How can the leasing customer obtain a copy of the lease agreement?
The leasing customer may request a copy of the lease by calling our Lease Request hotline at (866) 781-0440, or by emailing us at clientservices@northernleasing.com. Leasing customers will need to provide the business name, contact name, address, and phone number on record. We will respond to each request as soon as possible.
How will the leasing customer make their monthly lease payments?
All payments will be deducted from the leasing customer’s business checking account via Automatic Clearing House (ACH).
When will the payment be deducted from the leasing customer’s account?
Monthly lease billing occurs on the first or 15th day of each month following lease inception. If the lease commences on any other day of the month, a partial/interim rent will be applied from the date the equipment is accepted to the first regular monthly billing date. The partial/interim rent will be debited from the account on the next business day after the lease booking date.
Why is the amount debited from the leasing customer’s account different from the initial amount written on the lease?
The deduction includes, but is not limited to, the basic monthly payment, sales/usage tax, property tax, and an equipment Loss and Damage Waiver (LDW) fee (where applicable).
Why is there a charge for sales tax?
The leasing customer is responsible for any applicable tax levied on the lease payment or tax that is levied on the equipment. The sales/use tax will be assessed on lease payments based on the current state, county, and/or local tax rates in the jurisdiction where the equipment is located. It will be added to the basic monthly lease payment and debited from the leasing customer’s account on a monthly basis.
What is the Loss and Damage Waiver?
In order to protect the leasing customer’s business and Northern Leasing from loss and/or damage of leased equipment, the leasing customer will be asked to provide Northern Leasing with a certificate of business insurance naming Northern Leasing as loss payee and additional insured.
If the leasing customer does not provide a certificate of insurance to Northern Leasing, he will be required to purchase a Loss and Damage Waiver, and a monthly fee will be charged until the certificate is provided to Northern Leasing. Under the Loss and Damage Waiver, Northern Leasing will waive the leasing customer's responsibility for keeping the equipment insured. Details describing this waiver may also be found in the lease agreement.
What if the leasing customer changes bank accounts? What do they do?
The leasing customer should fax a copy of a new check with the lease number to the Customer Service department at (212) 760-0273.
If the equipment is not working, how can it be repaired?
The leasing customer can contact either the equipment manufacturer (if it is under a service contract or warranty) or the ISO/vendor if there are problems with the equipment.
Northern Leasing is not responsible for maintenance or servicing of any equipment.
Can the lease be cancelled?
Because the lease is a fixed-length, non-cancelable equipment finance agreement, the lease cannot be cancelled.
However, if the leasing customer would like to terminate the lease, it may be possible to buy out the lease and the equipment, buy out the lease with the return of the equipment, or transfer the lease to an acceptable third party.
Is the lease transferable?
The lease may be transferred (subject to approval). The leasing customer can contact our Customer Service department at (888) 275-3251 for additional details. Leasing customers will need to provide the business name, contact name, address, and phone number on record. We will respond to each request as soon as possible.
What options does the leasing customer have at the end of the lease term?
The leasing customer may exercise any of the following options, provided Northern Leasing is given a 30-day written notice at the end of the lease term.
- Continue leasing the equipment on a month-to-month basis.
- Return the equipment with no further charge.
- Purchase the equipment at its Fair Market Value.
Can the leasing customer pay off the lease?
The leasing customer may be able to buy out the lease agreement prior to the end of the lease term. For more information, please contact our Customer Service department at (888) 275-3251.
Who owns the equipment when the lease is over?
The leased equipment belongs to Northern Leasing. At the end of the lease term, the leasing customer’s options are to return, purchase, or continue leasing the equipment as stated in the lease agreement.