Notification Required when Leased Equipment is Moved

Equipment leases require the customer to notify the leasing company when certain events occur during the life of the lease, writes consultant Mary A. Redmond in her LeaseSpeak Blog. One of those events is equipment relocation. In-plants that have reorganized their shops for a better workflow may not even be aware of the requirement to notify the leasing company within a specific number of days of plans to relocate equipment. The most common required notice is a 30-day written notice before moving equipment.

"Why does the leasing company care? It needs to keep track of the equipment for proper invoicing of sales/use tax and property tax and to be able to find its equipment," explains Redmond. "Some leasing companies charge fees to cover the “cost” to redocument the new location. The fee is negotiable and sometimes may be eliminated completely."

Find out more by checking out her blog: leasespeak.com/blog