This guide is for office managers, controllers and CFOs whose copier or multifunction printer was leased through CIT, or is now billed by First Citizens Bank Equipment Finance, and whose term is ending. Many people still search for “CIT” because that name is on their original paperwork. We explain where those accounts sit today and what to check before the end date.
We built it from First Citizens’ own pages, its merger announcement filed with the SEC, and equipment finance trade news. Your signed agreement is the final word, so we also show you which clauses to read.
Who CIT is now
CIT merged into First Citizens. First Citizens BancShares announced on January 4, 2022 that it had completed its merger with CIT Group. The combined company operates under the First Citizens Bank name. At the time, CIT, CIT Bank and OneWest Bank were to operate at first as divisions of First Citizens Bank, with conversions to First Citizens systems over the following months. That release listed equipment and vendor financing among the combined bank’s services.
The equipment finance business was renamed. In February 2023, First Citizens rebranded its equipment finance unit, formerly known as CIT Business Capital, as First Citizens Bank Equipment Finance.
What “CIT” means today. The CIT Bank website now presents CIT Bank as a division of First Citizens Bank offering savings accounts, CDs and home loans. For an equipment lease, the place to go is First Citizens, not the CIT Bank deposit site. The CIT name does still appear for one commercial service: First Citizens’ equipment finance portal has a separate path for customers paying CIT Commercial Services, which it notes may also be called factoring. That is not a copier lease.
What it finances. First Citizens says it offers leasing and financing for copiers, printers, scanners, fax machines, computers and phones, and that it builds programs for office equipment manufacturers, distributors, dealers and resellers. Those programs include capital and operating leases, refresh programs, cost-per or variable billing and vendor private-label programs. Because of private-label programs, the program name on your paperwork may not say First Citizens. Check which lessor your agreement names.
How lease end usually works with First Citizens
First Citizens offers several options at the end of the term. Notice windows, renewal length and return steps are set in your own agreement, and First Citizens can confirm them for your account. Contacting First Citizens through its Equipment Finance Customer Portal early is the easiest way to confirm your options.
First Citizens publishes how its main structures work at the end of the term. Start by finding out which one you have.
Step one: is it a lease or a finance agreement?
First Citizens describes three structures on its vendor program pages: an equipment finance agreement (EFA), a lease with a $1 residual, and a lease with a fair market value residual. With an EFA, First Citizens says you own the equipment from the start and there is no end-of-transaction buyout. If your paperwork is an EFA, there is no lease-end return or buyout step.
Where to look: the title at the top of page one of your agreement, and the purchase option or residual box.
Fair market value leases
First Citizens says its FMV leases give month-to-month use with the option to return, purchase or renew at the end of the term. In its FAQ, it adds that at the end of an FMV lease you can buy the equipment at market value, renew the lease, often at equal or lower payments, or return it. When you request a buyout quote, First Citizens can explain what the figure is based on.
$1 purchase option leases
First Citizens describes these as leases whose term ends with the option to buy the equipment for $1. If you have this type, plan for the final payment and confirm in writing how ownership passes to you.
Notice and renewal
First Citizens lists renewal as one of the end-of-term options. If no option is chosen, the agreement continues on a month-to-month (or renewal) basis until you choose an option. Where to look: a clause titled “Term,” “Renewal,” “End of Term” or “Notice.” Note the number of days and where to send notice.
Returning the equipment
Your agreement’s return clause describes where the equipment goes and how it should be prepared. First Citizens can provide written return instructions before you schedule pickup.
Invoice items
Depending on your agreement, invoices can include items like property tax or insurance. First Citizens’ customer portal or customer service can explain each line.
Protect your data before any return
Most modern copiers store images of the documents they scan, copy and print. This applies no matter which company holds your lease. Before any machine leaves your office:
- Plan hard drive wiping or removal with your dealer or IT team.
- Ask for confirmation in writing once the work is done.
- Follow the Federal Trade Commission’s copier data security guidance, including its advice to have a skilled technician handle drive removal or overwriting.
Your 120-90-60 day checklist
- 120 days out: Find your signed agreement. Note the lessor named, agreement number, end date, structure (EFA, $1 lease or FMV lease) and any notice clause.
- 120 days out: Sign in to the First Citizens Equipment Finance Customer Portal, which First Citizens says shows contract details and accepts payments. Confirm the end date and equipment list.
- 100 to 90 days out: Decide whether you will buy, return, renew or upgrade. Count back from the end date using the notice days in your agreement.
- 90 days out: Send written notice the way your agreement describes. Keep a copy and proof of delivery.
- 90 to 60 days out: Request a written buyout figure or return instructions.
- 60 days out: Schedule data clearing with your dealer or IT team. Ask for written confirmation.
- 60 to 30 days out: If returning, arrange packing and pickup as instructed. Record meter readings and photograph the machine.
- After pickup: Keep tracking records and First Citizens’ written confirmation that it received the equipment and closed the account.
Upgrading instead of returning
First Citizens lists refresh programs among its office equipment options, and some businesses choose to replace their copier at lease end. If you are considering that, a partner dealer can review your options, including how your current agreement would be closed out. Confirm in writing what happens to the old lease and equipment, and keep your current notice date in mind.
Frequently asked questions
My copier lease says CIT. Who do I contact now?
CIT merged into First Citizens Bank in 2022, and its equipment finance unit has been called First Citizens Bank Equipment Finance since February 2023. Use the First Citizens Equipment Finance Customer Portal or the equipment finance lines on First Citizens’ commercial contact page.
Is CIT Bank the same as my copier leasing company?
Not in the way most people mean. CIT Bank today presents itself as a division of First Citizens Bank offering savings accounts, CDs and home loans. Equipment lease servicing runs through First Citizens Bank Equipment Finance.
First Citizens lists two equipment finance phone lines. Which one is mine?
First Citizens’ commercial contact page lists a general Equipment Finance line and a separate Equipment Finance and Leasing line for customers who opened their lease through a First Citizens relationship banker. If a dealer arranged your copier lease, start with the general line or the portal.
Do I have to return the copier at the end?
Only if you have a lease and choose to return it. With an FMV lease, First Citizens says you can buy, renew or return. With an EFA, First Citizens says you own the equipment from the start, so there is no return.
How do I make payments or see my contract online?
First Citizens says its Equipment Finance Customer Portal lets you view contract details and make payments online. New users activate through a link in an activation email.
Let us help you check your lease
Before your notice date passes, run your details through our free Lease End Check at https://1800officesolutions.com/lease-end-check/ to see your dates and options in one place. If you would like to compare replacement equipment, request a commercial copier lease quote at https://1800officesolutions.com/commercial-copier-lease-quote/ and a partner dealer will review your options with you.
For account questions, use the First Citizens Equipment Finance Customer Portal (https://www.firstcitizens.com/hosted/equipment-finance-customer-portal) or the commercial contact page (https://www.firstcitizens.com/support/call-us/commercial).
1-800 Office Solutions is not affiliated with CIT or First Citizens Bank. This guide is general information, not legal advice. Your lease agreement controls.