Frequently Asked Questions
1. Who services or maintains the equipment?
As a lessee, you receive all the benefits of “buyer” warranties and are therefore responsible for the care and maintenance of the equipment.
2. Does my equipment lease have an ownership option?
All our leases have an equipment lease purchase option that can be taken advantage of either a little before or at the end of the lease expiry. This option will be clearly identified on your equipment lease contract.
3. What is my interest rate?
An equipment lease is not a loan but a rental stream, similar to renting an apartment for a specific term. As such, the normal definition of an interest rate does not apply; however, rest assured that your total cost to rent is in line with similar bank offerings.
4. Do you sell equipment?
No. You are free to seek out a reliable vendor, negotiate your best price, and then leave the equipment financing to us. We will look after all the paperwork and payments to the vendor.
5. How does the equipment leasing and financing process work?
Blue Chip Leasing is committed to creating the right equipment finance solution for your business. To get started:
- Contact us for a lease financing quote on the equipment you are looking to acquire.
- Allow us to gather some basic credit information and within 4 business hours or sooner we can supply you with a credit decision.
- In many cases, you can contact us in the morning and have your equipment from your vendor that same afternoon.
6. What are the benefits of equipment leasing?
As an alternate to cash and traditional modes of equipment financing, Blue Chip Leasing offers several leasing programs that can be customized to increase your purchasing power all the while helping you to preserve your bank lines and reserve your own capital. To find out more benefits, click here.
7. What equipment do you lease?
Blue Chip Leasing will lease almost any asset a business will use that is over $2,500 in value. We serve a number of industries and are open to discuss any new or used equipment leasing options. Examples of equipment types that we have provided leasing solutions for are available here.
8. I have changed banks. What do I do about my pre-authorized payments?
Fax a void copy of a cheque from your new bank account along with your name, the name that the equipment lease is under, and the lease number (if available) to 416.614.2141. Also, please indicate when the new account is effective. We will then make the changes required.
9. I have received a letter requesting proof of insurance for the equipment I lease. What do I have to do?
You have 2 options:
- If you do have insurance coverage on the equipment rental, please provide us with a copy of your insurance policy. Alternatively, we can fax you a Proof of Insurance form for your insurance broker to fill out. Once it is completed, you can fax the form to 416.614.2141.
- If you do not have insurance coverage, we will provide insurance coverage, in which case the cost will be passed on to you through your equipment lease payments. If you would like to take advantage of this service, please contact us.
10. How long will you do a lease for?
Our minimum term is 12 months and our maximum term is 66 months.
11. Will you lease in all provinces in Canada? What about the United States?
We provide leasing solutions to every province in Canada, except Quebec. If you are buying from a US Vendor and the equipment will be used in Canada, we can easily provide the equipment financing. If the equipment is being purchased from a US Vendor and the equipment will also be used in the USA, we cannot provide a financing solution.
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