Equipment financing: Lease payments and invoices

When do my payments start and when are they drawn from my account? 

Payments start on the day your lease is funded and continue on that same date for each billing cycle (monthly, quarterly, semi-annual, etc.). If you prefer a specific payment date, you can request one—if your equipment arrives earlier, we’ll simply apply a prorated payment. 

 

I have sent the buyout, and the lease has been terminated. Will pre-authorized payments stop for this lease? 

Yes, pre-authorized payments stop as soon as your lease is terminated. 

 

I have paid the buyout, and the lease has been terminated. Will pre-authorized payments stop for this lease? 

Yes, pre-authorized payments will stop as soon as the lease is terminated. 

 

Why have I had money withdrawn from my account prior to the commencement date of my lease? 

A charge to your account prior to your lease start date may be one or both of the following: 

 

Last payment on deposit: Typically, equal to one payment, which we may request at the start of your lease. We may credit it towards your purchase option or reimburse the amount when we terminate your lease. 

 

Partial payment: We'll bill you for the number of days you've had possession of the equipment before the start of your lease. The charge is a prorated amount of your full lease payment. 

 

Must I make payments monthly? 

You can make lease payments monthly, quarterly, semi-annually, or annually. You'll determine your payment mode prior to signing the lease contract. 

 

What is an invoice fee? 

We charge a fee of $5.00 to cover the cost of generating an invoice. 

 

To avoid this fee, we encourage customers to set up Pre-Authorized Debits (PAD) from their chequing account. Your National Bank Equipment Finance Customer Service Representative would be happy to help you with this. 

 

What taxes am I being charged? 

Lease payments are subject to both Provincial Sales Tax (PST) and Goods and Services Tax (GST) or HST. 

 

If you or your business is tax-exempt, please provide National Bank Equipment Finance with the appropriate documentation, and we will adjust your lease payment accordingly. 

 

How can I make my lease payments? 

You can make payments to National Bank Equipment Finance by cheque or by Pre-Authorized Debits unless otherwise stated. 

 

Note: Pre-authorized debits may be a condition of your credit approval, in which case this would be the only acceptable payment method. 

 

When are invoices sent? 

We send invoices approximately two weeks prior to the due date of your lease payment. 

 

What is past due interest? 

It's the cost of not paying your lease payment on time. We charge you past due interest if you make your payment after your payment due date. 

 

How do you calculate past due interest? 

We calculate past due interest at two per cent per month with a minimum charge of $10