Thread: locked into an expensive lease: can i get out?

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  1. #1 locked into an expensive lease: can i get out? 
    Regards to all you REDUSER users.

    I am writing to ask for advice to a problem i got myself into. Despite the advice of everyone around me I invested in a ARRI ALEXA MINI. My thinking was the camera was so popular that I would be able to pay it with side rentals, or perhaps cosigning it to rental house. Unfortunately after five months I am struggling to make the monthly payments on it, and I am barely on year one of my four year lease. My question to your wise gentlemen(women) if I have a way out of this lease? I have been reviewing the paper work and I dont see any language in which there is an exit option. Any words of advice would be much appreciated.

    Regards

    Gerad
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  2. #2  
    Senior Member Wil Wong's Avatar
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    Like a car, you might be able to find someone willing to take over the lease or buy it outright from the company. Just a thought.
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  3. #3  
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    what's the monthly payment? it's a lease so you dont own it at the end?
    you should be able to get someone to take it over if it's reasonable, but obviously their credit has to be checked out. Im not sure why you are not asking the place you leased from though.
    advice, nothing rents itself. you have to market your product, even if that costs money. or get it into the hands of a rental house that will split the profits with you. that's what most people do.
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    Senior Member Domenic Barbero's Avatar
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    if youre in the states, you can park it at my rental house in seattle :)
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  5. #5  
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    You might post a message looking for a business partner to rent out the camera, or to take over the lease, over on the Arri Alexa user group:

    https://forum.arri.com/
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  7. #7  
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    Hi Gerad!

    Like a car, you might be able to find someone willing to take over the lease or buy it outright from the company. Just a thought.

    best regards,

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  8. #8  
    Digital FX Greg M's Avatar
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    Leases, unlike loans typically don't offer a principal payment buyout. In other words they have a pre-payment penalty. Loans typically waive this and allow you to buyout the loan for the remaining principal owed.

    Normally the only way out is to payoff the remaining notes in advance. Interest is calculated on the front end, so you will have to pay the full amount.

    The other option is to find someone to takeover, although lease companies typically don't like or support this, so unless the new buyer has substantially higher credit...the chances are unlikely. Add this to the fact that you probably owe more than you can sell outright for which means you are upside down. Finding someone willing to pay more than what they can buy new for just isn't going to happen.

    The final option is to default. So your best bet is to find new clients asap.
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    Senior Member Jeffery Anderson's Avatar
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    you are probably behind the trend as Alexa anything(beside the Large Format) isn't 4k and feature films all want to shoot in 4k+ to insure future proofing the movie

    A rental house like Domenic mentioned, might take it, but they might have also bought one of the lots that are being sold right now used.

    Probably the best person to comment would be a Rental House, not a bunch of cinematographers that shoot Red Cinema Cameras
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  10. #10  
    Discuss it with the leasing company. Nothing is set in stone. If they fear you will default then they might be willing to negotiate about a lower monthly cost. Or at least check what your options are, if you can get out of the leasing by finding someone willing to take your place.

    What the total would be to become the owner of the camera.

    Or, opposite. What the total would be to just get out of the leasing and let them keep the camera. Sometimes it's better to bite the bullet.

    If I may ask, how much would you want to rent it for on a monthly basis?
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