Equipment financing: Lease contract conditions

Can I add additional equipment to my lease? 

While you can't add additional equipment to an existing lease, we can replace your existing lease with a new one that includes the new equipment. 

 

Do I benefit from warranties placed on equipment? 

Yes, all dealer warranties are passed on to you, the client. 

 

Can I move the equipment from one location to another? 

Yes. Contact Customer Service at 1-888-599-1966 to notify us of the new location. As legal owners of the equipment, we must always know the physical location of the equipment. Also, tax adjustments may be required depending on where you're moving the equipment. 

 

Who owns the equipment? 

National Bank Equipment Finance owns the equipment. We then lease the equipment to you. 

 

Can I sell the equipment? 

Once you have exercised your option to buy out the lease, you have the right to sell the equipment. Prior to buying out the lease, the equipment belongs to National Bank Equipment Finance and can't be sold unless the loan is paid out or with prior written consent. For a lease buyout quote, contact the customer service centre. 

 

Can I trade the equipment currently on my lease for newer equipment?  

Yes, if the new equipment is leased through National Bank Equipment Finance, our Customer Service team will calculate a trade-up figure for you. 

 

What is the Fair Market Value (FVM) for the purchase option? 

Fair market value is the price we can sell your equipment for in today's market conditions.  

 

How is the buyout amount calculated? 

We base your buyout 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 Customer Service at 1-888-599-1966. 

 

How are service and repairs on the lease equipment handled? 

Your authorized equipment reseller will handle repairs and service in the same manner as if you had purchased the equipment. The manufacturer covers in-warranty service and repair costs. You're responsible for out-of-warranty work. 

 

Can I finance more than one piece of equipment? 

We work with companies of all shapes and sizes and will finance anything from: 

 

• A single piece of equipment 
• A fleet of equipment 
• Inventory for your equipment rental or leasing business. 

 

Does National Bank Equipment Finance offer seasonal flexibility? 

We will work with you to find a solution that may include working capital injections and interest-only or skip payments during your business’s seasonal cycles. We may be able to provide working capital loans so that you can keep growing your business. We will also work with you to arrange interest-only or skip payments during spring break-up, fire season, or other seasonal slow-downs. 

 

How can I access equity in the equipment? 

Sale leaseback: 

If you already own a piece of equipment, but now need to re-capitalize that equipment, we’ll buy your equipment so that you can take out a loan and lease the equipment back from us. 

 

Rental conversion financing: 

We will help you use the payments you’ve already made on equipment against a full-out purchase of the equipment. We’ll fund the price of the rest of that purchase and get you back to work, now owning the equipment instead of renting it.