We negotiate all types of equipent leases. Don’t do anything before you speak to one of our experts to learn more about how we can help you make your lease payments more affordable.
Try out your negotiating knowledge by answering this one question:
Note: This question #11 from our negotiating quiz:
You want to stay in business but your company’s cash flow is extremely tight and you’re seriously past due with your creditors.
You have not been paying your equipment lease. The leasing company tells you that they are coming to pick up the equipment which they have a lien on.
You no longer need the equipment.
Which is your best option?
A: Surrender the equipment.
B: Do not allow them to pick up the equipment until they tell you how much you’ll owe them after they pick up the equipment.
C: Refuse to allow them to pick up the equipment.
Explanation for question 11- Factors to keep in mind:
- The more a creditor wants what you have, the more bargaining power you have.
- If you give them what they want without getting any concession, you give up your bargaining power.
The right answer is: C. Refuse to allow them to pick up the equipment.
- Just because you don’t need the equipment doesn’t mean you should unconditionally surrender it.
- You have more negotiating leverage when you have possession of the equipment if the equipment is worth something to them.
- You need a written settlement with the payment terms you agreed to before you surrender the equipment.
Talk to an expert: 855-708-2672
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