Automatic Contract Renewals
What we've seen…
Contracts that require doctors to notify the leasing company before the end of the lease if they want to own or return the equipment.
If doctors forget to do so, the lease automatically renews. This means you may make payments for a significantly longer period of time.
How to protect yourself…
Be sure to use a trusted source when financing who does not resort to deceitful lending such as automatic renewals. At minimum, be sure your office manager sets an end-of-term notification reminder.
Lease/Loan Comparison Hotline:
As a no-obligation service for policyholders, you can call NCMIC's Lease/Loan Comparison Hotline. A specialist will compare a lease or loan you're considering to ours—before you sign on the dotted line.
Call 800-396-7157, ext. 6939
Learn more about the lease/loan comparison hotline
While NCMIC does not provide legal advice, we'd be happy to compare it to our contract and point out differences in terms and fees.
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