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We have set out below some
answers to the most commonly
asked questions as well as a
guide to interest rates and how
these are calculated. Please
feel free to apply online for a non
obligation FREE assessment. Click here or email us any
questions that you may have to
sales@acitfinance.com
Q. Do I have freedom to choose who I buy from and what equipment I buy?
A. Yes. It’s up to
you, but you will
find with our
industry knowledge
and solid buying
power we can
normally arrange
best prices for your
needs.
Q. Are the prices
fixed?
A. Yes, rental
payments are fixed
for the full term of
the lease agreement.
Q. Are there any
extra costs?
A. The only extra
costs are the Hiring
Duty and Financial
Institutions Duty if
applicable.
Q. How does the
supplier get paid?
A. After you have
accepted the
equipment and
commenced the rental
we will arrange
payment to them in
full.
Q. Who owns the
equipment?
A. ACIT owns the
equipment which
means it is our
responsibility to
dispose of the
equipment at the end
of term. But you
have the use of it
without
interference, and
the benefit of any
warranties.
Q. Who is
responsible for
maintaining the
equipment?
A. The user is, and
you have the benefit
of any warranties.
But you may elect to
have ACIT bundle
into the rental full
or partial IT
support.
Q. Is there a
minimum transaction
amount?
A. No. But we
generally suggest
that you organise
now for the future,
basically allowing
yourself to grow
without needing to
make new
applications.
Q. What are my end of term options?
A. We offer more flexibility. You have four:
1. Continue to rent with reduced rental repayments.
2. Upgrade or replace to new, improved models or versions. (most times for no extra cost)
3. Arrange to purchase the equipment at fair market value.
4. Return all equipment with no further payments due.
Q.
Can I rent all my
technology needs
including the
software and
solutions?
A. Yes! With ACIT
you can! We have
helped many
businesses and
industries get the
best technology
solutions today
because we have been
able to bundle in
all their
requirements into
the rental.
Q. Is it possible to upgrade equipment during the rental term?
A. Yes. Unlike a lease or commercial hire purchase we simply adjust the rentals to incorporate the cost of the new equipment, or you establish a new term.
Q. During the rental term can I add on equipment to my existing rental Agreement?
A. Again, we offer more flexibility by executing our variation agreement. This allows you two choices:
1. Increase the rate without extending the term, or
2. Extend the rental term and maintain a similar rate as per your existing rental Agreement.
Q. Is it possible to cancel the arrangement before the end of the term?
A. To cancel an arrangement before the end of term you must return all equipment and pay for the balance still owing. Alternatively you can upgrade to new equipment or take out a new rental agreement.
Q. What is the interest rate?
A. As you are paying for the use of the equipment over a fixed term, there is no interest rate as the arrangement is not a loan. This is a rental agreement to which we have a fee, generally around 5% but often half this.
Q. Does ACIT rent equipment other than office technology?
A. ACIT has helped many businesses and industries to acquire varying major assets through ACIT’s Rental Option.
Q. Will my payments be tax deductible?
A. Yes, 100% if your
equipment is used
for business
purposes, but check
it out – your
accountant will
confirm it.
Q. What happens if the equipment is stolen or broken?
A. It is up to the
user to insure,
replace or repair
the equipment if it
is stolen or
damaged. We will
need a certificate
of currency.
Q. What is a Certificate of Currency?
A. It is a document
stating details of
the insurance policy
that covers the
equipment that ACIT
is to finance. The
Certificate should
show ACIT as having
an interest.
Q. What happens if I damage the equipment?
A. Most equipment
should be covered by
the manufacturer’s
warranty (please
check your
supplier).
You are responsible
for repairs and
maintenance and to
keep equipment in
good working order
and insured at all
times. For your
convenience, service
and maintenance
options can be built
Into your ACIT
rental agreement.
Q. We recently purchased equipment for cash. Is it too late to rent it?
A. This should not
be a problem as long
as your purchase was
made within the past
six months. It is
possible to organise
an ACIT Rental
Agreement and
reimburse whatever
you spent.
Q. Will I need to show rental debt on my balance sheet?
A. The monthly
payments are treated
as an operating
expense, therefore
your ACIT Rental
Agreement will not
appear on your
balance sheet as a
liability. |
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