End of Term FAQs
What is the end of term process?
The end of term process is for customers who lease equipment through PEAC Solutions. Upon receiving the proper written notice from you based on the agreement terms, we will reach out 30 days prior to the term date to provide either a buyout or the information to proceed with the Return Process. This letter […]See Full Answer
What is a letter of intent?
Your Letter of Intent is the first step in the End of Term process. As per your contract terms, by the date specified in your agreement, you must provide proper written notice (a Letter of Intent) to end the lease. If we don’t receive your Letter of Intent by the date specified in your agreement, […]See Full Answer
What is an end of term letter?
Once we receive your Letter of Intent, we respond with End of Term Letter and Form. The End of Term letter is what we send to PEAC Solutions’ leasing customers as the next to last step in their end-of-term process. We use this letter to verify information about the equipment prior to providing you […]See Full Answer
How do I return the equipment?
After receiving your Letter of Intent, and your completed End of Term Form, we’ll review your account prior to the end date to make sure your account is current. We use the End of Term Form to verify information so that we can provide instructions on how to return your equipment to us. The equipment […]See Full Answer
Why do I have to pay for damages?
The equipment is to be returned in good working order per the terms of the agreement. The equipment is tested by the receiving warehouse. If determined anything is missing or not working, you may be subject to refurbishment costs.
Why am I still being charged for a paid off lease or loan?
Once we issue the Return Shipping Instructions, we advise in writing you may ignore the automatically generated invoices. Invoices still go out monthly. In the event the equipment is not returned, you will be required to pay those invoices. Once the equipment is returned the account will be closed and invoices will stop.
Why do I have a payoff/balance due?
You may have a balance due depending upon when you’re billed, receipt of your payment and any other open fees such as late charges and property tax.