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If I purchase the equipment, am I then absolved of all responsibilities and commitments to this lessor?

Yes. Lessors only issue Return Authorizations once you have met the initial financial obligations of your lease. The only obligation left is the return of the equipment. By purchasing the equipment, the return is no longer necessary, because this transaction shifts ownership from the lessor to you. The Bill of Sale you will receive will state that the Seller (lessor) transfers “right, title and interest” (ownership) to the Buyer (you) “free and clear of all liens and encumbrances Seller may have.” Which means this completely satisfies your obligations under the lease.

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