Glossary of Terms Archives

A $1 buyout lease finances the entire cost of the equipment with only a $1 residual value. When your lease…

With shorter terms and lower dollar amounts, a working capital loan is typically used to cover daily expenditures and costs…

A verification call is when a member of our documentation team calls an approved applicant to verify that you actually…

In certain states, the sales/use tax on leases is required upfront. Check with your sales or customer service representative to…

A Uniform Commercial Code-1 (UCC-1) financing statement is a legal form that a creditor files to give notice that it…

In a TRACLease — similar to a fair market value lease, but specifically used for titled vehicles financed through our Commercial…

In the United States, the certificate of title or simply title for a vehicle is the legal form establishing an individual or a…

About Sales Tax Exemption For Loans If your organization is tax exempt, and you are making your equipment purchase with…

A stipulation is a credit requirement that must be fulfilled before a deal can be funded. Our credit team has…

Depending on the state where you do business, we can’t accept your personal guarantee without your spouse’s signature.

Required for some contracts, a security deposit is paid upfront at the beginning and set aside to use in case…

In most states and some local jurisdictions, we are required to collect sales/use tax on each monthly lease payment. Since…

If your payment is returned from your bank for any reason, we may charge you a fee.

Many local jurisdictions assess an annual tax on tangible personal property. The lessor, as owner of the equipment, pays this…

When purchasing a vehicle through us, there is a point in the process where you’ll have to assign power of…

If your business does not have sufficient commercial credit, you can provide us with a personal guarantee. This means that you…