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Municipal Leasing
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QUICK QUOTE: First Capital will prepare a prompt, written proposal specifying payments & terms (usually including multiple options).  Unless the specifically indicated, quotes will be based on payments being made "monthly in advance."  (Quarterly, Semi-Annual and Annual payments--in advance or in arrears.  Call.


AFTER YOUR QUOTE, GET AN APPLICATION: For leases to $100,000, the government entity completes a one page EasyAp™ one-page short-form credit application. Transactions over $100,000 would use our standard government credit application.


CREDIT REVIEW & APPROVAL:  For leases under $100,000, approvals are usuallyAFTER available in 4-8 hours.  Larger leases may take from 2-4 days to approve.


LEASE DOCUMENTS ARE PREPARED and overnighted to the client.  The lease documents provide the terms under which the client agrees to make the lease payments.  The client signs and returns the documents to First Capital.  First Capital will notify will advise the Vendor upon receipt.


THE CLIENT ISSUES ITS P.O. TO THE VENDOR.  This portion of the transaction is between the client and the vendor and is "similar to" a cash sale in terms of the vendor/customer paperwork.




THE VENDOR INVOICES THE CLIENT.  (The invoice is "Sell To:" and "Ship To:" the client. First Capital's name does not appear on the invoice)


ACCEPTANCE. First Capital will confirm that the client has received the equipment described on the lease equipment schedule and that is in working order.


FIRST CAPITAL PAYS THE VENDOR. First Capital's bank pays the vendor's invoice in full by check via overnight mail or by wire transfer.
Other than a "good faith" remarketing agreement to be used in the event of a default or non-appropriation, all transactions are 100% NON-RECOURSE to the vendor.

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