Questions about your lease? Chances are you’ll find your answers here.
Lease Expiry, Trade Ups, and Buyouts
- Will I be notified when my lease is at expiry?
- I have sent the buyout and lease has been terminated. Will pre authorized payments stop for this lease?
- Where can I return my equipment?
- What is an early option?
- How is the buyout amount calculated?
- What is the "fair market value (FMV)" for a purchase option?
- What are my options at the end of my lease term?
- Can I add additional equipment to my lease?
- What is the interest rate?
- Can I trade in the equipment currently on my lease for newer equipment?
Will I be notified when my lease is at expiry?
A letter is sent to you with your options approximately 60 days before the expiry of the lease.
I have sent the buyout and lease has been terminated. Will pre authorized payments stop for this lease?
Yes, preauthorized payments stop as soon as the lease is terminated.
Where can I return my equipment?
If your lease is at expiry, please contact National Leasing Group (use our online support form) to arrange the return of the equipment.
What is an early option?
Some leases include an "Early Purchase Option", which allows you, the lessee to buy 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.
How is the buyout amount calculated?
Your buyout is based on the number of payments remaining on your lease contract, plus the buyout option listed on your lease contract.
For the exact amount, please request a buyout quote using our online support form.
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.
What are my options at the end of my lease term?
You have four options:
- Purchase the equipment at its current fair market value or your stated purchase option;
- Continue to lease at the original lease rate;
- Terminate your lease and return the equipment to National Leasing;
- Trade up the equipment for new equipment (on approved credit).
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.
What is the interest rate?
While your periodic payment consists of both Principal repayment and interest, it is calculated based on an Equipment Rate Factor per Thousand.
To determine your rate factor, simply multiply your payment by 1000 and divide it by the equipment cost. Your rate factor is based on your lease term, payment frequency, equipment cost, and end of lease purchase option.
Can I trade in the equipment currently on my lease for newer equipment?
Yes, if the new equipment is leased through National Leasing Group. Your customer service representative will gladly calculate a Trade-Up figure for you.
Use our online support form for a quick trade-up quote!