Terms & Conditions
A summary of the key elements of Farmington’s standard arrangements for leasing equipment:
Application for a Lease
Potential lessees will be required to provide basic company and personal credit history and current financial status. This information should be provided on an “Application for a Lease” form which is available from Farmington
Farmington uses a simple and clear lease agreement document signed by the lessee and Farmington. It defines the responsibilities of both parties; and covers topics such as equipment being leased, duration of the lease, equipment maintenance and repair, insurance, ownership, payment schedules, warranties, termination, equipment purchase options. We have strived to make it simpler, less onerous and easier to understand than typical lease agreements offered by other financial institutions.
Lease payments can be made by post-dated cheques (provided by lessee at the time the agreement is signed), or Direct Deposits to the Farmington bank account
Lease Term (duration)
Leases can be up to 50 months. Longer leases can be provided in certain circumstances
Lease Payment Frequency
Almost all Farmington’s existing customers have selected a monthly payment arrangement. Accordingly, most Farmington leases are monthly, with the payment being due on the first of each month.
Changes to the equipment, term, payments schedule etc.
Farmington strives to be flexible enough to meet our customer’s requirements for changes during the period of our business relationship. Equipment additions, deletions are easily accommodated by issuing a one page amendment to the lease. Other changes are permitted as well.
A copy of Farmington Leasing’s lease agreement is available on request