Contract Payments and Tax
Additional Equipment Needs
Contract Payments and Tax
Q: Why am I receiving an invoice?
A: There are two possible reasons you have received an invoice:
- As a monthly courtesy to remind you that your payment is due. Please return the remittance you see at the bottom of your invoice along with your monthly payment.
- For informational purposes (if your monthly payment is set to be automatically deducted from your account)
Q: Why do I have to pay tax on my lease payments?
A: There are several possible reasons you have to pay tax on your lease payments:
- 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 on 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 should I do if I don’t get an invoice and my payment is almost due?
A: Firstlease strives to make paying your bill as simple as possible; however, there are circumstances which are out of our control. If you don’t receive an invoice, please write your lease number in the memo portion of your check and mail your regular monthly payment to: Firstlease, 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Q: Is my lease payment being withdrawn from my bank account automatically?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. The ACH method of payment authorizes 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 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 on the next business day. If you are not on ACH but would like to be, please 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 phone about the new account. Fax or email us a voided check at (215) 283-9870 or firstname.lastname@example.org and we will change your account information.
Q: Why am I receiving information about insurance on my leased equipment?
A: Under the terms of the lease, you are required to maintain property coverage by providing adequate proof of insurance to our Insurance Service Center. You can do this by:
- Providing proof of your own insurance on the leased equipment by having your agent or broker call our Insurance Service Center at (888) 246-9265,
- Faxing or emailing a copy of the insurance certificate with the appropriate coverage to our Insurance Service Center at (888) 228-8430 or email@example.com, or
- Obtaining a property insurance policy 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 of this, the leased equipment is insured under a policy obtained by Firstlease. 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 insurance on the leased equipment by:
- Having your agent or broker call our Insurance Service Center at (888) 246-9265, or
- Faxing or emailing a copy of the insurance certificate with the appropriate coverage to our Insurance Service Center at (888) 228-8430 or firstname.lastname@example.org
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 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 Department. There is a 48 to 72 hour turnaround time. To protect your privacy, payoff letters will be mailed to the address we have on file.
Additional Equipment Needs
Q: I operate a growing business and have additional equipment needs. How can Firstlease help?
A: Firstlease. is a nationwide provider of financing for growing businesses. We can offer:
- Same-day approval for transactions up to $50,000,
- Flexible credit underwriting to structure a plan that fits your needs and budget, and
- Thorough review of your transaction by qualified credit managers, which means no auto-declines.
As an existing customer, all you need to do is call Firstlease 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 assist you with all your equipment financing needs.