What types of equipment can I lease? From
whom is it ordered?
We can finance almost any capital
equipment. You choose your own equipment vendor and when you have decided on the
equipment, we will finance 100% of the asset.
How long does it take to be
approved? When do payments begin?
Your simple lease application will usually be approved
within 24 hours. After the lease is signed, a purchase order for the exact
equipment that you have selected is issued. Upon verified delivery and
acceptance of your equipment, the invoice is paid and your lease
begins.
Are there application fees?
No, unlike many lending institutions,
there is no application fee. We require a documentation fee, only when the
transaction has been approved and you have requested lease
documents.
What are the options at the end of the
lease?
The Lessee
may purchase the equipment for its purchase option amount, continue to lease, or
return the equipment with no further obligation; this is determined before the
lease begins.
What purchase options are available? Which is my best
choice?
We offer
purchase options to meet your needs: a $1.00 purchase option (which is treated
as a purchase); a fixed percentage option (our most popular is 10%) or Fair
Market Value option. The best option for you can be determined after a brief
conversation.
What about equipment obsolescence? Can I upgrade or
add-on?
Upgrading
and adding-on equipment are everyday occurrences on leases. Your original lease
can be amended, or a new lease can be structured at the time of the new
acquisition. We want a long-term relationship that satisfies all of your
needs.
What is the interest rate on a
lease?
The
amounts charged on an equipment lease are calculated using monthly "lease
rates", rather than by using a compound interest rate method that is normally
associated with conventional loans. Lease rates are based on the term of the
lease, the lessee's credit standing (both business and personal), and the type
of equipment being leased. The stronger and more established your business, the
lower your payment should be.
May the equipment be returned
at anytime?
No,
the lease is a non-cancelable agreement for a specified term that you select at
the beginning of the lease. Leases are available for terms ranging from 24 to 60
months (depending on equipment type), and the equipment can be upgraded or more
equipment can be added.
Who is responsible for taxes?
Because we offer a "net" lease, the end
user/lessee is responsible for all taxes. We are required by law to collect all
applicable sales and use taxes and remit them to each
state.
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.
Who provides warranty coverage on the
equipment?
Infinity Leasing passes through all manufacturer warranty
coverage to the lessee. Warranty claims are processed for the lessee in the same
way they would be if the lessee were the owner of the
equipment.
May non-equipment items such as software and maintenance
be included?
Yes.
One of the many benefits of leasing includes the ability to "bundle" a number of
equipment items into a lease including software, service and support costs. This
way, a lessee can make one simple monthly payment for an entire system or
equipment line. There are some restrictions on the amount of software and
maintenance that may be included in certain leases.