FAQ

Who can lease?
Any company, organization or association. Currently we do not lease equipment to individuals for personal use.

What kinds of equipment can be leased?
Most kinds of equipment from manufacturing, construction to hi- tech including software.

What is required to qualify for a lease?
A simple, one-page application is usually all that's needed. Financial information will be required for leases over $75,000.

When does the lease start?
When you have verbally acknowledged that the equipment you ordered has been received and is in good working order.

How long for an approval?
Approvals are usually accomplished within 2 hours, depending on the size of the transaction and if all submitted information is correct and complete.

What is the minimum dollar value that can be leased?
The minimum required is $1,000.

Can service fees be added?
Yes. Installation and service fees, as well as the first year maintenance contract, can be included in the lease.

What about adding software?
Yes. Software and other soft costs can be added to the lease. Software only leases are available at special rates.

What are my options at end of lease?
Lessee has an option of continuing to lease, purchasing the equipment, or returning it to the Leasing Company. Should you choose to purchase the equipment, the purchase price is determined by the Fair Market Value (FMV) of the used equipment. Another option is the $1.00 Buy Out - at end of lease, you pay just $1.00 to purchase the equipment.

What if the equipment I receive has problems?
You will be contacted when your shipment arrives to ensure you receive exactly what you ordered. After your initial receipt of the equipment, your vendor will troubleshoot problems or replace equipment as defined in your warranty. Lessee receives benefits of all "buyer" warranties and is responsible for maintenance.

Who owns leased equipment?
The Leasing Company, as lessor, is the owner of leased equipment until you choose to purchase the equipment at end of lease.

May I end my lease early?
If you choose to end the lease early, you may. It is a rare situation that would make terminating a lease during its term an advisable option but there is no penalty for early payment. We attempt to maximize your options with equipment upgrade programs. We pride ourselves on our ability to offer solutions that meet your needs.

If my company is new, can I still lease?
Yes, pending credit approval. A security deposit may be required.

What factors are used to determine credit worthiness?
The length of time in business, references from bank and trades, and D&B and credit bureau ratings.

What about sales/use tax?
Your company is responsible for any and all sales/use taxes.

Who services/maintains equipment?
Lessee. Lessee receives the benefit of "buyer" warranties.

Who insures the equipment?
The End-User Lessee is responsible for insuring the equipment against risk of loss including property and casualty coverage and liability. Lessees typically just add the equipment to their existing policy.

What are the tax advantages of leasing?
In some instances you can write off the monthly lease payment as an operating expense, depending the structure of the lease. In other instances, you can take the equipment depreciation expense. Because everyone handles their tax preparation differently, you're encouraged to speak with your accountant regarding the specific benefits for your business.

What effect does leasing have on Lessee's bank line of credit?
With a lease no money is borrowed. Your bank line is unaffected.