I have changed banks. What do I do about my pre-authorized payments (PAP)?
Fax a void copy of a cheque from your new bank account along with your name, the name that the lease is under and the Contract Number (if available) to 780-414-0615. Also, please indicate when the new account is effective. If you have multiple contracts with Lease Link, please confirm if this PAP change is for a specific Contract or all Contracts.
My monthly payment has changed. Why did this happen?
There are a few possibilities of why this has occurred.
1. You didn’t provide us Insurance Confirmation on the equipment and the Lessor has auto-enrolled you onto their internal insurance program in accordance with the Lease Agreement. You can provide us insurance confirmation at anytime – see Insurance related questions.
2. Your Lease Agreement was subject to “floating rates”. As the prime rate adjusts (up or down) you monthly payments will be adjusted automatically.
3. Your Lease Agreement had variable payments (seasonal payments or step payments). If you need a copy of your Lease Agreement, please contact our Customer Service department at 1-877-414-0616 or you may email us at customerservice@leaselink.ca
My lease payment wasn’t honored by our Bank. How can we pay the Balance?
Numerous options are available to you to catch up your arrears. Please contact your Account Manager or contact our Customer Service department at 1-877-414-0616 or email us at customerservice@leaselink.ca
Can I change the day of the month my payments come out?
Possibly, however it depends on the underwriter. Please contact our Customer Service department at 1-877-414-0616 or by email at customerservice@leaselink.ca
customerservice@leaselink.ca so we can advise you of your options.
customerservice@leaselink.ca so we can advise you of your options.
Can I pay an outstanding balance or Initial Payment with online banking?
Yes you can. Lease Link is listed with virtually all Canadian Banks and Credit Unions, with the exception of Royal Bank of Canada and TD Bank. Simply search for Lease Link Canada with your financial institution. Your 6 digit application number is your account number. If you need your application number, please contact us at 780-414-0616 or email us at customerservice@leaselink.ca
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 leased equipment, please provide us with a copy of your insurance policy, naming the Lessor as Loss Payee as per the letter you received. Alternatively, we can send you a Proof of Insurance form for your insurance broker to fill out. Once it is completed, you can fax the form to 780-414-0615.
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 lease payments. If you would like to take advantage of this service, please contact us.
If you do have insurance coverage on the leased equipment, please provide us with a copy of your insurance policy, naming the Lessor as Loss Payee as per the letter you received. Alternatively, we can send you a Proof of Insurance form for your insurance broker to fill out. Once it is completed, you can fax the form to 780-414-0615.
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 lease payments. If you would like to take advantage of this service, please contact us.
I have leased a Titled/Serialized piece of equipment which requires a Power of Attorney to renew the insurance and registration. How do I obtain this document?
Please contact our customer service department at 1-877-414-0616. We will have one prepared and sent either to you or your insurance broker.
Who services or maintains the equipment?
As a lessee you are responsible for the care and maintenance of the equipment.
Do I benefit from any warranties placed on the equipment?
Yes, all vendor warranties are passed on to you, the Lessee.
Our equipment was (or is going to be) replaced by the supplier / manufacturer. What happens now?
The Lessor needs to be aware of any changes to the equipment, including but not limited to serial number changes, make and model. Further the supplier / manufacturer will have to provide us with an invoice or other satisfactory documents to change the equipment. Please contact our Customer Service department at 1-877-414-0616
We are mid-term in our lease and we would like to upgrade our equipment. Can this be done?
Yes! Trade-Ups are one the large benefits of leasing. You can trade-up anytime. Contact your Account Manager or Customer Service at 1-877-414-0616 or by email at customerservice@leaselink.ca
Our Equipment was Stolen, Lost or Damaged.
Please contact our Customer Service department as soon as possible at 1-877-414-0616 or by email at customerservice@leaselink.ca
Who owns the equipment?
The Lessor owns the equipment, the equipment is on lease to you.
Can I sell the equipment?
No, the equipment belongs to the Lessor and you are unable to sell the equipment. The only way you would be allowed to sell the equipment is if you bought out your lease or had the consent of the Lessor.
What End of Term options are available?
Lease Link offers numerous different types of residuals, including:
- $10.00 Ends
- Stretch Leases
- Fixed Residual Leases
- TRAC Leases
- ABC Leases
If you need to know what option best fits your specific situation, contact our offices. Click here for a list of offices.
Our Lease is at the End of Term. What do I do now?
That depends on the type of option included in your Lease. For specific answers to your question, please contact our Customer Service department at 1-877-414-0616.
We are the End of Term and we wish to return the equipment. How do we arrange this?
Please contact our Customer Service department at 1-877-414-0616.
What is the ‘fair market value (FMV)’ for a purchase option?
Fair market value is the price that the equipment could be sold in today’s market conditions.
What are my options after the end of my lease term?
You have four options:
- Purchase the equipment at its current fair market value or your stated purchase option.
- Continue to lease at the original lease rate.
- Return the Equipment.
- Trade up the equipment for new equipment (On approved credit)
What is an early option?
Some leases include an “Early Purchase Option”, which allows you, the lessee to buy out your equipment for a set amount prior to the end of your lease. If applicable, the early option will be specified on your Lease Contract.
How is the buyout amount calculated?
Your buyout is based on the number of payments remaining on your lease contract, plus the buyout option listed on your lease contract. For the exact amount, please contact your Account Manager or Customer Service at 1-877-414-0616
Will I be notified when my lease is at expiry?
On a best efforts basis, Lease Link will send you a letter with your options approximately 60 days before the expiry of the lease. In addition, if you have an Early Purchase Option on your Lease, we will notify you of this option approximately 60 days before the Early Purchase Option. Please remember to keep us up to date with any phone number and address changes so we can reach you at the End of Term.
I need to get a copy of our Lease Agreement.
Not a problem. We sent a copy of the Lease Agreements, in the initial welcome letter. If you can’t locate that copy we can fax, mail or email a copy to you right away. Please contact our Customer Service department at 1-877-414-0616 or by email at customerservice@leaselink.ca
Can I assign my Lease to another Party?
Yes, you can assign the Lease to another party subject to Lease Link’s consent of the assignment AND subject to credit approval of the new Lessee. There is a $500.00 fee to process the assignment paperwork. Please contact your Account Manager or our Credit Department.
We’ve moved! How do we update our address with Lease Link?
Very simple. You can:
1. Fax your request for an address change to us along with your name, the name that the lease is under and the Contract Number (if available) to 780-414-0615.
1. Fax your request for an address change to us along with your name, the name that the lease is under and the Contract Number (if available) to 780-414-0615.
2. You can email us at customerservice@leaselink.ca
3. You can call Customer Service at 1-877-414-0616
Can I move the equipment from one location to another?
Yes so long as the equipment remains within Canada. Simply contact Customer Service and notify us of the new location. Since the Lessor is the legal owners of the equipment, we must know the physical location of the equipment. Tax adjustments may be required depending on where the equipment is being moved to.
What taxes am I being charged?
Lease payments are subject to both Provincial Sales Tax (PST), and Goods and Services Tax (GST) or HST. Taxes are based on the equipment location. In the event that you or your business is tax exempt, please provide us with the appropriate documentation, and we will adjust your lease payment accordingly.
I would like to get a buyout letter. How can I get a buyout Letter?
You can either:
1. Fax your request for a Buyout Letter to us along with your name, the name that the lease is under and the Contract Number (if available) to 780-414-0615.
1. Fax your request for a Buyout Letter to us along with your name, the name that the lease is under and the Contract Number (if available) to 780-414-0615.
2. You can email us at customerservice@leaselink.ca
3. You can call Customer Service at 1-877-414-0616
Is there a fee to obtain a Buyout Letter?
Lease Link will prepare a Buyout Letter for you every 6 months (upon request). Should you require additional Buyout Letters, there is a nominal $95.00 charge to cover the administrative costs of preparing the buyout letters.