TEAM is a National Funder that approves credit for:
• New Business Owners OR
• Older Businesses that have had previous credit issues.
Do I need to personally guarantee my lease if my company is a corporation?
Yes. TEAM requires that all principals of a business guarantee their lease. A public corporation may be the only exception whereby a personal guarantee will be waived.
Will TEAM pull my personal credit report?
Yes, TEAM requires that the Leasing Broker submit applications with a recent credit report for each owner of the company. Upon receipt TEAM will then pull a different credit report as a part of our standard credit approval process.
Why does TEAM require a telephone interview?
If you are new in business or have had previous credit issues, we find that there are many business operators that deserve credit if given an opportunity to "tell their story". An interview helps us understand how you intend to operate your business. It allows you to demonstrate your organization skills, integrity and describe any issues that do not show up on your credit reports & financial statements. Therefore we are eager to talk to every customer to make sure we understand your business and that you have the potential for positive cash flow. We believe that common sense should determine the final credit decision.
How long does the credit approval process take?
About a day! TEAM funds all transactions with its own capital therefore all customers are approved in-house. Once we receive the full financial credit package from the Leasing Broker, TEAM will interview the Lessee and render an immediate credit decision. In most cases this will take about a day.
What if I need to lease another piece of equipment at a later date? Can I go straight through TEAM?
TEAM works exclusively with Leasing Brokers and does not accept applications directly from lessees or vendors. All repeat customers are referred back to the Leasing Broker. TEAM will fund repeat customers only with the Leasing Broker's permission.
Can I pay off my lease early?
Yes! You are welcome to pay off your lease at any time. There are no penalties. In fact TEAM will provide an early-payoff discount. Simply call for a payoff and our staff will gladly provide a discounted payoff.
What happens to the equipment at the end of the lease?
You will always have an option to own your leased equipment. TEAM will provide you with a purchase option at the time you sign your lease. Upon termination, it will be your option to keep the equipment or return it for a refund of your security deposit.
Do you require additional collateral?
TEAM does not require additional collateral for the majority of funded leases. Leases are generally approved based on your capacity to repay. From time to time additional collateral will be considered to mitigate risk. This can be:
• Larger security deposits
• 1 st or 2 nd liens on real estate OR
• Titled vehicles that are paid for.
Call anytime to discuss various ways to structure an approval for your business. We may even have some ideas for you!
What if the equipment is being purchased from an individual?
Private party sales and used equipment are okay. In some cases title searches are necessary. TEAM reserves the right to interview the equipment seller.
What if the equipment is being purchased from an auction?
Equipment may be purchased from an auction. You'll need to know the approximate equipment cost and your credit will need to be pre-approved so that you can act quickly at the auction. Upon approval TEAM will issue a "letter of credit" to be presented at the time of your purchase.
We welcome your call for other questions or comments!
Toll free at 888-457-6700.
" Helping Customers Realize Their Business Dreams!"
