

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Bryce Clifford

LinkedIn Top Sales Voice | Financing Equipment for Your Customers! | Dad | Husband | Alternative Sports Gamer
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Does your customer want this equipment forever? Do they have a few projects over the next 24 months, but then aren't sure if they want/need the equipment beyond that? Deciding how to structure the agreement should be a conversation that your finance contact should determine with your customer, given you trust them to do so! That being said, it's great as a sales person to know what options your customers may be interested in, as you might only get one shot to pitch the programs that incentivize them to move forward with a purchase/lease!!!

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4 Equipment financing and cash flow

A fourth challenge of equipment leasing is managing the financing and cash flow aspects of the lease. Equipment leasing can be a cost-effective way to acquire capital equipment, as it allows you to spread the payments over time and preserve your working capital. However, it also means that you have to commit to a long-term financial obligation that may affect your cash flow and credit rating. You need to assess your financial situation and goals, and choose a lease that fits your budget and cash flow projections. You should also shop around and compare different leasing rates, fees, and incentives, and look for the best deal that offers you the most value and benefits.

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Bryce Clifford

LinkedIn Top Sales Voice | Financing Equipment for Your Customers! | Dad | Husband | Alternative Sports Gamer
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As a company that uses financing as a way to DRIVE sales for Capital Equipment, you need to ensure that the operational/monthly costs make sense for your budget. To position leasing or financing as an option to a customer that allows them to keep all of their cash liquid during the time of growth, it allows them the safety of preserving their $$$ while still obtaining the equipment in a cost effective manner!

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5 Equipment leasing partners and relationships

A fifth pitfall of equipment leasing is finding and working with reliable and trustworthy leasing partners and relationships. Equipment leasing involves multiple parties, such as the equipment seller, the equipment lessor, the equipment manufacturer, and the equipment user. You need to establish and maintain good communication and cooperation with all of them, and ensure that they understand and respect your expectations and interests. You should also check the reputation and credentials of the leasing companies and agents that you deal with, and avoid any scams, frauds, or conflicts of interest. Furthermore, you should seek professional advice and guidance from experts, such as lawyers, accountants, or consultants, who can help you with the legal, financial, and technical aspects of equipment leasing.

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Bryce Clifford

LinkedIn Top Sales Voice | Financing Equipment for Your Customers! | Dad | Husband | Alternative Sports Gamer
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PLEASE make sure your partnered lenders live up to whatever hype they put on themselves. Decide what is most important to you: 1. Speed and Efficiency 2. Lowest Rates 3. Ability to communicate with your customer directly/Knowledge of your product line etc. You should feel comfortable pawning your customers off on the finance contact and know that they have the programs and determination to get your deals to the finish line! This is your livelihood at stake on every deal!!!

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6 Equipment leasing best practices and tips

The final section of this article will provide you with some best practices and tips to make the most of equipment leasing and overcome its potential pitfalls and challenges. Before signing a lease, it is important to do your research on the market, the equipment, and the lease options available. Additionally, you should read and understand the lease agreement, inspect and test the equipment, plan ahead for your end-of-lease options and actions, manage your finances and cash flow wisely, and build positive relationships with leasing partners. Taking these steps will help you avoid common mistakes and enjoy the benefits of equipment leasing.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the common pitfalls and challenges of equipment leasing and how do you overcome them?

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1 Lease terms and conditions

2 Equipment quality and performance

3 Equipment ownership and liability

4 Equipment financing and cash flow

5 Equipment leasing partners and relationships

6 Equipment leasing best practices and tips

7 Here’s what else to consider

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