Fees and Charges on Your First Invoice FAQs
Here are some questions frequently asked about fees and charges you may see on your first invoice.
Why was I charged an application or administration fee?
PEAC Solutions does not charge an application fee. We may charge a fee to compensate us for processing the documents and reimburse us for the fees incurred with filing UCC-1 financing statements. When applicable by law, taxes may be applied to this fee.
Why was I charged a tax administration fee?
Many local jurisdictions assess an annual tax on tangible personal property. The lessor, as the owner of the equipment, pays this tax to the appropriate taxing authority. (Our lease rate does not include this tax.) We pass this tax on to you on an annual basis. Again, these taxes change periodically and are not included […]See Full Answer
Why was I charged sales tax on property tax?
Under the terms of the lease, a lessee is reimbursing PEAC Solutions for property taxes paid on the lessee’s behalf. Many states consider this reimbursement as a taxable gross receipt for sales tax purposes. In these instances, PEAC Solutions is required to collect and remit sales tax on this taxable gross receipt.
Why was I charged interim rent?
After we confirm that the equipment has been delivered and we’ve received all of the required documents, your equipment supplier is paid. We then set up the contract on our billing system and an invoice is sent to you for the first payment due. This payment covers the following full 30-day period. Included on the […]See Full Answer