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REV Financial Services offers a wide variety of commercial vehicle loans and equipment leasing contracts to meet your varying business needs. Depending on the type of equipment you are financing, contracts range from 24- to 180-months.
Fixed rate and floating rate promissory notes. The customer retains title to the financed equipment. The borrower also retains the tax benefits on the note.
REV offers flexible TRAC, Split TRAC and Fair Market Value leasing options. Leasing allows REV’s customers to acquire a significant asset without a down payment to conserve capital, keep equipment up to date and protect other critical credit sources. At the end of the lease term, the customer may buy the vehicle, upgrade to something new, extend the lease at a reduced rate or return the vehicle and simply walk away.
TRAC stands for Terminal Rental Adjustment Clause. These types of transactions are also sometimes referred to as open-end leases because the ultimate obligation of the Lessee is not determined until the end of the lease term. A TRAC Lease is a lease of motor vehicles where the Lessee is obligated to make up any shortfall, or receive any excess proceeds, upon a disposition of the equipment at the end of the lease term. At the outset of the transaction, the Lessor and Lessee agree on what is the commonly referred to as the Residual Value. This amount is generally a prediction of the fair market value of the motor vehicles at the end of the term.
A Split TRAC Lease follows the same basic principles as the TRAC Lease except that the Lessee’s potential lease end exposure is limited to a portion of the Residual Value. The Lessee’s end of term payment amount is sometimes referred to as the – Lessee’s Guaranteed Residual Amount. A properly structured Split TRAC Lease will be treated as a true lease for GAAP and Federal Tax purposes.
An FMV lease offers a low monthly payment, is the most flexible lease structure, and may allow you to obtain tax advantages. Technically, you don’t own the equipment (think of it like renting over a fixed period of time). The equipment may not be considered an asset on your balance sheet. Depending upon your situation, up to 100% of the finance expense may be tax deductible. At the end of the lease term, you may purchase the equipment, return the equipment to the finance company, or continue to pay for use of the equipment according to the terms of the original agreement.
A tax-exempt municipal lease, also known as a lease-purchase agreement, is a contract that enables government entities to acquire essential-use assets, including fire and public safety equipment, vehicles, and much more. Section 103 of the Internal Revenue Code allows municipal entities to obtain financing at lower interest rates than what is available to commercial and industrial businesses. That is because the interest earned by the Lessor is exempt from federal income taxes. The following entities qualify for tax-exempt financing – State and City Governments, State Universities, Community Colleges, Public Authorities, Public School Districts and Municipal Hospitals.
In a tax-exempt municipal lease, the government entity has a ”non-appropriation of funds” clause in the agreement. This allows the lessee to terminate the lease at the end of its fiscal year if funds have not been appropriated for the coming year’s payment without the lessee being in default under the lease terms and conditions. This clause serves as the basis for a municipal lease not violating the public debt limitations that typically require voter approval for a municipality to enter into a long-term debt obligation.
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