If an employee leaves and there's financed hardware associated with them, you have two options: reassign the device to another employee or prematurely terminate the financial agreement.
Below, we outline two scenarios and recommended actions for handling such cases. These suggestions serve as examples, allowing you to devise a process that best suits your company.
Terminate device without budget overage
If the device remains within the employee's budget, you can reassign the product to another employee without impacting either the employee or the financial agreement. If your company allows for device buyouts and the departing employee wishes to purchase the device, terminating the contract prematurely is necessary, as a financing contract cannot be held by an individual. Consult your hardware supplier and leasing provider for precise cost estimates.
If you want to terminate the contract prematurely, a "break fee" arises for early termination and a debt for the remaining rental period. This cost should reasonably be paid by the company as the equipment, based on budget, can be considered essential for the employee to be able to perform their job and should therefore not be charged to the employee who quits.
Terminate product with budget overage
In the case where a product exceeds the users budget and the user has paid the overage amount with the chosen company budget overage setting it's the company's responsibility to establish policies and manage such scenarios.