|
General
|
- Are there any additional charges involved in a lease?
|
|
There are no additional charges involved in a lease. |
|
- Can I cancel the lease and return the vehicle?
|
|
In a word, no. The lease is a non-cancelable agreement for the full term of the lease. However, during the term of the lease should you need to upgrade or add to the vehicle, we can structure a new lease for you by paying off the existing lease and structure a new lease for the total of the payoff and the cost of any new vehicle. |
|
- How do I apply for a lease?
|
|
It's quick and easy! Simply apply on line. Most credit decisions are made within 24 hours of receipt of the credit information.
|
|
- How is leasing different from borrowing from my bank?
|
|
By borrowing from your bank or other sources of credit, you are immediately reducing your line of credit with that source and thereby eliminating the ability to draw from those sources in the future for other business needs. Also, a bank usually requires a 20% - 25% down payment and may even require additional collateral to secure the loan. Leasing provides 100% financing. |
|
- Is a down payment required?
|
|
No down payment is required. Most leases can be structured with just two advance payments on delivery. |
|
- Isn't leasing complicated?
|
|
Not at all. In fact, where a bank or conventional lender would require financial statements and mounds of paperwork, most leases can be approved up to $150,000 with just a credit application. |
|
- What about taxes and insurance?
|
|
Most states charge a sales/use tax on the monthly lease payment amount. This amount will be added to your monthly invoice of the lease payment. In addition, the county charges a personal property tax on the vehicle. All taxes and insurance are the responsibility of the lessee. |
|
- What happens to the vehicle at the end of the lease?
|
|
Depending on the lease structure you choose, you will have the option to either return the vehicle, continue the lease at a reduced monthly rate, or purchase the vehicle for either the fair market value or the amount of the purchase option you negotiated at the inception of the lease. |
|
- What is the interest rate?
|
|
A lease is an agreement to pay for the use of specialty vehicles for a specified period of time. We are not loaning you money; we are purchasing vehicles for your use. Therefore, there is no interest rate in the usual sense of the word. A good analogy is the lease where your business is located. Your lease was negotiated for a specific time period and rent amount. What is the interest rate on your office lease? None! |
|
- Who is responsible for the maintenance of the vehicle?
|
|
As the lessee you are responsible to maintain the vehicle in good working order and you receive the benefits of all "buyer" warranties. |
|
|
|
