Questions about your lease? Chances are you’ll find your answers here.
Payments, Invoices, and Service Fees
- How do you calculate past due interest?
- When are invoices sent?
- I have sent the buyout and the lease has been terminated. Will pre-authorized payments stop for this lease?
- How can I make my lease payments?
- I have received a statement, when was the invoice sent?
- What taxes am I being charged?
- What is an invoice fee?
- Why have my payments increased?
- Must I make payments monthly?
- What is past due interest?
- How are service and repairs on the leased equipment handled?
- Why have I had money withdrawn from my account prior to the commencement date of my lease?
How do you calculate past due interest?
Past due interest is calculated at 2% per month with a minimum charge of $10.00.
When are invoices sent?
Invoices are sent approximately 2 weeks prior to the due date of your lease payment.
I have sent the buyout and the lease has been terminated. Will pre-authorized payments stop for this lease?
Yes, Pre-Authorized Payments stop as soon as the lease is terminated.
How can I make my lease payments?
Payments can be made to National Leasing Group Inc. by cheque or by Pre-Authorized Payments unless otherwise stated.
Note: Pre-Authorized Payments may be a condition of your credit approval, in which case this would be the only acceptable payment method.
I have received a statement, when was the invoice sent?
National Leasing Group does not issue statements on its accounts. What you have received is the invoice.
What taxes am I being charged?
Lease payments are subject to both Provincial Sales Tax (PST), and Goods and Services Tax (GST) or HST.
In the event that you or your business is tax exempt, please provide National Leasing with the appropriate documentation, and we will adjust your lease payment accordingly.
What is an invoice fee?
A fee of $5.00 is charged to cover the cost of generating an invoice.
To avoid this fee, customers are encouraged to set-up Pre-Authorized Payments (PAP) from their chequing account. Your National Leasing Customer Service Representative would be happy to help you do this.
Why have my payments increased?
In most cases, your payment has increased because we have added an asset protection fee to your lease contract.
This fee is automatically added to your lease payment if we have not received confirmation that you have insurance coverage for the equipment through another insurance provider.
Must I make payments monthly?
Lease payments can be made monthly, quarterly, semi-annually, or annually. The payment mode is determined by you prior to signing the lease contract.
What is past due interest?
It is the cost of not paying your lease payment on time. You are charged "past due" interest for payment not received on or before the payment due date.
How are service and repairs on the leased equipment handled?
Your authorized equipment reseller will handle repairs and service in the same manner as if you had purchased the equipment. The manufacturer covers in-warranty service and repair costs. You are responsible for out-of-warranty work.
Why have I had money withdrawn from my account prior to the commencement date of my lease?
A charge to your account prior to your lease start date may be one or both of the following:
- Last Payment on Deposit: Typically equal to one payment, this may be requested at the start of your lease. It may be credited towards your purchase option, or reimbursed when your lease is terminated.
- Partial Payment: You have been billed for the number of days you had possession of the equipment before the start of your lease. The charge is a prorated amount of your full lease payment.