Benefits of Leasing Your Generator
Most transactions are approved on a simple one page application within
24 hours or less so you can receive your equipment faster.
LOW DOWN PAYMENTS
Generally only two payments are required at closing.
TAX DEDUCTIBLE PAYMENTS
Most leases allow for accelerated deductions.
Payments can be tailored to match your business and cash flow needs.
Leasing makes keeping up with the latest technology more affordable.
Pay for your generator monthly as it pays for itself after the first outage.
Budgeting is simplified because payments are fixed and known.
LINE OF CREDIT PRESERVATION
No effect on bank lines of credit.
Commonly Asked Questions & Answers On Leasing Your Generator
What’s the lease process?
The one page application is completed, signed and faxed (mailed or e-mailed) to Home Power Systems (585-924-8796). Normal turnaround time for a credit decision is 24 hours (or less) depending upon bank response. In some situations, additional financial information may be required. Once an approval is granted and the terms are accepted, documents are sent via overnight courier for signature. The completed documents and advance payment check are returned via prepaid overnight courier to ROCHESTER LEASING. Once received, we issue a purchase order to Home Power Systems who is paid at time or order.
What happens at the end of the lease?
That depends on the type of lease. Some leases have a $1.00 Purchase Option or a guaranteed purchase for a specified amount (usually 10%). In either of these cases, the lessee owns the equipment at the end of the lease for a specified amount. For Fair Market Value leases, the lessee has the option of keeping the equipment by paying the appraised amount (generally 10%) or returning the equipment to the lessor. The appraised amount is often negotiable.
Is my monthly rental payment tax deductible?
Fair Market Value leases may sometimes be tax deductible allowing for the full payment to be written off as an expense. Section 179 has allowed $1.00 leases to be expensed in some cases. In all instances, we recommend that you consult with your tax advisor for advice on how to expense your lease.
Who do I turn to for warranty service?
Your local Guardian/Generac Service Dealer will provide all warranty service; the leasing company is not responsible. The warranty is handled just as if the equipment was paid for directly by the lessee.
What interest rate am I paying?
There is no interest attached to the lease, as it is a rental agreement. If you are looking at the difference between the equipment cost and the total of the monthly payments as “interest”, then this varies with the term, cost and lease type (residual structure).
When do my lease payments start?
Generally, after making your initial lease payment at closing, your next lease payment is due 30 days after the lease is funded (or when Home Power Systems is paid).
PLEASE DON’T HESITATE TO CONTACT US WITH ANY ADDITIONAL QUESTIONS YOU MAY HAVE