You signed an equipment lease thinking you could buy out early if needed, only to find the buyout quote is outrageously high - sometimes more than the remaining payments. This feels like a trap because it often is. Let's explore your options.
Get the buyout amount in writing with line-by-line breakdown. Compare this to your original contract terms to verify accuracy.
Some leasing companies will negotiate, especially if you're switching processors. It's worth trying even if they initially refuse.
If the buyout exceeds remaining payments, it may be cheaper to just keep paying until the lease ends.
If the leasing company violated terms (didn't provide required notices, changed terms improperly), you may have grounds to challenge the lease.
| Feature | Clover | CapClover |
|---|---|---|
| Customer Support | ✗ Long hold times, unresponsive | ✓ Your assigned rep's direct line |
| Business Funding | ✗ Limited or no options | ✓ Up to $500,000 |
| Approval Time | ✗ Weeks or denied | ✓ Same-day decisions |
| Hidden Fees | ✗ Frequently reported | ✓ Transparent pricing |
| Contract Terms | ✗ Early termination fees | ✓ Flexible terms |
Get business funding up to $500,000 with your own dedicated rep - this is their direct line, not a call center.
Equipment leases often include all remaining payments plus 'residual value' in buyouts. Some add fees or penalties. The structure is designed to discourage early termination.
It's possible, especially if you have leverage (switching processors, documenting problems). Leasing companies would rather get something than have you default.
Stopping payments will likely result in collections action, damage to business credit, and potential lawsuits. Equipment leases are legally binding contracts.
Options include: negotiating buyout, completing the term, finding contract violations to challenge validity, or bankruptcy as a last resort. Consult a lawyer for serious situations.