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What is a secondary rental? I thought I owned this equipment once the original period of the agreement had finished and when all rentals had been paid?

April 26, 2017Agreement equipment finished original period rental rentals Secondary

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What is a secondary rental? I thought I owned this equipment once the original period of the agreement had finished and when all rentals had been paid?

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This is a lease agreement and therefore ownership cannot pass to you. If you wish to continue to use the equipment you must pay the secondary rental. However, if you no longer require the asset(s), you may sell it to a third party. Please contact us directly for more details on finalising the agreement.