Who is Northern Leasing Systems?
Northern Leasing Systems is an equipment finance company that specializes in the origination and servicing of micro-ticket leases. Since the company’s founding in 1991, Northern Leasing has originated over 500,000 equipment leases. Northern Leasing is based in New York City.
How may I obtain a copy of my lease agreement?
You may request a copy of your lease by calling our Lease Request hotline at (888)275-3251, or by emailing us at firstname.lastname@example.org. Please remember to include your business name and your name, address, and phone number. We will respond to your request as soon as possible.
How do I make my lease payments?
All lease payments will be deducted from your business checking account via Automatic Clearing House (ACH). You will be asked to submit a voided check with your lease application.
When will the payment be deducted from my account?
Monthly lease billing occurs on the first day of each month following lease inception. If your lease is signed in the middle of a month, a partial/interim rent will be applied from the date the equipment is accepted to the first regular monthly billing date. The partial/interim rent will be debited from your account on the next business day after the lease booking date.
Why is the ACH amount different from the initial amount written on the lease?
The deduction includes, but is not limited to, your basic monthly payment, sales/use tax, property tax, and an equipment Loss and Damage Waiver (LDW) fee (where applicable).
Why is there a charge for sales tax?
You are responsible for any applicable tax on the lease payment or tax that is levied on the equipment. The sales/use tax will be assessed on lease payments based on the current state, county and/or local tax rates in the jurisdiction where the equipment is located. It will be added to the basic monthly lease payment and debited from your bank account on a monthly basis.
What is the Loss and Damage Waiver?
In order to protect your business and Northern Leasing from loss and/or damage of leased equipment, you will be asked to provide Northern Leasing with a certificate of business insurance naming Northern Leasing as loss payee and additional insured. This type of insurance can ordinarily be obtained free of charge by contacting your insurance company.
If you do not provide a certificate of insurance to Northern Leasing, you will be required to purchase a Loss and Damage Waiver, and a monthly fee will be charged until the certificate is provided to Northern Leasing. Under the Loss and Damage Waiver, Northern Leasing will waive your responsibility for keeping the equipment insured. Details describing this waiver may also be found in the lease agreement.
I changed my bank account. What do I do?
Please fax a copy of the new check with your lease number to our Merchant Service department at (212) 760-0273.
If the equipment breaks, who do I contact?
Many of our vendors and equipment manufacturers offer service contracts and warranties. If you are experiencing problems with your equipment, please contact your vendor or equipment manufacturer immediately. If you find there is no warranty on your equipment or you cannot reach your manufacturer, please call our Customer Service department at (888) 275-3251 and we will help you find a repair company. Northern Leasing is not responsible for maintenance or servicing of any equipment.
Can I cancel my lease?
Because your lease is a fixed-length, non-cancelable equipment finance agreement, you cannot cancel your lease.
However, if you would like to terminate the lease, you may be able to buy out the lease and the equipment, buy out the lease with the return of the equipment, or transfer the lease to an acceptable third party.
Is my lease transferable?
Your lease may be transferred (subject to approval). Please contact our Customer Service department at (888) 275-3251and provide your business name, address and phone number.
What options do I have at the end of my lease term?
You may exercise any of the following options, provided Northern Leasing is given a 30-day written notice at the end of your lease term.
- Continue leasing the equipment on a month-to-month basis.
- Return the equipment with no further charge.
- Purchase the equipment at its Fair Market Value.
How do I pay off my lease?
You may be able to buy out your lease agreement at any time prior to the end of the lease term. To do so, please contact our Customer Service department at (888) 275-3251 and one of our representatives will provide you with an estimate.
Can the Vendor/ISO negotiate or change any of the terms of the lease agreement?
No. The Vendor/ISO has no authority to negotiate or vary any of the terms of the lease agreement.