FAQ’s

General Frequently Asked Questions

Q. Why lease – why not just borrow the money?
If you borrow money to buy and own equipment, you are using up available credit, which, if used for other purposes, has the ability to earn a return much higher than the cost of the lease payments. Leasing offers a new source of credit with the added benefit of being able to “expense” the payments in most instances.

Q. Who can lease?
Any company, association, non-profit organization, or individual that is using the equipment for a business or commercial use.

Q. What are the up-front costs for a lease?
Usually, just the first and last monthly lease payment. Unlike a down payment for a purchase, these payments are smaller and are applied to your total lease payments. In addition, a nominal documentation and filing fee is required for processing the lease documents.

Q. What is the typical lease process?
You fill out a simple, one-page credit application. In certain instances, other financial information may be required such as tax returns or financial statements. The supplied credit information is reviewed and upon approval, the lease documents are prepared and sent to you for signing. A purchase order is then issued to your equipment vendor. Upon delivery of the equipment and acceptance by you, the equipment is paid for and the lease commences.

Q. We’ve moved! How do we update our address with Assured Lease?
Very simple. You can:

  1. Fax your request for an address change to us along with your name, the name that the lease is under and the Contract Number (if available) to 604-536-9400
  2. You can email us at customerservice@assuredlease.com
  3. You can call Customer Service atĀ  604-536-5654

More FAQ’s

Q. I have changed banks. What do I do about my pre-authorized payments (PAP)?
Fax a void copy of a cheque from your new bank account along with your name, the name that the lease is under and the Contract Number (if available) to 604-536-9400. Also, please indicate when the new account is effective. If you have multiple contracts with Assured Lease, please confirm if this PAP change is for a specific Contract or all Contracts.

Q. My monthly payment has changed. Why did this happen?
There are a few possibilities of why this has occurred.

  1. You didn’t provide us Insurance Confirmation on the equipment and the Lessor has auto-enrolled you onto their internal insurance program in accordance with the Lease Agreement.
  2. Your Lease Agreement was subject to “floating rates”. As the prime rate adjusts (up or down) your monthly payments will be adjusted automatically.
  3. Your Lease Agreement had variable payments (seasonal payments or step payments). If you need a copy of your Lease Agreement, please contact our Customer Service department at 604-536-5654 or you may email us at customerservice@assuredlease.com

Q. My lease payment wasn’t honored by our Bank. How can we pay the Balance?
Numerous options are available to you to catch up your arrears. Please contact your Account Manager or contact our Customer Service department at 604-536-5654.

Q. Can I change the day of the month my payments come out?
Possibly, however it depends on the underwriter. Please contact our Customer Service department at 604-536-5654 or by email at customerservice@assuredlease.com so we can advise you of your options.

Q. What about insurance?
For your protection, it is required that the equipment be insured. You simply instruct your own insurance agent to send a certificate of insurance to us at no additional cost to you or in some cases we can add it for you at a simple monthly cost.

Q. I have received a letter requesting proof of insurance for the equipment I lease. What do I have to do?
You have 2 options:

  1. If you do have insurance coverage on the leased equipment, please provide us with a copy of your insurance policy, naming the Lessor as Loss Payee as per the letter you received. Alternatively, we can send you a Proof of Insurance form for your insurance broker to fill out. Once it is completed, you can fax the form to 604-536-9400.
  2. If you do not have insurance coverage, we will provide insurance coverage, in which case the cost will be passed on to you through your lease payments.

Q. I have leased a Titled/Serialized piece of equipment which requires a Power of Attorney to renew the insurance and registration. How do I obtain this document?
Please contact our customer service department at 604-536-5654. We will have one prepared and sent either to you or your insurance broker.

Q. Who owns the equipment?
The Lessor owns the equipment; the equipment is on lease to you.

Q. Who services or maintains the equipment?
As a lessee you are responsible for the care and maintenance of the equipment.

Q. Do I benefit from any warranties placed on the equipment?
Yes, all vendor warranties are passed on to you, the Lessee.

Q. Can I sell the equipment?
No, the equipment belongs to the Lessor and you are unable to sell the equipment. The only way you would be allowed to sell the equipment is if you bought out your lease or had the consent of the Lessor.

Q. Can I move the equipment from one location to another?
Yes so long as the equipment remains within Canada. Simply contact Customer Service and notify us of the new location. You must, however, notify us BEFORE the equipment is moved as the Lessor is the legal owner of the equipment. Tax adjustments may be required depending on which Province the equipment is being moved to.

Q. Our equipment was (or is going to be) replaced by the supplier / manufacturer. What happens now?
The Lessor needs to be aware of any changes to the equipment, including but not limited to serial number changes, make and model. Further the supplier / manufacturer will have to provide us with an invoice or other satisfactory documents to change the equipment. Please contact our Customer Service department at 604-536-5654.

Q. We are mid-term in our lease and we would like to upgrade our equipment. Can this be done?
Yes! Trade-Ups are one the large benefits of leasing. You can trade-up anytime. Contact your Account Manager or Customer Service at 604-536-5654 or by email at customerservice@assuredlease.com

Q. Our Equipment was Stolen, Lost or Damaged.
Please contact our Customer Service department as soon as possible at 604-536-5654 or by email at customerservice@assuredlease.com

Q. I need to get a copy of our Lease Agreement.
Not a problem. We sent a copy of the Lease Agreements, in the initial welcome letter. If you can’t locate that copy we can fax, mail or email a copy to you right away. Please contact our Customer Service department at 604-536-5654 or by email at customerservice@assuredlease.com

Q. Can I cancel the lease?
The lease is non-cancelable.Ā  You may, however, arrange for prepayment of the lease or upgrade to a more sophisticated piece of equipment.

Q. Can I assign my Lease to another Party?
Yes, you can assign the Lease to another party subject to Assured Lease’s consent of the assignment AND subject to credit approval of the new Lessee. There is a $500.00 fee to process the assignment paperwork.

Q. Can I add additional equipment to my lease?
While additional equipment cannot be added to an existing lease, a new lease can be set-up to co-terminate with your existing one. Payments for each lease are made separately.

Q. What taxes am I being charged?
Lease payments are subject to both Provincial Sales Tax (PST), and Goods and Services Tax (GST) or HST. Taxes are based on the equipment location by Province. In the event that you or your business is tax exempt, please provide us with the appropriate documentation, and we will adjust your lease payment accordingly.

Q. I would like to get a buyout letter. How can I get a buyout Letter?
You can either:

  1. Fax your request for a Buyout Letter to us along with your name, the name that the lease is under and the Contract Number (if available) to 604-536-9400.
  2. You can email us at customerservice@assuredlease.com
  3. You can call Customer Service atĀ  604-536-5654

Q. Is there a fee to obtain a Buyout Letter?
Assured Lease will prepare a Buyout Letter for you every 6 months (upon request). Should you require additional Buyout Letters, there is a nominal $95.00 charge to cover the administrative costs.

Q. What are my options after the end of my lease term?
You have four options:

  1. Purchase the equipment at its current fair market value or your stated purchase option.
  2. Continue to lease at the original lease rate.
  3. Return the Equipment
  4. Trade up the equipment for new equipment (On approved credit)

Q. What is the “fair market value (FMV)” for a purchase option?
Fair market value is the price that the equipment could be sold in today’s market conditions.

Q. What is an early option?
Some leases include an “Early Purchase Option”, which allows you, the lessee to buy out your equipment for a set amount prior to the end of your lease. If applicable, the early option will be specified on your Lease Contract.

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Q. Will I be notified when my lease is at expiry?
On a best efforts basis, Assured Lease will send you a letter with your options approximately 60 days before the expiry of the lease. In addition, if you have an Early Purchase Option on your Lease, we will notify you of this option approximately 60 days before the Early Purchase Option. Please remember to keep us up to date with any phone number and address changes so we can reach you at the End of Term.