The Technology-X-Change options allow for the transition of old equipment to new. It works by adding flexibility to the beginning and to the end of your lease agreement. At the beginning of the lease term the Lessor settles all of the delivery, installation and other set up costs with the supplier(s) on your behalf. Once the delivery and installation has been completed you then start to pay the lease rentals which were agreed at the outset. This option removes the need to set up multiple leases to cover various deliveries over the initial installation period.
The lease runs in the normal way for the agreed term and at the end of the basic lease term Technology-X-Change provides further flexibility to ease the transition to the latest technology. This transition may require the continued use of some, but not all, of the equipment on the lease. In this situation the payments can be adjusted according to which of the End of Term Options which are chosen:
- if a percentage of the equipment is returned due to obsolescence, then the same percentage is deducted off the rental payment
- if all of the original equipment is retained then the existing lease payments are extended for a new lease term
- if a percentage of the original equipment is swapped for the latest products, then a new lease agreement is calculated taking into account the original and new equipment
The Technology-X-Change solutions can be applied to a Finance Lease, an Operating Lease or a Lease Purchase agreement. Lease terms are typically between 1 and 3 years.
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