How we work

The equipment leasing process…

With over thirty years of leasing experience, we have developed an approach that is carefully designed to give you all the information that you need to make an informed financing decision. We will:

• Provide you with the best terms,
• Include special leasing features designed for your unique situation,
• Minimize paperwork and hassle,
• Insure quick turn-around, and
• Be available to help answer questions or address issues.

Here’s how our process works…

1. The Equipment
First, you need to find the equipment you need. Since we will be buying the equipment for you, we will need a written proposal from the vendor including vendor contacts, equipment make and model numbers, quantity, freight, installation costs, etc.

2. Application
Once you have the equipment information, give me a call. If your lease is less than $75,000, you will probably only need to complete and sign a single page Application form. If your lease is larger, some additional information will likely be required. In either case, I can help you gather and prepare the information and I will document any special circumstances that might help you get your approval as quickly as possible. Once the information is gathered, I will prepare your Application Package and submit it for review. Generally, there is no cost for this process.

3. Approval and Proposal
Usually, within 1 to 2 working days of submission, you will receive formal notice that your application has been approved. In addition, I will provide you with a No-Obligation Proposal including the costs and term of your lease. At this point, you have all the information you need to make your decision. Probably, you will find the terms and costs more than agreeable and more attractive than the competitive approaches you may be considering… and you will decide to work with us. However, if you choose not to proceed… we only hope that you will consider us again for your next purchase transaction.

In the unlikely event that your application is not approved, you and I will review the information to determine what is necessary to correct the problem.

4. Lease Agreement
Once you have decided to work with us, I will ask you to sign the lease and supporting documents. Prior to signing, I will review the lease with you, answering questions and addressing any concerns you may have. These documents will allow us to purchase your equipment and schedule delivery and installation.

5. Equipment Installation and Inspection
Usually, the equipment will be delivered to your site and installed by the vendor. Upon installation, I will ask you to sign a document verifying that the equipment arrived, was installed, and is functioning.

6. Vendor Payment
Upon verification of delivery and installation, we will pay the vendor in full, for the equipment. Occasionally, vendor’s may require pre-payment of equipment before delivery… we can usually support this requirement.

7. Lease payments
As described in your lease agreement, you will make lease payments for the term of the lease.

8. End of Lease Term
The process at the end of the lease term depends on the type of lease you have:

• Capital Lease – usually, at the end of this lease, you will acquire the equipment by paying $1.00 or some other nominal sum.
• Fair Market Value Lease – usually at the end of this lease, you will have several choices:
  • Extend and continue the lease,
  • Buy the equipment for the current Fair Market Value, or
  • Allow us to take the equipment, usually so you can upgrade to more modern or more powerful equipment.

That’s how we work…

Interested? Click here for more information or
Call for a FREE consultation…

336 552-0548 or
Mike@MLeonardCo.com