I have always insisted on a letter of confirmation from our credit broker that title in the goods passes to us at the end of the rental period (usually for one months rental). This has worked well for us and normally,just before the end of the lease period we would be advised that the 'primary rental' was coming to an end and advising of various options.
Our latest three year deal had been placed by our finance broker with BNP PARIBAS lease group, who, it transpires, do not write and inform you that the primary lease is coming to an end and who also insist on 'at least 90 days notice' BEFORE the end of the lease to ensure you only pay for 36 month (despite my title letter from the broker).
It is very easy to forget when lease/rent deals end so don,t make the same mistake as us(extra 3 month=£500).Do check your agreements and maybe even do the same as I will ensure from now on-- NO more financing of my equipment to be placed with BNP PARIBAS.
Ed Kaps
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