Contract Payments and Tax
Q. Why am I receiving an invoice?
A. You are receiving an invoice monthly as a courtesy to remind you that your payment is due. Please return the remittance section at the bottom of your invoice along with your monthly payment. If your monthly payment is set-up to be automatically deducted from your account (ACH), the invoice is simply for informational purposes.
Q. Why do I have to pay tax on my lease payments?
A. The taxing authority of your state requires that your lease payment be taxed based on its guidelines. The lease states that all applicable taxes will be added to the lease payment. Sales tax was not paid to the vendor when the equipment was purchased for lease to you. Therefore, in accordance with your state's taxing authority, sales tax either will be in addition to the lease payment or may be included in the lease payment. Personal property tax is also assessed by your county on tangible personal property used for business purposes. You will be invoiced for the personal property tax when we are billed by your county.
If you have additional questions regarding the tax status of your lease, you may contact your state taxing authority or our tax department at (866) 49-FIRST.
Q. What do I do if I don't get an invoice and my payment is almost due?
A. FirstLease strives to make paying your bill as easy as possible. However, there may be times when you don't receive an invoice. There are many circumstances that are out of our control, such as the US mail, address changes, etc. If you don't get an invoice, please write your lease number in the memo portion of your check and mail your regular monthly payment to: FirstLease, Inc., P.O. Box 57309, Philadelphia, PA 19111.
Q. Is my lease payment being withdrawn from my bank account automatically?
A. If your invoice states that you should not remit a check and that your bank account will be automatically deducted, then yes, you are on ACH. This was part of the lease documentation that you signed with us. The ACH method of payment will authorize us to automatically deduct your lease payment from your business checking account. Therefore, you will no longer have to prepare and mail checks or worry about a check being delivered on time. Instead, an entry will appear on your bank statement to indicate that your lease payment has been paid as of the due date. Your lease payment will be deducted from your account on the date indicated on your invoice or the next business day. If you are not on ACH but would like to be, just contact us and we will provide you with the necessary form.
Q. What if I am on automatic payment (ACH) and want to change bank accounts?
A. Tell us by fax or by phone about the new account. Fax us a voided check and we will change your account information.
Q. Why am I receiving information about Insurance on my leased equipment?
A. Under the terms of your lease you are required to maintain property insurance on the equipment. There are two ways that you can fulfill the insurance requirement for your leased equipment. 1.) You can provide proof of your own insurance on the leased equipment by having your agent or broker call our Insurance Service Center at 888-246-9265 or fax a copy of the insurance certificate with the appropriate coverage to 888-228-8430; or 2.) A property insurance policy has been obtained through our equipment insurance manager. For your equipment to be insured under this program, simply pay the monthly insurance charge that will be added to your invoice.
Q. I have my own insurance, why is there an insurance charge on my invoice?
A. Your insurance agent or broker has not confirmed property insurance coverage by providing adequate proof of insurance to our Insurance Service Center. Because proof of insurance has not been received, the leased equipment is insured under a policy obtained by FirstLease, Inc. The charge for this insurance is added to your invoice monthly and includes the premium and other related charges. You can provide proof of your own insurance on the leased equipment by having your agent or broker call our Insurance Service Center at 888-246-9265 or fax a copy of the insurance certificate with the appropriate coverage to 888-228-8430. Once adequate proof of insurance is received, the insurance charge will be removed from your invoice within 1 to 2 billing cycles.
Q. How do I obtain the payoff amount for my lease?
A. You must submit a payoff request in writing with your contract number and the signature of the party who signed the lease documents. Requests can be faxed to (215) 283-9870 or emailed to email@example.com attn: Payoff Dept. There is a 48 to 72 hour turnaround time. In order to protect your privacy, payoff letters will be mailed to the address we have on file.
Additional Equipment Needs
Q. I am a growing business and have additional equipment needs. How can FirstLease, Inc. help?
A. FirstLease, Inc is a nationwide provider of financing for growing businesses. We offer our customers same-day approval for transactions up to $50,000. Our competitive advantage lies in our flexibility. Our highly qualified credit managers personally review each transaction, which means there are no auto-declines. With our flexible credit underwriting, we can structure a financing package that fits your needs and budget.
As an existing customer, all you need to do is call FirstLease, Inc. at 866-49-FIRST and ask for the sales department. Please have your current contract number ready and identify yourself. Our sales staff will be happy to work with you for all your equipment financing needs.