7 Reasons to Lease Your Next Used or New Phone System

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7 Reasons to Lease Your Next Used or New Phone System

22 February 2007

7 Reasons to Lease Your Next Business Phone System, New Phone System or Used Phone System
By: Mark Allen

  • Conserves Capital: Leasing conserves valuable company working capital and preserves your bank credit lines.
  • Offers a Convenient Application: Provides Quicker Approval with Fewer Hassles.
  • Preserves Bank Credit Lines: Leasing lets you put your equipment to use immediately to generate revenues – with minimum budgetary impact.
  • Cost: Lease financing is generally more expensive than bank financing, but in most instances it’s more easily obtained.
  • Gives Flexible Payment Options: Leasing permits 100% financing with no down payment, so you get the equipment you need without a major cash outlay. With leasing, you can arrange long, flexible terms with low monthly payments.
  • Allows for Easy Upgrades and Add-Ons: What if your business is growing and you need to add phone equipment. In most instances, the leasing company will allow you to add this equipment to your existing lease
  • Lease payments are fixed, not adjustable: You don’t have to worry about floating interest

    Frequently asked questions:

    Is leasing of new and/or a used phone systems appropriate? Any business at any stage of development leasing is always an alternative. For start-up businesses with no revenues, small ticket leases as in phone systems, those of $100,000 or less, are feasible on the personal credit of the founders or owners.

    Is there a supply leasing funds for used phone systems and new phone systems? Abundant. Of the billions of dollars individual and institutional investors pour into the capital markets each month, a good hunk finds its way to leasing companies that use these funds to purchase equipment on behalf of small businesses. With more and more money flowing into the markets, leasing companies are flush with capital. As a result, they are eager to do business and respond to competition with lower monthly rates.

    Can other costs be included in lease of business phone system? Leasing can also finance the soft costs often associated with equipment purchases, such as installation and training services.

    How hard is it to obtain lease financing for a used phone system? Easy for leases of less than $100,000. An application for a small-ticket lease is generally no more complex than a credit card application. Leases for more than $100,000 require detailed financial information from the business, and the leasing company conducts a more thorough credit analysis than it would for a smaller transaction.

    How do I find a leasing company for by new or used business phone system? Finding an equipment-leasing company is easy. Almost any phone system equipment a phone system installer could conceivably provide offers a lease option. What are the lease option terms I can expect for new phone systems and used phone systems? Usually the leases are set up in terms of 24, 36, 48 or 60 month terms.

    What are my purchase options of this phone system at the end of the lease?

    $1.00 Buy Out: At the end of the lease term, lessee may purchase the equipment for $1.00. (Most popular because then you can own the equipment at the end of the lease for $1.00. The monthly payment is only slightly higher then the other purchase options.)

    10% Purchase Price: Customer may purchase the equipment at the end of lease for 10% of the original transaction cost.

    Fair Market Value: This program gives you the most flexibility with upgrades to combat obsolescence. At the end of the lease term the lessee can continue to lease the equipment, return the equipment or buy it at its fair market value.

    What is my down payment? The options are usually no down payment, one months lease, or first and last month’s lease payment.

    In summary, conserve capital with monthly lease payments on your business phone system, installation and voice/network cabling. Though it’s not apparent at first glance, the company offering the lease financing for your used phones or new phones is not the same one that is selling the equipment. The company selling the equipment simply makes a direct referral to a leasing company with which it does business.

    It’s a good idea to get a quote from the leasing firm referred by the company that wants to sell you the equipment. The quote should be competitive. After all, the company selling products wants to sell as many as possible, and it surely doesn’t win any points by referring a leasing company that gouges its customers. But it also pays to get another quote. Usually, the company selling the equipment works with more than one leasing company. Or ask a friend or a business associate for a referral.

    For Your Free ‘Leasing Guide’ Go to our eBay Store and email me at the link below:

    phone systems

    used phone systems





    22/09/2017

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  • Free Equipment Lease Forms #business #equipment #lease

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    Sample Equipment Lease Agreement

    This contract agreement for Equipment Lease (“Lease”) between _____________ (the “Lessor”) and _____________ (“Lessee”) is made and entered into upon the following date: ____/____/____ with an expiration date of ____/____/____. The following described equipment shall be Leased by Lessor to Lessee:__________________________________.

    1. The monthly rent for the Equipment will be paid in installments in advance for $_____ per month, starting on ____/____/____, followed by a payment on the first day of each succeeding month for the duration of this Lease Agreement. Any installment payment that is not made and received by the tenth day of the month will be considered overdue and Lessor may charge a late fee equal to one percent per month on any overdue amount. If there is rent due for a partial month it will be prorated accordingly.

    2. The Lessee will pay a security deposit of $_____ prior to taking possession of the Equipment. Following the Lessee meeting all the obligations of this Lease the security deposit will be refunded in full.

    3. The Lessee will use the Equipment in a reasonable and proper manner and will comply with all Federal, State and County laws and regulations relating to the use and maintenance of the Equipment.

    4. All other warranties, explicit or implied, including but not limited to merchantability and fitness for a particular use the Lessor disclaims, except that the Lessor has the complete right to lease the Equipment as described above.

    5. Lessee, at his or her own expense, will keep the Equipment in good repair, condition and working order and will provide all parts and devices that are required to maintain the Equipment in good mechanical working order.

    6. The Lessee assumes and will bear the entire risk of loss and damage to the Equipment from any and all causes whatsoever. No loss or damage to the Equipment or any part thereof will the Lessee not be responsible for under the terms of this Lease Agreement which is in full effect and force until the expiration date stated above has been reached. In the event that there is loss or damage to Equipment of any kind, Lessee will at Lessor’s option: Place the Equipment in good repair, condition and working order or replace the Equipment with the same in good repair and working condition or pay the Lessor the full replacement cost of the Equipment.

    7. Following the expiration or earlier termination of this Lease, Lessee will return the Equipment to Lessor in good repair, condition and working order, while ordinary wear and tear that results from proper use will be excepted, Lessee shall deliver the Equipment at Lessee’s cost to a place designated by Lessor within the county in which the Equipment was delivered to Lessee.

    8. The Lessee shall continuously maintain and pay for all risk insurance against the loss of and damage to the Equipment for nothing less than the full replacement cost of the Equipment and naming the Lessor as the loss payee. Along with public liability and property damage insurance with the limits approved by Lessor and naming the Lessor as named insured and loss payee. The purchased insurance will be with a company that is reasonably acceptable to Lessor. Lessee will provide to Lessor at least a thirty day advance written notice of any cancellation, change or modification and will provide primary coverage for the protection of Lessee and Lessor without any consideration of any additional coverage that may be carried by Lessor for protection against similar risks. Lessee will provide Lessor with an original copy of the policy or certificate as evidence for the purchase of previously discussed required Equipment insurance. Lessee hereby appoints Lessor as Lessee’s attorney with power and authority to make any claims, receive payments and endorsing any documents, checks and or drafts that are necessary to secure payments that are due under the above required insurance policy.

    9. Lessee will keep the Equipment clear and free from all liens and levies of any kind whatsoever. Lessee, or Lessor at Lessee’s expense, will report, pay and discharge when due all license and registration fees, assessments, sales, and property taxes, along with gross receipts, taxes arising out of receipts from the use or operation of the Equipment, and other taxes, fees and governmental charges that are similar or dissimilar to the foregoing, together with any penalties or interest that is imposed by any Federal, State or Local government or any agency or department upon the Equipment. However, the Lessee is not required to pay for any tax or assessment as long as it does not affect or endanger the title and interest of Lessor to the Equipment disclosed above. Lessee will reimburse Lessor for any and all damages or expenses resulting from failure to pay the above mentioned fees.

    10. If Lessee fails to maintain the previously discussed insurance policy or to pay fees, assessments, charges and taxes all previously specified in this Lease, Lessor has the right to pay any fees that are due. In such an event the cost will be repayable to Lessor with the very next payment and any failure to repay the amount due shall carry with it a penalty of ten percent per annum for failure to pay any installment as discussed in this Lease Agreement.

    11. Lessee does not hold Lessor liable against any and all claims, actions, suits, and or damages of any kind whatsoever arising out of and connected with or resulting from Lessee’s use of the Equipment.

    12. If Lessee does not pay the above mentioned rent installment within ten days after it is due or if the Lessee fails to perform any other provision of the Lease Agreement. Lessor has the right to exercise any one or more of the following: Declare that the entire amount of rent that is due be paid immediately without notice; to take possession of the Equipment without notice wherever it may be located; to terminate this Lease; and or to pursue any other additional remedy that may be reasonable under law or in equity. Lessee hereby waives any and all damages that may be incurred by Lessee for taking possession of Equipment and due to Lessee not fulfilling the obligations of this Lease.

    13. Neither this Lease nor anything related to this Lease is assignable or transferable by any operation of law. If Lessee is determined to be insolvent, or if a writ of attachment or execution is levied on the Equipment and is not released or paid within ten days or if a receiver is appointed to take possession or control of the Equipment, then the Lessor may exercise any one of the following remedies that are set forth in Section 12 of this Lease Agreement and this Lease at the option of the Lessor without prior notice may be terminated and the Equipment will not be treated as an asset of the Lessee after Lease termination.

    14. The above mentioned equipment is and will always be and remain the sole and exclusive property of the Lessor. The Lessee does not have any right, title and or interest to the Equipment except as described in this Lease.

    15. If the Lessor requests any documents that are necessary to protect the interest of the Lessor in the operation of the Equipment then the Lessee will provide the needed documents.

    16. The Lessee will not assign the Equipment Lease Agreement for the above mentioned Equipment without the prior written consent of the Lessor.

    17. If there is any part of this Agreement that is not valid it will not cause any other part to be invalid or unenforceable.

    This contract shall be governed by the laws of the State of __________ in __________ County and any applicable Federal Law.

    ______________________________________ Date____________
    Signature of Lessee

    ______________________________________ Date____________
    Signature of Lessor





    14/09/2017

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    Gap Insurance and Your Leased Car #lease #vehicle #insurance

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    Gap Insurance and Your Leased Car

    Updated October 19, 2016

    So you have decided to lease your car or may already have a leased car. You made sure you purchased the correct car lease insurance and your leasing insurance covers everything right? Unfortunately not.

    Gap Insurance Needed for a Leased Car

    Gap insurance is a must for leased vehicles, especially no down payment leased cars. Getting the proper car lease insurance from your insurance agent is important, but your leasing insurance does not cover a major gap that is in every leased vehicle.

    The gap can occur if you total your leased vehicle. Here is how gap insurance works if you total your leased car:

    How Gap Insurance Works for a Leased Car

    Your leasing insurance will cover the depreciated market value at the time of the collision. In most cases, since lease payments are usually lower than if one was buying the car and since all new cars depreciate the most in the first few years, the market value of the leased vehicle is much lower than what is still owed on the lease contract. But, you are still responsible for that difference in what the insurance company will pay and what is still owed on the lease. that amount or gap is what gap insurance covers.

    Gap Insurance Math: what you owe for lease agreement (-) the insurance company payment amount you are still responsible for which could be thousands!

    Important Information to Know About Gap Insurance for Your Leased Car

    Now that you know you need gap insurance for your leased car, here are some important points to remember about gap insurance for your leased car:

    • You must carry comprehensive and collision coverage with your car lease insurance company for gap insurance to pay out.
    • Before you purchase a gap insurance policy, make sure it is not an already included coverage by the lease company, dealership, or your car leasing insurance company.
    • Be aware of what your deductible is on your car lease insurance since gap insurance does not cover your car lease insurance deductible.
    • Check to see if your lease down payment is covered in the gap insurance.
    • Don t forget that you can purchase gap insurance after your lease start date.
    • Remember that gap insurance only is applicable as long as you have abided by your lease contract rules.
    • Keep in mind that you may have to continue your lease payments until the gap insurance pays for the loss.
    • Don t confuse gap insurance with wear and tear insurance (insurance that covers wear and tear damage to leased vehicles) or your leased car s warranty – neither of these types of insurance policies are gap insurance policies and will not help you if your car is totaled or stolen.

    Show Full Article

    Continue Reading.





    07/09/2017

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    Lease Accounting Software – CoStar Real Estate Manager #lease #accounting #software,

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    Lease accounting software that makes compliance easy.

    • Manage real estate, equipment and other leased assets
    • System completes SSAE 16 audit annually
    • Proprietary data transfer tool imports data and generates amortization schedules easily and correctly
    • Accounting workflow and audit trail of all data changes
    • Notifications and automated status changes for critical data elements including renewals
    • All FASB and IASB lease standards (ASC 840/FAS 13, ASC 842, IAS 17, IFRS 16) and types
    • Lease-by-lease analysis and classification
    • International currency conversion

    Standard and Ad Hoc Reporting

    • Amortization detail (single and multiple leases)
    • Forecast and summary reports by lease classification
    • Accounting lease data exceptions
    • Facilitate restatements
    • Measure balance sheet impact

    Additional Capabilities

    • Lease audit capability
    • Abstract rent as lump sum amounts or as rate per square foot per month and annually
    • Auto-calculate and generate gross amounts payable based on amounts entered per unit of measure and time
    • Define base rent in any currency
    • Define expenses to multiple parties
    • Map to multiple accounting systems, GL codes and accounts
    • Make and receive payments in multiple currencies for the same lease
    • Capture check numbers and payment information including check amount, date and associate with system charge
    • Rent details
    • Upcoming and planned rent increases
    • Invoice details
    • Rent review dates
    • Budget and forecast guidance
    • Accrual building option (pre-payments)
    • Define sublease relationships and pass through expenses from payable lease to either 3rd party or business unit subtenants
    • Accounts receivable lease functionality including invoicing
    • Automated percent rent calculation and processing including: auto-generate natural breakpoints, multi-tiered breakpoints, monthly, quarterly and annual breakpoints, lease level calculation detail, exclusions and deductions, CAPs on exclusions and decisions, greater of base rent or percent rent, minimum and maximum (floor and cap) on percent rent payments due
    • Create journal entries to be processed to GL
    • Create tax charges for states and areas
    • Store and manage multiple indexes (i.e. CPI-U, non-urban consumers, LIBOR etc.) on which charge adjustments are based
    • Abstract lease information such that automatic calculations can be performed (i.e. tie a rent charge to an index)
    • Abstract adjustment calculation rules related to CPI or other indexes, including: caps, floors, lifetime caps, adjustment periods (annual and multi-year), adjustment start date
    • Integrated reminder system that automatically schedules and sends emails when adjustments should be performed
    • Automatically calculate charge adjustments and update the charge according to established edit rules




    03/08/2017

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    Equipment finance that offers options to purchase, upgrade or replace your

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    Loans for farmers

    Rural Bank purchases the equipment and you buy it from us in instalments.

    You own the equipment and Rural Bank provides a loan secured against the equipment.

    Whether you choose a Finance Lease, Asset Purchase or Equipment Loan, our Equipment Finance options mean easier cash management and help you to:

    • Preserve working capital by giving you access to the assets your business needs without the capital outlay required to pay for them upfront;
    • Manage your cash flows with fixed rental/instalment payments;
    • Provide possible tax benefits where the equipment being financed is used to generate income; and
    • Have the option of starting a new contract with the latest equipment when your current contract ends.
    • Compare Equipment Finance options

    How do I apply / find out more?

    Related documents

    Lending interest rates

    We tailor our lending products to meet the repayment and cash flow requirements of your business. To find out more, arrange a meeting with one of our Relationship Managers .

    Lending fees and charges

    Information on fees and charges that may apply to Rural Bank accounts, loans and the use of payment products can be found in our Schedule of Fees and Charges (PDF) .

    Information is subject to change. All applications for loans or credit are subject to normal lending criteria. Terms, conditions, fees and charges may apply and are available by phoning our Customer Service Centre on 1300 660 115, online. or by visiting your local branch. Products are issued by Rural Bank Limited.

    Quick links





    03/08/2017

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    National Association of Equipment Leasing Brokers #equipment #lease #finance #association

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    National Association of Equipment Leasing Brokers

    The National Association of Equipment Leasing Brokers (NAELB) 2007 Annual Conference will be held May 17–19 at the Gaylord Opryland Resort in Nashville. There will be more than 50 exhibitors, 20 workshops and unlimited opportunities for networking. The theme is “The Sweet Sound of Success,” which is appropriate. In 2006, we set attendance records at our annual conference and two regional meetings. The staff processed a record 297 new memberships. At year-end 2006, with 875 members, NAELB is the largest equipment leasing association in the United States and continuing to grow.

    New members come from all walks of life with varying education and professional backgrounds. As I talk with individuals interested in becoming lease brokers, some of the aspects that attract them to the industry are the minimal barriers of entry to becoming lease brokers, as well as the freedom and independence of having the choice to work from home. They all have doubts, questions and economic concerns. They ask the same questions about success and failure (which I tell them is not an option), as well as business sources and funding sources. My answers and recommendations never vary. I tell these individuals to visit the NAELB website (www.NAELB.org ); read the association’s mission statement; watch the Distance Learning presentation, “On Being A Broker” presented by Gerry Egan, an experienced lease broker and past president of NAELB; join NAELB; and no matter how much knowledge they have, there is always more to learn at our annual conference and regional meetings.

    Background
    NAELB is a volunteer organization formed by a small group of brokers from Atlanta more than 16 years ago. As of this writing, membership consists of 875 member companies of which 733 are brokers, 104 are funding sources and 38 are service providers. The mission statement of NAELB is to promote the interest of its members through education, advocacy, improved communication and programs designed to enhance the professionalism and profitability of brokers, funders and others engaged in the business of equipment lease financing.

    All policies and decisions are made by the board of directors, which consists of eight broker members. There are more than 70 volunteers from all member categories serving on numerous committees and special task forces, each of which is important to the operation of the NAELB. The daily processing, administration, accounting and events planning are outsourced to a professional association management company.

    Demographics
    There are those that incorrectly perceive NAELB as an association for new or inexperienced lease brokers. On the contrary, of last year’s 251 new broker members, only 29% had no prior leasing experience. These statistics confirm NAELB attracts a healthy mixture of both new and experienced lease brokers searching for education, networking opportunities and member benefits only the association can provide.

    Education
    Education is the foundation of the NAELB. At this year’s conference, educational workshops are categorized into either sales or operations categories. The workshops are clearly marked as appropriate for beginners, intermediate or those with advanced leasing knowledge. Sessions applying towards CLP recertification are clearly noted as well.

    New this year is the NAELB Broker 101 class. This is a four-hour interactive training session designed for new brokers. Presenters will cover topics such as setting up your office, generating business and funding transactions. This class is an excellent opportunity for the new broker to learn real-world applications from more experienced brokers.

    NAELB is also the industry leader in Internet-based education. Our Distance Learning Program is a web-based education program, which can be viewed anytime via the association website. These diverse programs are good tools for both new and experienced employees. The first six modules are complete; three presented by Egan and three by Dave and Steve Allison. The Egan sessions are available now and the Allison sessions will be available in the coming months. Look for announcements in the mail and keep checking the website for those modules.

    The quickest path for acquiring the skills necessary to be a successful lease broker is to learn from other successful lease brokers. This informal training, which we call networking, takes place at all NAELB functions. NAELB is known for being an open and caring association. You will feel the NAELB spirit at all NAELB events.

    Ethics
    When NAELB surveys our members, we ask them what they consider the most important benefit of joining. The NAELB Ethics program is always in the top three. Broker members want to associate with others that adhere to a strict standard of behavior. Our membership application and renewal forms require members to sign a statement that they will abide by the Code of Ethics. The Code of Ethics is posted on the public section of the website where it is accessible for anyone to view the policy and learn the procedure to file a complaint against an NAELB member.

    At this year’s Annual Conference, NAELB will offer our first ever “Best Business Practices” examination. Correct answers will be based on the NAELB Code of Ethics. The exam fee is $100. Those interested can sign up when they register for the conference. Those that pass the exam will be given a license from NAELB to use the term “NAELB Best Practices Broker” on their letterhead, business cards, brochures and similar items. This member benefit will enable the broker to market themselves to their customers, vendors and funders as an NAELB Best Practices Broker.™

    Technology
    Technology is an important tool for the growth of NAELB. As with any forward-thinking organization, NAELB continually evaluates its technology needs. A special task force is currently reviewing evaluations and recommendations from consultants to improve our website. The task force has two goals: improve the branding of the association and create a more user-friendly, members-only section.

    The public portion of the website is the association’s primary marketing tool to attract new members as well as promote all upcoming events. The finished product will be a professional user-friendly site.

    The Members Only section is the processing center for the association. Event registrations and member applications are processed online. Members can update their profile, research for funding sources, lease documents and find other members. Special features include Leasing Logic, Distance Learning and the most popular feature, The Forum. The goal of the association is to help members utilize the website by making it easier to navigate.

    The Future
    Today, lenders are under pressure to meet volume requirements without sacrificing credit quality or margins. Lenders who have traditionally stayed away from broker business are turning to brokers to fill the volume gap. Other lenders who have historically avoided unfamiliar markets are now entering these markets because of the expertise of brokers.

    As NAELB brokers develop, many have expanded into middle-market transactions. Consequently, middle-market lenders have recognized the value of brokers and are accepting transactions from qualified brokers.

    Brokers are also under pressure to create new sources of revenue. Some brokers are redefining themselves and creating additional revenue streams by offering other financial services such as factoring, asset-based lending, commercial real estate mortgages, resource products and SBA loans, to name a few. Funders are readily available and willing to accept broker referrals. The future is indeed bright; 2007 will be another successful year for brokers!





    02/08/2017

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