Q:

What is an LOI (Letter of Intent) as related to a copier lease?

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A:

The LOI (Letter of Intent) is a notification to your existing leasing company that you don’t intend on continuing with the lease after the end of lease date. This is written on your company letterhead and is emailed, faxed or regular mail to your leasing company.  This letter must be sent in the 90-120-day window prior to your end of lease date. If you fail to do that your lease will evergreen possibly for the next year even though you made all you lease payments.

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