Lease Checklist

Choosing the right leasing company and the right leasing transition can save you a lot of time and money. The Leasing Checklist briefly guides you through the processes of lease planning, choosing a leasing company and examining leasing options

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1. Lease planning

• Set purposes for the lease acquisition
• Consider possibility to get the lease for further sublease
• Set priorities for a kind of the lease transaction you are looking for
• Create a list of criteria you'd like the lease agreement to fit
• Criteria should include the lease rate, amount of the lease, monthly payment fee, impact of the lease on financial statements of your business, flexibility of lease terms, ability to buy out the equipment leased
• Consider if you need to renew the lease agreement at the lease end

2. Seeking and choosing a leasing company

• Searching for a leasing company should be started early in the lease planning phase
• Start searches for a leasing company with people around you (talk with your attorney, banker, accountant, partner or colleagues who have an experience in equipment leasing)
• Choose at least four or five leasing companies to have several choices while making decision in favor of a lease company
• The chosen companies should be focused on the type of transaction you are seeking
• Collect full information on leasing companies to evaluate their experience and reputation. Also get several testimonials and references of customers
• Use online sources to investigate lease bidders. Read articles, forums and message boards to look for unresolved problems, frauds, awards, or/and success stories
• Don't give an advance rental payment or a lease deposit to lease brokers because brokers don't provide the financing directly so they may bring a potential credit risk

3. Analyzing lease options

• Payments:
• Define the exact payment you're obliged to make each month (monthly payment)
• Find out the net cost figure on which the monthly payment is based
• Find out how much the monthly payment will change in case the equipment cost changes
• Taxes:
• Find out whether the lease payment includes all taxes
• Check if the rent you will pay covers utilities and maintenance (so called a gross lease)
• Term of lease:
• Find out the number of months in the initially committed term
• Check if an automatic rollover or other extension provisions are available for you
• Advance payments:
• Check if there're any advance rental payments due at signing of the leasing agreement
• Find out if there're any other payments to be prepaid, including security deposits, down payments, or prepaid purchase options
• Find out if these payments are refundable in case the lease doesn't commence
• End of lease options and obligations:
• Check if a purchase option is available. If so, for how much
• Find out if a renewal option available and when it should be exercised
• Find out if an automatic rollover or extension is available so that you can extend the lease agreement
• Check whether any residual guaranties or balloon payments are required at the lease end
• Deposit and commitment fees
• Check if a deposit fee is necessary ...

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