| Leasing FAQ's |
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What is the minimum amount that I can lease? Creative Presentations has partnered with Crest Capital in order to provide with leases for amounts as low as $3000. Can I cancel or get out of my lease agreement? No. A lease agreement is a non-cancelable agreement. Early termination requires the lessee to pay the sum of the remaining payments. However, for a $175 legal fee, Crest Capital may amend the lease agreement to accommodate a "termination schedule". Are there any fees associated with applying for a lease? No. Applying for a lease or loan under this program is free of charge and does not commit the applicant in any way. Typically, approvals are good for 90 days. Is there a minimum amount in order to lease? Crest Capital and Creative Presentations have partnered in order to offer leases for amounts as low as $3000! Do I need insurance on the leased equipment? Yes. If you do not already have insurance, our finance company can provide it for a nominal fee. How long does approval take? Our finance company issues approvals in under two (2) business hours for applications under $100,000. In cases where the customer's references are slow to respond, contingent approvals are issued subject to the customer's bank or trade verification. For applications over $100,000, approvals are granted in under two (2) business days, and again, are subject to customer reference responses. How long does funding take? Upon customers acceptance of approval, agreements are forwarded by overnight delivery or by email. Consequent to return receipt of signed agreements, the finance company sends the vendor fund check via overnight delivery ,or wire transfer, on the day the customer confirms delivery and acceptance. In cases where the customer has agreed to 'pre-delivery funding' arrangements with the vender, on the day the customer instructs the finance company per the agreement. Why not finance at a lower interest rate at the bank? The bank's interest rate fluctuates according to the Prime rate. This means the interest rate will change over time. With leasing, you know the payment will be the same for the entire length of the agreement. Also, borrowing under $100,000 from a bank will cause the bank to label you as a small borrower. This will adversely effect your ability to borrow larger amounts later on. What is the interest rate? There is no interest rate in a lease. The lease payment is essentially a monthly fee for the equipment's use. In fact, lease payments under a 'true lease' structure are normally tax deductible. How are sales taxes satisfied? The lessee is responsible for all taxes. Taxes, if applicable, are collected by the lessee's county or state tax authorities. Dependent on location, sales taxes are collected by the lessor 'on the payment stream' and remitted to the tax authority on the behalf of the lessee. Why am I required to sign a Personal Guarantee? Since you plan to make the lease payments appropriately, the Personal Guarantee makes no difference. However, if you plan to pay sporadically - please let us know now. Isn't leasing complicated? Not at all. Use the quote program from Crest Capital to quote a monthly payment, have the customer fill out the application, and then fax it to Crest Capital. If you choose, Crest Capital will do the rest. It's that simple. What is the most common type of lease? Over 80% of our leases are $1 buy out leases. At the end of the lease term you don't have to return the equipment and you know what the buy out cost will be. What would my monthly payment be? Get an Instant Quote! How do I apply? Apply Online Now! |
