1. Can my lease be cancelled?
No, you have signed a non-cancelable equipment lease agreement for the term specified on your lease agreement. You are responsible for all payments until the end of the lease term.
2. Can my lease be assigned?
Yes, you will need to contact our office at 516-935-6277, and we will forward you the Assignment and Assumption paperwork. Subject to Barclay Square Leasing approval, the assignee will assume the remaining payments of your lease agreement. There is a fee of $100.00 to process all paperwork and the lease must be current in order for the assignment to be processed.
3. Can I pay off my lease early?
Yes, you can pay off your lease at any time during the lease term. You will need to call our office at 516-935-6277 for your remaining balance.
4. Is there a penalty for paying off my lease early?
No, there is no early pay-off penalty.
5. How do I make my monthly payments?
Your monthly payment will be deducted via ACH from your checking account.
6. When are my payments deducted?
Your payments will be deducted on the 1st or 15th of each month, depending on when you received your equipment.
7. Why am I being charged sales tax?
We donít charge sales tax; the government requires us to collect sales tax on your lease.
8. What is the insurance non-compliance fee?
In the event that you fail to supply us with a Certificate of Insurance, naming Barclay Square Leasing as Loss Payee or Additional Insured, you will be charged a non-compliance fee of $2.50 per $1,000.00 financed with a minimum fee of $2.50 per month.
9. Do I need to contact you if I change my personal information (i.e. checking account, business address, business number)?
We must be notified of any changes in your personal contact information or if your bank account changes. Click Here for Contact Information.
10. How do I get extra supplies for my equipment?
You need to contact either the company or sales representative who originally supplied you with the equipment, or call your processing company.
11. What do I do with my equipment at the end of the lease term?
Your options are to either: return the equipment to us at 388 South Oyster Bay Road, Hicksville, NY 11801, continue to lease the equipment on a month to month basis, or exercise your buyout option. The buy-out option for a 12 or 24-month lease is 18%, and on a 36 or 48-month lease is 10%. The minimum buy-out amount is $175.00.