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| Step 1 - Application Submission |
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Upon receipt of the Requested Documents:
1. Complete credit application
2. Vendor invoices
3. Financial statements (if requested)
4. Tax returns (if requested)
5. personal financial statements (if requested)
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| Step 2 - Credit Review/Lease proposal |
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Americus Credit Group will review the application and provide a financing proposal to the client for their signature. Once the signed proposal and a commitment check equal to one months lease payment is returned by the client, the information is submitted for approval.
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| Step 3 - Equipment Approval, Validations and Documentation |
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After a credit decision has been made, Americus Credit Group will complete the following:
. Lessee Validation
. Vendor Validation
. Equipment Approval
. Conduct Pre-Doc Audit Call with Lessee
. Prepare Document
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| Step 4 - Document Signing |
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Americus Credit Group follows up with the lessee to facilitate and insure a timely signing of the lease documents.
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| Step 5 - Final Audit, Inspection and Funding |
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Upon receipt of the signed lease documents, Americus Credit Group will do a final audit of the documents and order the Quiktrak inspection. After the inspection is completed, the vendor(s) will be funded. |
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Progress Payments |
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Americus Credit Group will entertain progress payments on a case by case basis. Typically, this will occur when the equipment manufacturer requires deposits to build a customized or large piece of equipment. The lease normally must be $100k or more, and must be approved at the same time the client's credit is approved. The equipment vendor will be evaluated to determine its capacity to perform. THE MAXIMUM TERM OF A PROGRESS PAYMENT IS 120 DAYS. THE MAXIMUM ADVANCE ON PROGRESS PAYMENTS IS 65%. We will generally require the following information on the vendor of the equipment: |
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Progress payments up to $100k |
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-Vendor Credit Application
-Dun & Bradstreet report with paydex
Satisfactory to the Americus Credit Group, no
And at least 4 years in business. |
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Progress payments of over $100k |
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-Vendor Credit Application
-Dun & Bradstreet report as above
-2 years CPA prepared financial statements which indicate adequate capacity as determined by Americus Credit Group.
Before any progress payments can be made, the following is required:
-Standard lease document signed by lessee
-Floating rental factor addendum
-Any advanced payments recived by Americus Credit Group
-ACH authorization for interest
-Verbal verification with lessee
-Vendor invoice reflecting the progress payment amounts, respective due dates and final delivery date.
Interest on progress payments will be due monthly and will be debted from lessee's bank account via ACH. |
