GUIDELINES: Titled Equipment / Vehicles

Examples of Equipment:

All Trucks (Heavy & Light Duty, Including Utility, Cargo, Box, Dump, Tow Trucks etc.) Vans, Pickups, Buses, Limousines, Ambulances, Fire Engines, Construction and Specialty Vehicles.

Equipment Cost:

• Minimum $5,000.00 up to $2,000,000.00

Equipment Age & Condition:

• New, Demo and Used (up to 10 years old, based on condition)
• All used vehicle must be in good condition with acceptable miles for its age or function.
• Condition Report & color photos are required on used equipment, prior to funding.
• Third Party Appraisal & Book Va &lue report may be required on certain equipment.

Lease Types:

• Track Leases
• Deferred Payments (2-4 months)
• Seasonal Adjustment Programs
• 50% Pre-Funding available on special or custom ordered equipment (Interest only payments)
Please see Advantages of Leasing

Term & Residuals:

• Terms can range from 12 months to 60 months based on equipment value, (condition & miles if used) and credit rating of lessee.
• We can offer longer 72 to 84 month terms for equipment that cost over $100,000.
• We offer FMV, $1.00, 10% or 20% Residual options.
• We also offer Term Residual equal to last 2,3,4 or 5 remaining payments (based on term).
• Some approvals may have restricted residual requirement.

Geographical Limitation:

• Nationwide excluding Hawaii, Alaska and Puerto Rico.
• Certain restrictions may apply for LA, TX, NY, CT, RI & ND.
• Limited programs available for Canada (please call)
• Some approvals may have regional limitations

Sales Tax:

• We can finance Sales Tax on 100% of the equipment cost.
• Depending on State, Sales tax may be collected in stream or paid upfront.
• We'll provide appropriate instructions and State Sales Tax number when necessary.

Inception & Up-Front Costs:

• Most Leases require first & last payment due at inception.
• Some Approvals (based on credit) may require a security deposit equal of 2 to 5 payments or 20% of equipment cost. When security deposit of 2 or higher is required, first and last payments are not necessary.
• One time Acquisition fee of $495.00.
• One time Equipment Inspection fee of $185.00 for used vehicles (if applicable).
• All DMV, Tags, licenses, Registration and Government fees are due at inception.
• Down Payment or Cap Reduction (if applicable).
• Sales Tax on any down payment/cap reduction (if applicable).
• One time charge of $150.00 may be required to process Title for out of state lessors.

Insurance:

• Full coverage commercial insurance is required on all titled equipment.
• $1,000,000. minimum liability coverage. See Insurance Requirements
• Lessor and lien holder must be listed as Loss Payee & Additional Insured.
• Proof of insurance • Binder• , is required (verifiable) prior to funding.

Personal & Business Credit Criteria:

• We review each application on its own merit. We usually assess the whole deal based on variety of factors including the industry, type of equipment, equity in collateral, personal credit strength of owner(s) or officer(s), cash flow and many other relevant aspects. This allows us to structure a custom tailored lease approval, rather than an automatic
• We offer variety of Credit Programs to accommodate broad range of applicants with diversity of circumstances.
• We can accept Start-Up applications, Poor Credit applicants as well as offer very competitive rates and programs for "A" or "B" credit tears with established time in business. (please see Credit Guides Lines)

Rates:

Rates are determined based on credit history, equipment cost and lease structure. For more information or an immediate quote, please contact us or call (800) 419-2011 Extension 1.

Additional Collateral:

• Some approvals can be collateral based. The security of a particular deal rests in the amount of collateral that the applicant is willing to pledge. Under our guidelines, the collateral taken on any transaction must be twice the value of the underwriting commitment in the lease transaction. This includes the piece of equipment that 1st National Capital Funding is financing. Collateral may be in the form of a security interest in real estate or in equipment free of any encumbrances and fully owned by the applicant.

Documentation:

• Upon acceptance of an Approval by customer, (please see Our Process) Contracts can be ordered (we provide all Documents and Contracts). We can mail, overnight or e-mail contracts to the dealer or the customer directly as per your choice. Cover letter and check list are attached with every contract for essential stipulations.

Funding:

• Signed original Lease Documents
• All required stipulation
• Proof of Insurance "Binder" (must be verified)
• Check for Up-Front Fees
• All required Title/DMV papers from Dealer.
• Acceptances of delivery by customer (via verbal telephone verification).
• All other stipulations required as per original Approval.
• Funding is within 24 to 48 hours via overnight mail or Bank Wire Transfer.


*All fees, rates, terms, conditions and requirements are subject to change without prior notice.

1st National Capital Funding reserves the right to update its Guidelines at anytime.