Questions
Frequently Asked by Small Businesses
How can leasing save my business money?
Leasing lowers your total cost of ownership. You
pay for the equipment only over the term of the lease, NOT over
the full life of the equipment. Since lease terms are usually
matched with maintenance contracts, you can avoid being stuck
with equipment that needs to be repaired or upgraded. Leasing
offers fixed, low monthly payments. This allows you to preserve
your lines of credit and maintain your cash reserves. No security
deposit; no payments for 30 days.
How do I qualify for a lease at
ABC Company?
In most cases, we only require the following information to process
our lease application:
- Legal
Company Name
-
Address
- Phone
Number and Fax Number
- Number
of Years in business
Should
your company meet our credit standards, we can proceed with your
lease. In some cases, this preliminary application will not provide
us with sufficient information to make a credit decision. In those
cases, the following information is required:
- Name
of Owner
-
Principal and/or Primary Shareholder of the company
- Social
Security Number of the above person
-
Home address and phone number of the above person
How
much will my lease payment be?
The purchase option that you choose and the total cost of the
equipment that you are going to lease will affect how much your
lease payments will be. You can get and ESTIMATE of your monthly
payment, before applicable taxes and fees, from our lease
calculator. For an exact leasing quote, please contact one
of our leasing representatives at 888-457-6700.
When
do my lease payments start?
Your payments start 30 days after you receive your equipment.
Be sure to ask us about our deferred
payment and no down payment plans! These plans help you begin
earning revenue before you start to make your lease payments.
Are
there tax benefits associated with leasing?
In many cases, lease payments are tax
deductible. To see if you qualify, contact your tax advisor.
Do
I have to provide insurance for the equipment I lease?
Yes, insurance is a requirement on all leased equipment. You should
arrange for insurance in the same way that you would if you owned
the equipment.
What
is the interest rate on my lease?
Like leasing an apartment or office space, there is no interest
rate on an equipment lease. Your monthly payment is determined
by a lease factor. The lease factor is multiplied by your equipment
cost to determine your monthly payment.
What
is Fair Market Value (FMV)?
FMV, as it applies to the purchase option in a lease, is the dollar
amount that your equipment can be sold for on the market at the
end of your lease. Because market conditions change over time,
this dollar amount is unpredictable today.
FMV is usually chosen as a purchase option by those businesses
that want the lowest monthly payment possible and are fairly certain
that they will return the equipment and upgrade at the end of
the lease.
ASK
ABOUT OUR NEW TECHNOLOGY UPGRADE LEASE! You may qualify to acquire
more equipment throughout the lease and your monthly payment never
increases! Now this has value Ð Contact your TEAM Leasing
representative for more details.
When
do I have to provide Financial Statements?
Financial Statements are only required in a few circumstances.
When the amount that you are leasng is over $75K. When there is
insufficient information about your financial strength on a credit
report. To qualify for a Master Lease.
Can
I move leased equipment from one location to another?
Yes, in many cases the leased equipment can be moved. Since TEAM
is the owner of the equipment, we must be notified and approve
of its new location in advance. Also, keep in mind that certain
Federal laws restrict the movement of leased property outside
of the USA.
Can
I lease a portion of my ABC order?
YES, leases can be arranged for full orders, partial orders, or
you may add on equipment ordered from other non-competing companies.
TURNKEY SYSTEMS may be leased to include hardware, software, maintenance,
shipping and installations.
Are
there restrictions on what I can lease through TEAM?
You can lease any product made by ABC Company, as well as service
contracts and peripherals. Before your lease terms are finalized,
please ensure that you have also finalized your order.
When
can I expect to receive my ABC Company equipment?
Once TEAM Leasing receives your complete set of signed lease documents
via fax or mail, your order is place to ABC Company. Once your
order is complete, it is delivered to you under the terms you
discussed with your ABC Company representative.
How
do I return the equipment at the end of my lease?
If you are not going to purchase the equipment at the end of your
lease, it is your responsibility to return it.
Can
I terminate my lease early?
A lease is a non-cancelable contract. If you choose to terminate
the contract early, you are responsible for the remaining stream
of payments on your contract as well as other fees and expenses
that may be incurred by TEAM Equipment Leasing. Thus, there are
no economical advantages to this course of action. If you think
that you may want to terminate your contract early, you would
be wise to choose the shortest lease term possible, or purchase
your system outright today.
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