7 Park Avenue Financial is an expert in your Canadian Equipment FInancing Needs - Call or email and we'll be glad to discuss your needs!

 Equipment Financing and Leasing in Canada – How to negotiate a Successful end of lease strategy for your Asset Financings - By Stan Prokop - 7 Park Avenue Financial

Depending on the type of leases that Canadian business owners and financial managers have entered into is critical to have the information and skills to negotiate a successful end of lease strategy.  The bottom line is very simple – you are at the end of your Canadian Equipment Lease financing – what now? What happens to this equipment and what are my rights and obligations...

The entire process should be viewed as a proactive process with your equipment financing lender. Some Canadian business owners may also choose to use the services of an experience, credible and successful lease financing intermediary to assist them with the process.

We have heard the expression ‘timing is everything ‘. That’s equally important in our scenario, as it is critical to start to evolve into discussions with your lessor at least  a couple of months ( 90 days is recommended ) regarding final disposition and acquisition of the asset .  Some equipment leases in certain areas of business may be in the many hundreds of thousands or millions of dollars – given these transactions are much more d complex we would recommend an even longer time period for start of negotiations.

So what are the Canadian lessee’s rights and obligations? That’s a simple answer – they are in the written lease contract your firm entered into with the lessor.   That wording should be reviewed by you with respect to   issues such as –

Can the lessor come to your premises to inspect the equipment?

Does your firm have to provide maintenance records?

What was the return or purchase provisions as documented in the lease transaction you signed?

We would also add that many equipment leases require you, the business owner, to notify the lessor of your intentions under the lease, and in some cases the lessor may also be bound to notify yourself as to final termination issues and procedures.  The rights and obligations you have under the lease are neatly compacted into the following points – You can buy, return, renew or extend the lease, or surrender the asset.

By now business owners realize that the lease they entered into three or five years ago must clearly be reviewed again. Companies that do a lot of lease equipment financing are strongly recommended to have follow up and termination policies in place that will allow the lease to be reviewed as it comes to expiration.

Lets talk a bit about the ‘value ‘of the equipment, - This is somewhat of a tricky area and business owners are cautioned to investigate this one thoroughly. We can frankly compare our scenario to selling our homes – we think us as homeowners know what the price is worth, the realtor tells us their opinion, and, guess what, the market will ultimately decide what the home is worth. It’s not unlike your lease financing transaction, whether that financing was for computers, or plant machinery. Certain assets depreciate and lose value s very fast, some lose a portion of their value, and in a very small set of circumstances some assets hold their value and may in certain instances be worth more than you paid for. (Rare, but it happens!)

In summary, business owners are cautioned to ensure they understand the end of lease options rights and obligations. Follow up to the transaction should not be done at the last minute, and thorough investigation of asset value should be done with proper diligence. It’s only common sense.

 Are you uncertain of how to grow your business without financing for the equipment you need?

Why Companies should consider Leasing Computers and Technology - By Stan Prokop - 7 Park Avenue Financial

If you’re considering the next step in business growth through an equipment purchase, but have reservations as to how you can afford to do so, why not look to 7 Park Avenue Financial? We have the professional solutions you want and need to help your business grow. In the past several years, we’ve been the originators of millions of dollars for our clients’ financing. We believe it shows – why not take a look at our track record?

When it comes to London Ontario equipment financing, we will approach your business needs with creativity and resourcefulness, utilizing all the necessary tools at our disposal. Among those tools are a number of relationships that we have built with senior level executives at top financial institutions, allowing us to approach these notable decision makers with your financing concerns.

This is what we believe sets 7 Park Avenue Financial apart from other financing groups – we focus on relationship-building, placing it ahead of anything else we do. Personalized customer service is the only way that we can guarantee your unique needs will be met, and so we foster relationships with all our clients and the people we work with to ensure that all avenues can be traveled to find an equipment financing option that works strictly and uniquely for your business.

We know what kind of a disaster can arise if you were to be matched with the wrong financing plan for your business needs. These situations are absolutely avoidable, because they’re often caused by mass-produced solutions that don’t address specific needs. This doesn’t help your business to grow, it sets you back! We are committed to ensuring that your business is matched with the perfect London Ontario equipment financing option for you.

If you’d like to learn more about how 7 Park Avenue can help with your equipment financing, why not give us a call today?

 Phone: 905 829 2653
Email: sprokop@7parkavenuefinancial.com

<h5>London Ontario equipment financing</h5>