FAQ
Always feel free to refer any question or client to your Funding Department (AKA FleetPro Capital Services)!!
Who can lease?
Any company, organization or association. At present we do not lease equipment to an individual for personal use.
Exactly what has to happen before I receive the equipment? We review the credit information supplied on your application. A leasing consultant reviews the process and documents with you. Documents are prepared. You read carefully, sign, date and return documents. The equipment is delivered.
How is the monthly payment calculated?
Monthly payment is determined by a Lease Rate Factor: a periodic rental payment to a lessor for the use of assets. Lease rate factor X equipment cost = your monthly payment.
When does the lease start?
When you have verbally acknowledged that the equipment you ordered has been received and is in good working order.
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. Which option is best for you?
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.
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 elements of our lease application: length of time in business, references from bank and trades, and D&B and credit bureau ratings.
Can equipment be purchased at the end of the lease?
Yes. Lessee can choose to continuing to lease, purchasing the equipment, or returning equipment to the Leasing Company.
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.
What about insurance?
To protect both the Leasing Company and Lessee, insurance is required on all leased equipment.
How does Lessee account for the lease?
The options you choose up-front may have tax and accounting implications. Talk to our leasing experts and your accountant to determine the best option(s) for you.
What effect does leasing have on Lessee's bank line of credit?
With a lease no money is borrowed. Your bank line is unaffected.
How will I be billed?
You may have the payment setup to automatically debit your bank account or your will receive an invoice.
How much do I have to pay up-front?
A typical lease would require first and last payments in advance. Other options are available upon request. Credit quality will typically determine up-front requirements. Call us @ 888.899.7527.
Who can lease?
Any company, organization or association. At present we do not lease equipment to an individual for personal use.
Exactly what has to happen before I receive the equipment? We review the credit information supplied on your application. A leasing consultant reviews the process and documents with you. Documents are prepared. You read carefully, sign, date and return documents. The equipment is delivered.
How is the monthly payment calculated?
Monthly payment is determined by a Lease Rate Factor: a periodic rental payment to a lessor for the use of assets. Lease rate factor X equipment cost = your monthly payment.
When does the lease start?
When you have verbally acknowledged that the equipment you ordered has been received and is in good working order.
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. Which option is best for you?
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.
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 elements of our lease application: length of time in business, references from bank and trades, and D&B and credit bureau ratings.
Can equipment be purchased at the end of the lease?
Yes. Lessee can choose to continuing to lease, purchasing the equipment, or returning equipment to the Leasing Company.
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.
What about insurance?
To protect both the Leasing Company and Lessee, insurance is required on all leased equipment.
How does Lessee account for the lease?
The options you choose up-front may have tax and accounting implications. Talk to our leasing experts and your accountant to determine the best option(s) for you.
What effect does leasing have on Lessee's bank line of credit?
With a lease no money is borrowed. Your bank line is unaffected.
How will I be billed?
You may have the payment setup to automatically debit your bank account or your will receive an invoice.
How much do I have to pay up-front?
A typical lease would require first and last payments in advance. Other options are available upon request. Credit quality will typically determine up-front requirements. Call us @ 888.899.7527.
