Q. I shopped around and found a lease company with a lower monthly payment. Before I sign on the dotted line, is there anything else I should consider?
A. Absolutely. The monthly payment is only a small part of your financing arrangement. When you work with Edison Capital Leasing LLC, we’ll make sure you’re getting our best rate without unfavorable hidden terms. Let Edison Capital Leasing LLC review your contract before you sign. We'll look for fees such as security deposits, documentation fees and termination fees, requiring advance payments and prepayment penalties. Always inspect the end of lease terms and beware of 'Evergreen' clauses.
Q. Do you charge a security deposit?
A. It depends on the options offered by underwriting. Security deposits are ALWAYS 100% refundable at the end of the lease and are just one of several funding options available through our approval process.
Q. What if I want to pay off my lease early?
A. Leases are binding contracts and cannot by definition be paid off early. If you want to pay off your equipment before the end of the contract ask to apply for an Equipment Financing Agreement or EFA, not a lease. 99% of the time EFA's can be paid off without accellerated interest.
Q. What happens at the end of my lease?
A. We will notify you of your end-of-term options at least 60 days before your lease expires. There will be the option of keeping the older equipment, or upgrading to a new state of the art unit and extending the lease..
Q. How can I determine what type of lease or loan is best for me?
A. Call 801-548-3197, and talk to one of our Lease and Loan Consultants. Qualified experts will explain your options and help you determine the best lease program solution for your company.
Q. How do I request a financing application?
A.Just go to www.edisoncapitalleasing.com. and go to the ' Lease Application' page (for corporate leases only at this time). You can quickly request financing via our convenient online form. If you’re purchasing a larger piece of equipment, in addition to if you want more personalized service, just call our Lease and Loan Hotline at 801-548-3197 and we will enter the lease application over the phone.
Q. How is my privacy protected?
A. Edison Capital Leasing LLC uses cutting edge security with 256-bit encryption, as well as other precautions to protect any information you submit to us through our website.
Q. Can anyone from my business or practice request financing on my behalf?
A. Yes, although all of your company's shareholders are required to sign the actual lease agreement.
Q. Is there a limit on the number of leases I can hold for other equipment?
A. No. As a matter of fact, the process becomes even faster with each lease you take out. With Edison Capital Leasing LLC's simplified 'Application Only' Lease Request, there’s very little paperwork – any future leases you take out will call for even less documentation. However, please be aware that Full Financial Packages will always earn lower payment rates because the bank's risk is less than with 'App Only' transactions. We will present BOTH options to you so you can compare rates.
Q. What happens after I’m approved?
A. An Edison Capital Leasing LLC Lease and Loan Consultant, who is assigned to personally oversee all aspects of your account, will call you within an hour of approval to go over terms and conditions of your lease.
Q. What if I already took delivery of the equipment?
A. That’s fine because in true leases taking delivery of equipment doesn’t, in itself, constitute ownership. Actually paying for the equipment in full is considered ownership and only then does title transfer to you. And, depending upon the time that has passed since you paid for the equipment, you may still be able to lease it.
Q. What if I have already purchased the equipment?
A. You can still lease equipment you’ve already paid for if it’s been less than 120 days since you bought it. This type of lease is called a "sale lease-back."
Q. How soon is the equipment paid for?
A. One of our Edison Capital Leasing LLC Lease and Loan Consultants will call you to confirm that the equipment has been delivered and is working properly. Once this is determined, we’ll issue a check to the equipment vendor (supplier) right away.
Please note: Leases and loans are offered through Edison Capital Leasing LLC are subject to credit approval. Please consult your attorney or financial adviser for specific legal advice before entering into any type of financing arrangement.