LeaseQ Offers Tips On Avoiding Equipment Leasing Scams
Equipment leasing can save a lot of money, however scam artists are plentiful. A leasing provider explains how to avoid getting taken.
Boston MA (PRWEB) May 26, 2013
LeaseQ, one of the leading providers of business equipment leasing and financing in the United States, is offering tips to business owners on how to avoid being taken by less than reputable leasing providers. The leasing industry offers a number of benefits for companies looking to acquire the necessary equipment with the lowest monetary outlay, but scam artists abound in the leasing world and could make things very difficult.
1) Beware of any company that asks for money before the lease is actually approved. Scammers will not return this money is the approval does not go through. Credit checks and application fees are normal, but legitimate companies will never require advance payment until the deal is finalized.
2) Companies should be researched before signing on with them. They should belong to a leasing association, which provides a measure of accountability in the event that something goes wrong. Bank references and Better Business Bureau rankings are also good indicators on whether or not the business is legit.
3) Get an attorney´s approval for each proposal. While this may cost a few hundred dollars, it is a valuable measure designed to protect your interests. A god attorney can spot a shady deal a mile away, protecting the lessee from making a costly financial mistake.
4) Avoid any lease that has an evergreen clause. Evergreen clauses are written into the lease agreement and basically state that the lease will automatically renew if the lessee fails to notify the leasing company within 90 days of the termination date. Electronic payments may very easily fall prey to this scam, and while your lessor needs to know if you are going to continue your lease, evergreen clauses are the unscrupulous method for going about it.
By following these simple steps, it is fairly easy to avoid the pitfalls and scam artists that are unfortunately a part of the equipment leasing and financing industry.
Based on Boston MA, LeaseQ is one of the leading providers of equipment leasing and financing in the country, with options and plans available for both small business startups as well as major corporations. Approval is done online in a matter of minutes.
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