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| Q. |
How do I apply for a HP Financial Services lease? |
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| A. |
At checkout, simply click on "Arrange a lease" when you're asked to choose a payment method and add some additional information to your lease application. Your application will be submitted with your order. |
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| Q. |
Are advance payments required? |
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| A. |
Most HP Financial Services leases for small and mid-size businesses require one monthly payment in advance. |
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| Q. |
Do I need to submit any financial statements or other documentation along with my lease application? |
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| A. |
In most cases, you don't need to submit any additional information for transactions under $50,000. For transactions of $50,000 or more, HP Financial Services requires your most recent two years' financial statements (preferably audited), and an interim statement if the last annual statement is more than six months old. Some customers, especially new businesses less than two years old, may be asked for a principal's personal guarantee. |
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| Q. |
Do I need to provide insurance on my leased equipment? |
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| A. |
Yes, you need to provide HP Financial Services with proof of insurance (naming HP Financial Services as "loss payee"). You can easily arrange the necessary coverage through your current insurance provider. If you don't provide proof of insurance, a monthly risk fee will be assessed on your invoice. |
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| Q. |
When do my lease payments start? |
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| A. |
Your lease will commence the day you receive your equipment. You'll receive your first invoice shortly thereafter, and your first payment is due 30 days after lease commencement. |
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| Q. |
Can I move my leased equipment? |
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| A. |
Yes, you can move any HP Financial Services leased equipment anywhere in the United States. You must notify us about each move by calling 1-888-277-5942. |
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| Q. |
Can I add to my existing lease when I need more equipment? |
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| A. |
Yes, you can add onto your existing lease at any time during your lease term quickly and easily. We'll simply recalculate your lease payments to include the new equipment (your lease term will remain the same, only your payment amount will change). |
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| Q. |
What can be included in my HP Financial Services lease? |
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| A. |
HP Financial Services finances every product and service HP offers. We will also include the costs of shipping, installation, taxes, services (provided by either HP or an Authorized HP Reseller), and other manufacturers' equipment in your lease. |
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| Q. |
Does leasing affect my HP warranties? |
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| A. |
No, all the same warranties apply whether you buy or lease your equipment. |
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| Q. |
Can I cancel my lease? |
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| A. |
No, a lease is, by design, a non-cancelable contract, and you're responsible for all payments throughout the course of the lease term. |
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| Q. |
What is the "fair market value" of my equipment going to be, and how is it calculated? |
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| A. |
The fair market value is defined as the price for which the equipment could be sold or rented in a transaction between unrelated parties, so it's purely "market driven" and therefore can't be set in advance. Per IRS guidelines, if the end-of-lease purchase price were guaranteed up front, your monthly payments would not be fully tax deductible. |
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