What types of
equipment does MMF lease?
Medical & Municipal Funding is capable of leasing a diverse selection of
equipment. Our most common are Computer Technology, Medical Diagnostic
Equipment, Medical Fixtures, Software, Telecommunications, Office Furnishings,
Video Systems, Fitness Equipment, & Office Buildout.
top of page
What vendors can
I order from?
A benefit of leasing with MMF is that you can purchase equipment from any
reputable vendor of your choice. Select your equipment and options, negotiate
your best price and let us do the rest!
top of page
Can non-equipment
items such as software and maintenance be included?
Yes. One of the many benefits of leasing includes the ability to "bundle" a
number of equipment items into a lease including software, service and
installation costs. This way, you can make one simple monthly payment for an
entire system or equipment line.
top of page
How long does it
take to be approved?
Your simple lease application will usually be
approved within 24-48 hours! Applications can be made via phone, fax or
on-line over our secure server.
top of page
Are there any
application fees?
No, unlike many lending institutions, MMF does not charge any application fees.
top of page
What are your
approval requirements?
During the approval process, we evaluate your business credit history
(including bank and trade references), personal credit history of the owner(s)
and collateral value of the equipment. If your credit history has some negative
items, we often can approve a lease with a shorter term and/or a down payment.
top of page
What happens
after I am approved?
Once you are approved, we prepare lease documents and overnight them to you.
After you sign and return your lease documents, we issue a purchase order for
the exact equipment that you have selected. Upon your verification of delivery
and acceptance of your equipment, we pay the vendor and your lease begins.
top of page
How long can I
lease?
Most leases are written for 24, 36, 48 or 60 months, depending upon the type of
equipment. Leases for items that depreciate rapidly (such as computers) are
usually shorter terms. Expensive, durable machinery can be leased for terms up
to 84 months.
top of page
How much
equipment can I lease?
MMFs typical lease amounts range from $7,500 to $1,000,000. For equipment costs
under $5,000, many of our clients find it cost effective to finance via
alternative measures (i.e. cash flow, credit cards etc.)
top of page
How are
payments made?
Payments can be structured to meet your needs. Our typical payment schedule
would include the first and last payments made at the time you sign your lease
documents, with your next monthly payment due about 30 days after your
acceptance of the equipment.
top of page
What are the
options at the end of the lease?
You may purchase the equipment for its purchase option amount, continue to
lease, or return the equipment with no further obligation.
top of page
What end of
lease purchase options are available?
| We offer purchase options to meet your needs: |
 |
| |
 $1.00 purchase option
(which is treated as a purchase) |
|
| |
Fixed percentage option (our most
popular is 10%) |
|
| |
Fair Market Value option (often
treated as deductible expense payments) |
|
| The best option for you can be determined after a brief
conversation. We encourage you or your accountant to call us. |
top of page
What is the
interest rate on a lease?
The amounts charged on an equipment lease are calculated using monthly "rental
rates", rather than by using a compound interest rate method that is normally
associated with bank loans. Rental rates are based on the term of the lease,
the lessee's credit history (both business and personal), and the type of
equipment being leased. The stronger and more established your business, the
lower your payment should be.
top of page
Who is
responsible for taxes?
Because we offer a "net" lease, the end user/lessee is responsible for all
taxes. MMF is required by law to collect all applicable sales, use and property
taxes and remit them to each jurisdiction. Tax types and rates vary by state
and locality.
top of page
Who insures
the equipment?
The Lessee is responsible for insuring the equipment against risk of loss
including property and casualty coverage and liability. Lessees typically just
add the equipment to their existing policy.
top of page
Who provides
warranty coverage on the equipment?
MMF passes through all manufacturer warranty coverage to the Lessee. Warranty
claims are processed in the same way they would be if the Lessee was the owner
of the equipment.
top of page
Can the lease
be cancelled or paid off early?
No, the lease is a non-cancelable agreement for a specified term that you
select at the beginning of the lease. However, we do provide you the
opportunity to upgrade, trade-in or "buyout" your lease before the end of the
term.
top of page
What if my
equipment becomes obsolete?
In the event that you need to upgrade your equipment during the lease term, we
will work with you to meet your goal. We can amend your original lease, assist
you with a trade-in of your original equipment, or a new lease can be
structured.
top of page
