The first step in the lease process would be to determine what type (FMV or $1 Buyout) and the term of the lease you would like to go with. After the lease structure has been agreed upon by both lessee and lessor (Fleetwood), we would move on to the next steps shown below in the diagram for your reference.
PRE-QUALIFY CUSTOMER: When a potential lease opportunity comes in, Fleetwood will do some preliminary research on the company using public information that is available on the entity in order to get a feel for how the credit looks.
APPROVAL: Once the customer has agreed to the lease option presented to them, we will start the official approval process. Generally, this consists of having the customer complete a simple application form and sending in a copy of their last 2 years Audited Financial Statements OR Federal Tax Returns and most recent interim statement. Additional documentation may be requested depending on the individual deal.
DOCUMENTATION SENT TO CUSTOMER: After the financial information has been submitted and approved, the documentation process will begin. Fleetwood will type the lease documents and email them to the customer/sales rep in a PDF format.
PURCHASE ORDER ISSUED TO VENDOR: The next step is for the customer to sign the lease documents, email them back to Fleetwood in a PDF format (fax can also be used), and the original lease documents should be sent by overnight delivery along with a check for the advance rental payment. After Fleetwood receives the documents/check back from the customer, we will submit a purchase order to the vendor for the equipment.
INSTALLATION: The vendor will ship the equipment and begin the installation process after receiving the purchase order from Fleetwood. Once the installation has been completed, the vendor will send an invoice to Fleetwood for payment.
PAYMENT: Fleetwood will contact the customer to verify that the installation has been completed and the system is working properly after receiving the invoice from the vendor. We will then have the customer sign off on a final acceptance form and once we receive that back, we can pay out the vendor either by ACH or check.