What is an ‘Easy Own’ agreement?

If after renting the equipment for 12 months (Rent–Try–Buy) you’d like to own it, but want to preserve your working capital, you can enter into an ‘Easy Own’ agreement.

This agreement allows you to work towards owning the equipment over another two or three years. 

We’ll give you a 15% or 30% discount on your weekly payments respectively. 

These payments are 100% tax deductible.*

How long is the Easy Own term?

There are two Easy Own terms: two years and three years. The term starts when you sign your Easy Own agreement. 

If, for example, you rented the equipment for one year before converting to Easy Own, it would be a total of three or four years before you owned the equipment.   

If you’d prefer not to get locked into a multi-year agreement, you can continue renting the equipment month-to-month or for another 12 months (Loyalty agreement), all the while continuing to steadily reduce the equipment’s purchase price.

If I convert from Rent–Try–Buy to Easy Own, what happens to the rental rebate?

If you convert from a Rent–Try–Buy (RTB) agreement to an Easy Own one, you’ll no longer be renting the equipment but instead working towards owning it (similar to a lease).

So, the rental rebate will no longer apply.

Instead, you’ll receive a 15% or 30% discount on your weekly payments under your two- or three-year Easy Own agreement respectively. At the end of the term, you own the equipment.

We recommend you seek your own financial, accounting, taxation or other professional advice before deciding whether to convert.

When the Easy Own agreement ends, will I automatically own the equipment?

Yes — at the end of the two- or three-year Easy Own term, you pay $1 and you own the equipment.

Can I pay out the equipment early?

Yes — Easy Own gives you the option of buying, or paying out, the equipment early — before the two- or three-year term ends. 

You’ll need to give us four weeks’ notice of your intention to pay out the equipment early.

The payout amount will be the remaining amount owing on the equipment (weekly amount x number of weeks left on the agreement).

If you’re paying out equipment on a three-year agreement, we’ll give you a 15% discount on the amount you still owe.

There is no financial advantage to paying out the equipment early on a two-year agreement, as the cost would be the same as you paying it off in smaller, more manageable amounts over the entire term.

What happens if the equipment breaks down?

If an Easy Own customer’s equipment breaks down and is out of warranty (as is likely, since most equipment has a one-year manufacturer’s warranty), they’ll be responsible for meeting any breakdown-repair costs.  

These customers can rest assured that, if their equipment breaks down unexpectedly, we can help them:

  • quickly find a repairer 
  • get you a replacement machine in as little as a day.

Can I upgrade the equipment?

No — unlike the original Rent–Try–Buy agreement (or a Loyalty agreement), Easy Own doesn’t give you the option of upgrading the equipment.

Can I return the equipment?

No — unlike the original Rent–Try–Buy agreement (or a Loyalty agreement), Easy Own doesn’t give you the option of returning the equipment. 

That’s why, before signing an Easy Own agreement, you need to be certain the equipment is right for your business.

* This advice is general in nature and does not consider your personal circumstances. Professional advice should be sought that is tailored to your personal situation.