Frequently Asked Questions

• Applicant selects a lease rate that fits his needs and fills out an Application.
• The Vendor faxes the Application to LCA at 800.736.0218 and receives a credit decision within 4 hours for applications under $50,000. Financial information is required for transactions greater than $50,000 and may take longer to process.
• LCA notifies the Vendor of an approval or the need for more information to complete the approval process. After the Vendor is notified of the lease approval, the lessee signs all documents and writes any applicable payment checks.
• Vendor send to LCA:
  - A signed lease
  - A payment check made out to Lease Corporation of America
  - A detailed invoice (including serial numbers and a product description)
  
• LCA receives all documentation properly signed and completed, and remits the payment to the Vendor within 48 hours upon receipt of a verbal delivery acceptance.
  
  How do I get set-up as a vendor with LCA?
• The first step to get set-up with LCA is filling out a Vendor Profile or call our sales department at 800.800.8098. Click here to download and fill out the online Vendor Profile.
  
  How do I offer a lease?
• Give LCA a call, or e-mail us and we will contact you. We will supply you with brochures, applications and lease agreements by mail, fax or e-mail for your convenience. LCA account executives will also provide training on the different aspects of leasing if you need it. The documents for leasing include the: Credit Application and the Lease Agreement, which you can obtain by contacting one of our dedicated Account Executives..
  
  Who qualifies for lease financing with LCA?
• LCA finances equipment for commercial and municipal customers.
  
  How do you calculate the lease payment?
• You calculate the lease payment by multiplying the invoice cost less tax times the rate factor. The rate factor can be found on the LCA leasing rate card. (Example: $10,000.00 x .03395=$339.50)
  
  Should I include tax on the lease?
• Invoice LCA without tax. Contact your account executive regarding documentation. Tax guidelines vary by state.If a customer is tax exempt, proof of the exemption is required.
  
  How soon will I be paid for the equipment?
• After the delivery and acceptance, payment is made within 48 hours, or sooner with direct deposit.
  
  Why does it make good business sense to offer leasing?
• Eight out of ten businesses lease equipment
• Leasing is a total acquisition solution that shortens the sales cycle
• Customers have come to expect equipment vendors to automatically offer their products on a sale and lease basis
• When leasing is not offered on a sales proposal, customers assume that you do not have the ability to provide a financing solution, which may limit your future relations with those customers
  
  What is LCA's average turnaround time for credit decisions?
• For Applications under $50,000 the turnaround time for credit decisions is 2- 4 hours. Applications over $50,000 may require additional time
  
  Why should you use LCA for your lease financing company?
• Quick turnaround time on credit decisions
• Approval of marginal credits
• Competitive rates
• Simple documentation
• Dedicated account executive
• Longevity in the lease finance business - over 20 years
• Experienced sales staff Flexibility - able to customize programs
• Work with small dealers, as well as national programs
• Financing from $2,000 to $100,000 or more
  
  How does leasing benefit my customer? Leasing...
• Pays for itself
• Preserves credit lines and capital
• Provides tax benefits
• Offers flexibility
• Provides obsolescence protection
• For a more detailed explanation of customer benefits, click here.
  
  Why does my customer have to provide additional information to be approved for a lease?
• A lease transaction is an extension of credit that is based on the ability of the lessee to repay the debt. Specific credit information is often not publically available, resulting in LCA requesting that the customer provide it.

What makes leasing better than cash, a credit card or a loan?