Leasing at Henry's
Henry's, in conjunction with Equilease, is pleased to offer customers the option of leasing their equipment. Leasing is a perfect option for anyone making a big ticket purchase, setting up a studio or for commercial applications.
Leasing through Equilease provides a number of benefits:
- 100% financing with no down payment or upfront administration fees
- Fixed monthly payments
- Helps to manage cash flow
- Preserves working capital
- Spreads the sales tax over the period of the lease
- Provides tax benefits as leasing is an operating expense which in most cases can be written off
- Flexibility in structuring your lease term and payment schedule
- Protection from equipment devaluation or obsolescence by allowing the customer to upgrade their equipment with minimal charges
What are the leasing terms?
- Minimum purchase for leasing is $1000
- Lease terms are available from 24-60 months
- Most common lease term is 36 months
What are the costs involved?
- Leasing rates, based on a 36 month lease, are approximately $36 per $1000 so the payment on a $1000 purchase is $36 per month. This works out to approximately 10% interest per annum.
- Administrative fee ranging from $50 to $175
- $10 buy-back at the end of the lease
- All equipment leased through Equilease must be insured. If the customer’s insurance does not cover the equipment, insurance can be arranged through Equilease at cost of $10-$15 per month.
Frequently Asked Questions?
Who is eligible to lease?
Any consumer, company, sole proprietorship, partnership, organization or association can apply to lease equipment. Note: For Quebec residents only – Individuals cannot lease equipment through Equilease. Equipment can only leased through Equilease if the lease is in the name of a company, organization or association registered with the government.
Who owns the equipment?
As the lessor of the goods Equilease (or its assignor) is the legal owner of the equipment during the lease period. Most leases are written with a $10 buy-back so that at the end of the lease period the customer owns the goods.
What is the process for leasing equipment?
Henry's will provide an equipment quote to Equilease. Equilease will then contact the customer and complete their credit application. Upon approval, Equilease will sign a Customer to Lease Agreement and inform Henry's that the equipment can be released to the customer. At that point Equilease will pay Henry's for the equipment and begin billing the customer according to the terms of the Lease Agreement.
Can a lease be cancelled?
Leases cannot be cancelled, but the customer can trade in their equipment and lease new equipment before the expiry of the original lease. Equilease also offers a special option of principal buy-out after 1 year without interest penalty.
Who should sign the lease agreement?
For a personal lease, the designated lessee and guarantor (if applicable) must sign the lease. For a business lease, the lease must be signed by an authorized office of the corporation, by one of the partners in a partnership, or by the owner of a sole proprietorship.
Who is responsible for maintaining the equipment?
The customer receives all the benefits of the buyer's warranties and is responsible for the care and maintenance of the equipment.
What about insurance?
Equilease requires that the customer insure all leased equipment. If the customer's personal insurance does not cover the equipment, insurance can be arranged through Equilease at cost of $10-$15 per month.