Frequently Asked Questions
Do you lease other equipment?
Yes. Farmington has leased a wide variety of restoration equipment, accessories, concrete scrapers, trailers, computers, and other office equipment used in the restoration industry. We do not lease motorized vehicles, but do lease trailers.
Where do you lease?
We lease to organizations located anywhere in Canada. At this time, we do not lease to companies located in the United States. We will facilitate arranging a lease through an affiliated U.S. based leasing company who lease equipment in all 50 states.
I had to purchase equipment for a rush job last week/last month. Can I now lease it from Farmington?
Yes.
Will you lease used equipment that I want to buy?
Yes.
Are taxes added to the monthly lease payments?
Yes. Depending on the province, either HST, or GST plus PST must be added to the monthly lease payment.
Who provides the insurance coverage for the equipment?
The lessee must provide the loss and liability insurance, by adding the leased equipment to his business insurance policy.
Why should I lease the equipment instead of purchasing it?
There are many reasons for an individual or a business to lease restoration equipment. The reasons are similar to those that one would use when deciding to purchase or lease a building or a home. The importance, or ranking of the reasons, depends on the circumstances of the business at the time of the acquisition, and the owner/operator’s view of the future. Among the reasons most commonly heard from Farmington customers are the following: Leasing helps conserve cash for other uses, such as paying suppliers and staff, financing additional staff hiring or building expansion construction. It also helps with cash flow when insurance companies are slow paying claims for completed restoration work. Leasing has tax advantages. Confirm with your accountant. Leasing preserves operating credit lines with the bank Leasing covers 100% of the purchase price. Traditional bank loan financing will only provide for a smaller percentage, requiring a down payment and very onerous terms. By setting up a credit line with a leasing company, the company is providing another source of capital to call on when needed in the future.
