Lease Process, Fitness Equipment
The lease process for fitness equipment leasing or any other equipment is really quite simple. After completing the lease application, the lease process will flow as outlined below.
- Fax, e-mail, call in, or submit your application online.
- Upon receipt, the application will be forwarded to the credit desk for review.
- The average response for approvals is 2 to 4 hours. Allstate Capital will typically notify the vendor (seller) and the lessee (buyer) with the credit decision.
- Upon receiving an approval, the vendor will issue an invoice or pro-forma invoice, so Allstate Capital can prepare documents. Documents take an average of 4 hours to prepare.
- Documents will be either e-mailed, faxed of Federal Expressed to the lessee for signing.
- The lessee will Federal Express the original signed documents to us.
- Upon the review of the completed document package, a Purchase Order (PO) will be issued to the vendor. The PO verifies that we have a deal and places the order. If prefunding is required, the transaction will prefund at this time.
- The equipment is installed.
- Upon the completion of the installation, the leasing company will contact the lessee for the verbal to verify they are satisfied and happy with the equipment. If a site inpection is required, it will be ordered at this time and final funding will occur after satisfactory site.
- Upon receipt of the satisfactory verbal and site, if required, a check will be overnighted or wired to the vendor.
Allstate Capital Lease Process From Application to Funding
We encourage equipment vendors to contact an Allstate Capital representative with any lease process questions they have along with the name and telephone number of the leasing customer so we can speak with them. An application can be taken by us over the telephone if required. Some vendors choose to fax us, or have their customer fax us, a completed lease application. Upon receipt, we will process the credit information within 24 hours. When all of the necessary credit information is received, we will usually provide an answer on the same day. Upon approval, the equipment vendor will send us the equipment list and we will fax, e-mail, or overnight, the lease documents to the customer for signature. The customer will then sign and overnight the documents back to us with the lease deposit. When we receive the all original documents and original vendor invoice, and the vendor delivers and installs the equipment, we will promptly go into funding. Simple lease process!