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How it Works



What is a Lease? 

A lease is a contractual agreement between two parties whereby the Lessor allows the Lessee to use the equipment for a specific period of time in exchange for a series of payments.

There are three parties involved in a lease transaction:

  • ƒLessee (customer)
  • Lessor (owner of equipment who will finance the lease)
  • ƒEquipment Vendor  (supplies the equipment)

 

Roles of the Lessee/Lessor


Lessee:

  • Customer chooses equipment vendor
  • Customer agrees to all contractual obligations of the lease

ƒLessor:

  • Owner of the equipment (LCA) who purchases the equipment from the vendor 
  • Remits payment to the vendor for the cost of the equipment
  • Bills and receives payment from Lessee

The Lease Process

Step One: Vendor proposes a lease solution to acquire necessary equipment and customer accepts

Step Two: Vendor has customer (lessee) complete a lease application and submits to LCA (lessor)

Step Three: LCA performs credit review on Lessee

Step Four: If approved, customer will complete all necessary lease documents

Step Five: LCA receives all necessary lease documents and approves delivery of equipment

Step Six: Equipment is delivered and accepted by Lessee

Step Seven: LCA pays for the equipment and commences Lease

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