FAQs

TimePayment understands that leasing may be new to you and that you may have questions about how our process works.

In our effort to save you time, we have provided a list of common questions and answers we get from dealers and brokers seeking to learn more about TimePayment leasing.

Q.

What is a cosigner and who is acceptable?

A.

Only immediate family members may be a cosigner. This includes mother, father, sister, brother, husband, or wife. It does not include in-laws, aunts, uncles, or grandparents.

Q.

Do you accept starter checks with a lease package?

A.

TimePayment will accept a starter check with a lease package when it is accompanied with a letter from the bank verifying the account name and account number. This correspondence must be on bank letterhead.

Q.

Can I include the cost of shipping, installation, training, etc. in the lease agreement?

A.

These costs may not be included on the lease agreement. However, these costs may be built into the price of the equipment.

Q.

As a broker, do I include my commission amount with the actual amount requested for funding?

A.

Yes, to request the correct amount for funding, you add your commission to the funded amount. Please note TimePayment limits broker commission to 15%.

Q.

Which states require sales tax to be paid upfront?

A.

The states of Illinois, New Jersey, and Maine all require the sales tax to be paid at the time a lease is activated. The taxes can either be included in the funded amount or paid in full at the time the lease is signed.

Q.

How do I know I have listed the correct legal business name?

A.

A business name may be verified with the Secretary of State or with a business license. Please note a Sole Proprietor would list the name of Owner as the legal business name “doing business as: the business name (i.e. Mike Smith doing business as Smith’s Landscaping).

Q.

What needs to be included on the invoice?

A.

An invoice must be on your letterhead and include the following: manufacturer of the equipment, quantity being leased, description of the equipment, the model, and cost. The invoice should also indicate the equipment shipped to lessee and billed to TimePayment Corp. Your invoice should mirror the description listed in the Equipment Section of the lease agreement.

Q.

How do I calculate the sales tax?

A.

To calculate the sales and property tax for a lease, please reference our Determining Sales and Property Tax tutorial.

Q.

What states do you not lease in or have special restrictions?

A.

TimePayment does not offer leasing in the states of Alabama or Arkansas. We also require you use special documentation for the states of Vermont and Kansas.

Q.

What needs to be included in the “Equipment” section on the front of the lease?

A.

The “Equipment” section of the lease agreement should include the manufacturer of the equipment, quantity being leased, description of the equipment, and the model number. This information should mirror your invoice.

Q.

What is an authorized signer?

A.

The only positions allowed as an Authorized Signer on a Commercial contract are an officer, an owner, a partner, or a member of a company. If you are unsure, call your VRR for clarification.

Q.

What forms of payment are acceptable for “Payable at Signing”?

A.

The only method of payment acceptable for the “Payable at Signing” is a check. The check must be made payable from the lessee to TimePayment Corp. If it is for a Commercial lease, the payment must be on a business check unless it is for a sole proprietorship, and then a personal check is acceptable. We do not accept money orders, credit cards or cash.

If you didn’t see your question above or wish to know more details, please contact Vendor Relations at 888-347-4993. We are happy to assist you.

You can also find additional FAQs in our dealers and brokers sections.

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Q.	What is a cosigner and who is acceptable?
A.	Only immediate family members may be a cosigner. This includes mother, father, sister, brother, husband, or wife. It does not include in-laws, aunts, uncles, or grandparents.

Q.	Do you accept starter checks with a lease package?
A.	TimePayment will accept a starter check with a lease package when it is accompanied with a letter from the bank verifying the account name and account number. This correspondence must be on bank letterhead.

Q.	Can I include the cost of shipping, installation, training, etc. in the lease agreement?
A.	These costs may not be included on the lease agreement. However, these costs may be built into the price of the equipment.

Q.	As a broker, do I include my commission amount with the actual amount requested for funding?
A.	Yes, to request the correct amount for funding, you add your commission to the funded amount. Please note TimePayment limits broker commission to 15%.

Q.	Which states require sales tax to be paid upfront?
A.	The states of Illinois, New Jersey, and Maine all require the sales tax to be paid at the time a lease is activated. The taxes can either be included in the funded amount or paid in full at the time the lease is signed.

Q.	How do I know I have listed the correct legal business name?
A.	A business name may be verified with the Secretary of State or with a business license. Please note a Sole Proprietor would list the name of Owner as the legal business name “doing business as: the business name (i.e. Mike Smith doing business as Smith’s Landscaping).

Q.	What needs to be included on the invoice?
A.	An invoice must be on your letterhead and include the following: manufacturer of the equipment, quantity being leased, description of the equipment, the model, and cost. The invoice should also indicate the equipment shipped to lessee and billed to TimePayment Corp. Your invoice should mirror the description listed in the Equipment Section of the lease agreement.

Q.	How do I calculate the sales tax?
A.	To calculate the sales and property tax for a lease, please reference our Determining Sales and Property Tax tutorial.

Q.	What states do you not lease in or have special restrictions?
A.	TimePayment does not offer leasing in the states of Alabama or Arkansas. We also require you use special documentation for the states of Vermont and Kansas.

Q.	What needs to be included in the “Equipment” section on the front of the lease?
A.	The “Equipment” section of the lease agreement should include the manufacturer of the equipment, quantity being leased, description of the equipment, and the model number. This information should mirror your invoice.

Q.	What is an authorized signer?
A.	The only positions allowed as an Authorized Signer on a Commercial contract are an officer, an owner, a partner, or a member of a company. If you are unsure, call your VRR for clarification.

Q.	What forms of payment are acceptable for “Payable at Signing”?
A.	The only method of payment acceptable for the “Payable at Signing” is a check. The check must be made payable from the lessee to TimePayment Corp. If it is for a Commercial lease, the payment must be on a business check unless it is for a sole proprietorship, and then a personal check is acceptable. We do not accept money orders, credit cards or cash.