Leasing Process

What is a Lease or Equipment Finance Agreement (EFA)?

A lease or EFA is a contractual agreement between two parties whereby the lessor or secured creditor allows the lessee or debtor to use the equipment for a specific period of time in exchange for a series of payments.

There are three parties involved in a lease or EFA transaction:

Lessee or Debtor (customer)
Lessor (owner of equipment who will finance the lease) or Secured Creditor
Equipment Vendor (supplies the equipment)

Roles of Both Parties

Lessee or Debtor:

Chooses equipment vendor
Agrees to all contractual obligations of the lease or EFA

Lessor Secured Creditor:

Owner of the equipment (LCA) who purchases the equipment from the vendor
Remits payment to the vendor for the cost of the equipment
Bills and receives payment from lessee or debtor

The Finance Process

Step One: Vendor proposes a lease solution to acquire necessary equipment and customer accepts

Step Two: Vendor has lessee complete a credit application and submits to LCA

Step Three: LCA performs credit review on lessee or debtor

Step Four: If approved, customer completes all necessary finance documents

Step Five: LCA receives all necessary finance documents and approves delivery of equipment

Step Six: Equipment is delivered and accepted by lessee or debtor

Step Seven: LCA pays for the equipment and commences the lease or EFA

Have questions or need help?

616-355-2800

*Please be aware that the information does not represent an approval to your financing request. A final decision for the requested quote – amount, rate and term – will be determined by LCA’s review of your business, including credit worthiness, as well as other requirements set forth by the LCA Credit Department.

International Material Control Solutions

International Material Control Solutions provides bulk material handling equipment and systems. IMCS provides individual equipment and system solutions for storage, evacuation, transfer and packaging. In addition to our product offerings, our contracting division Peerless Contracting Solutions provides turnkey solutions including equipment and system installation.

Value Proposition

Financing equipment allows businesses to get the equipment they need without affecting bank or credit lines. No matter the type of business, you need the proper equipment to efficiently compete and flourish. That’s why Lease Corporation of America provides financing options for International Material Control Solutions: so your business can reach its full potential.