Leasing Return Petition Form

Synopsis: This petition is being submitted on behalf of imaging equipment dealers located across the market. These businesses and representatives collectively join in asking for a change to a practice that has been long-standing by equipment leasing companies.

Dealerships regularly upgrade leases originated by competitors and, frequently, such leases are upgraded before leases come to full term. It is typical practice to refuse to provide return authorizations for such leases, even when the full equipment financing obligation is fulfilled. This results in having growing numbers of MFP’s and printers in dealership warehouses, waiting for customers to convey a return authorization for the return of the equipment they have replaced and are no longer using.

This petition is asking the industry to immediately change this practice by issuing return authorizations whenever equipment financing obligations have been completed and a customer has provided a written cancelation notice of a lease. The ask is to issue return authorizations upon equipment funding financial fulfillment of any lease irrespective of the number of months remaining to term and to be transparent and accurate about the remaining equipment finance obligation on a lease whenever a customer conveys a cancelation letter and requests a final lease balance.