Is the lease on your material handling equipment ending soon? We answer all our frequently asked questions about ending a lease with TICF here. Find out what options are available and the steps to simplify the process.
What options do I have at the end of the lease?
- The first option is to return your equipment and purchase or lease a new Toyota. You can get a new model of your current equipment or try another piece of equipment altogether. It is an excellent way to upgrade your material handling equipment to the latest model with all the new ergonomic and technological features.
- If you no longer need your material handling equipment, the second option is to return the equipment at the end of the lease.
- The third option, available under certain conditions, is to purchase your material handling equipment at the end of the lease. Contact your local dealer to discuss purchase options and the payoff process.
- If you still need the equipment but can’t or don’t want to purchase it, the fourth option is to keep your current equipment as a rental. Ask your local dealer for rental details and pricing.
What steps do I need to take at the end of the lease?
- Make sure you pay all payments and fees to TICF.
- Schedule a lease-end inspection and make any necessary repairs.
- Compare your equipment’s actual hours to the allowable hours outlined in your lease to determine if overtime charges will apply.
How do I determine actual hours on our leased equipment?
TICF put together an easy-to-use guide with information on the lease-end process. It includes detailed information to help determine actual hours on Toyota’s internal combustion and electric forklifts. Click here to read TICF’s Lease-End Guide.
We have an electric forklift. Should we do anything differently?
If you are returning an electric forklift, remember to return all battery components at the end of the lease.
What is the best way to avoid additional charges?
Schedule a complimentary lease-end inspection and perform any necessary repairs to help avoid Excessive Wear & Use charges.
What are examples of excessive wear and use?
A few examples are broken lights, corroded batteries, and damaged seats. For more information on what is considered excessive, review TICF’s Excessive Wear and Use Guidelines.
What if I have other questions about ending my lease?
Click here to visit TICF’s website to find out everything you need to know about ending a lease with TICF. You can also contact your local dealer or us to talk to a material handling expert to help you decide what lease-end approach is best for you.Tags: ending a forklift lease, lease a forklift, leased forklift