|
Frequently Asked Questions
How do I terminate my lease?
You may terminate your lease at the end of the lease term by returning the equipment to First American or purchasing the equipment from First American. Refer to your Master Lease for the notice period your firm has agreed to provide FAEF prior to end of lease. Contact FAEF’s Asset Management department at 800-801-3830 to discuss your options or any questions regarding equipment purchases or returns.
How do I get a quote to purchase my leased equipment?
Contact FAEF’s Asset Management department at 800-801-3830 to request a quote. In most cases, you may purchase your equipment at lease end for its fair market value at that time.
How do you determine the fair market value purchase price?
First American's asset remarketing team researches the actual prices at which used equipment of the same manufacturer, make and model are being purchased by informed parties in arms-length transactions. Wherever possible, First American obtains these actual prices from available market sources and calculates the mathematical average of these prices to determine the fair market value. First American will share the results of its research and will consider any information you wish to provide regarding the value of the leased property. Because First American's lease has simple walk-away contract terms, you are not obligated to purchase the equipment and may simply return it at the end of the lease.
How do I return my leased equipment?
Submit a letter to FAEF’s Asset Management department prior to your notice date, giving FAEF notice of your election to return the equipment at lease end. Then, follow the provided instructions for shipment of the rental equipment.
What is normal wear and tear?
Normal wear and tear is physical deterioration that occurs during regular usage for which the equipment is intended. Damage occurs from negligent, unreasonable or irresponsible usage of an item. Any change or modification which affects functionality of the item may be considered damage.
Contact our Asset Management department at 800-801-3830 any time during your lease with questions about replacement equipment transitions, upgrades and additions, equipment purchases, lease extensions, equipment return, or other services.
|