So, my lease agreement states that it is $49.99/month. That amount is written in a blank spot in pen. If I squint hard, the fine print after that says there is a $4.95 per month per unit Loss and Damage Waiver Fee. There is also sales tax (not stated in the lease), which I think is a little weird on a lease, but maybe applicable. It also makes reference to the $25 annual fee, which I mentioned earlier.
Even with that, my monthly payment should not be $59.58. So I called today. I spoke to a nice gentleman in customer service, after only punching a couple of buttons and waiting for less than 3 minutes. Once I provided my lease number, he told me I was being charged a fee for insuring the equipment because I didn’t have the proper insurance. Oh, but I DO have the proper insurance, and already sent it in to them, I said.
That’s when Jose asked when I sent the insurance in. I said I thought it had been about a year ago. (It’s actually been nine months, I just didn’t have time to look it up.) He said, oh, well you have to renew that every year. And he asked me to email the proof of insurance to him again.
For the record, the proof of insurance is my business liability insurance, but with Northern Leasing called out separately as a Loss Payee, meaning they would be paid out first if my office burned down. You know, ahead of my LANDLORD.
I re-sent the insurance, but then I opened it and looked at it closer. The proof of coverage is for last year, and has an expiration date. I expect Northern Leasing will notice and continue to charge me the $4.95/month fee. I am requesting an updated proof of coverage from my insurance agent, and I’ll send that to them when I receive it.
Meanwhile, after looking at the section above, I consulted Section 9 for details about the annual fee and it actually says they can continue to charge me the annual fee AFTER THE LEASE ENDS.