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Frequently Asked Questions

How does the equipment leasing process work?

Simply supply us with the details of the equipment you are considering and complete our credit application. For larger transactions, financial statements may be required.

 

What type of equipment can be leased?

Many different types of assets can be leased. Use this link to view assets by industry www.jocova.com/industries-assets.php

 

I have changed banks. What do I do about my pre-authorized monthly lease payments?

Simply contact us with a copy of your new void cheque with your lease or account number.

 

Can my lease be cancelled?

Lease contracts are considered non-cancelable. However, at any time during the lease contract you may replace or upgrade the equipment with a new lease.

Who owns the equipment on lease?

The equipment title is held in the lessor’s name until the lease agreement has been fulfilled, at which time the title will be transferred.

 

What is the interest rate?

An equipment lease is not a loan but a rental stream. The payments consist of both principal repayment and interest based on equipment lease rate factors. Your lease rate factor can be established by multiplying the monthly payment by 1000 and then dividing it by the equipment cost.

 

Why have I had money withdrawn from my bank account prior to the commencement date of the lease?

·         Typically your initial lease payment is due upon receipt of equipment. This can consist of first, last, security, down payments, or security deposits. These may be a part of your approval criteria. These payments may be credit towards your purchase option, or reimbursed when the lease is terminated.

 ·         Partial Use Payment. You were charged for the number of days you had possession of the equipment before the start of the lease based on the prorated amount of your full lease payment.

 

Why have my monthly payments increased?

·         Payments may be increased because you have automatically opted to be enrolled in our asset protection insurance plan because we have not received confirmation of insurance coverage otherwise.

·         Changes in law or taxation such as provincial or federal sales taxes may have an impact or your monthly payment amounts.

If your question has not been answered, please email us at info@jocovafinancial.com

  

 






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