Q. What is rental?
Rental:
- Available to both business or non business
- Designed for equipment with a short life-span (i.e. computers, digital cameras)
- Customers do not own the goods at the end of term
- Minimum transaction $500
- Terms are two, three and four years
- Not suitable for white-goods, brown-goods etc with a long term life-cycle
- Customers do not own the goods at the end of term
- Customers have the option to pay "fair market value" at the end of the term to purchase the goods
- Customer also have the option to return the goods at the end of term with no further obligation
Q.Is there a minimum or maximum amount?
A.The minimum transaction amount is $500 and there is no maximum.
Q.How much does it cost?
A. The monthly rental amount is based on the price of the equipment and the rental term chosen. A quote can be obtained from Flexirent, or by using our Rental Reckoner in store.
Q. How do customers pay?
A.All payments are automatically direct debited from the customer’s nominated bank account or credit card (Visa, Bankcard or MasterCard).
Q. How do customers apply?
A. Your equipment supplier will call Flexirent on 1800 240 102. You will speak with one of their experienced consultants who will complete the credit application with absolute confidentiality and discretion. Upon approval, the paperwork is faxed immediately to the point of sale for signing. Once Flexirent has taken the first month’s rental, you can then take the goods with you.
Q. What type of questions do we ask?
A. In most circumstances, we simply need to obtain some basic personal and financial details. We will require the customer’s consent to conduct a credit check with Baycorp Advantage.
Q. Is there an interest rate?
A. No. When you Flexirent, you are not repaying a loan. Customers are simply paying a monthly rental amount for the use of the equipment.
Q. Can payments be tax deductible?
A. Provided the customer is using the equipment for business/work related purposes (even at home), they can typically claim up to 100% of the rental payments as a tax deduction*. These days more people are bringing their work home, e.g. teachers, journalists, graphic designers, sales representatives and people who need to be contacted by email.
* We recommend customers consult their tax advisor or accountant if in doubt.
Q. Can customers own the equipment?
A. Yes. One of the options at the end of term is to purchase some or all of the equipment at its fair market value. Just call us at the time for a quote. Fair Market Value (FMV) is what we would expect to receive for the equipment in the second hand retail computer market.
FMV can vary depending on the type of equipment, its condition and changes in technology and equipment values over time. It is impossible to predict what the fair market value of the equipment will be in 2, 3 or 4 years time.
Q. Can the Agreement be cancelled or terminated early?
A. Yes. However, the customer is obliged to pay the remaining rental installment of the agreement.
Q. Who is responsible if the equipment breaks down?
A. The customer is responsible for keeping the equipment in working order. Flexirent recommends that all equipment be covered for the period of the rental term (not just the manufacturer’s warranty which may only be 12 months), either by Flexirent’s Extended Warranty (FlexiCare) or an extended warranty provider approved by Flexirent. The cost of the extended warranty can be bundled into the agreement and spread over the duration of the term.
Q. What happens at the end of my lease?
A. At the end of your Flexirent rental term, you have the flexibility to:
- Continue to rent on a month to month basis- reduced rates may apply when extending for six months or more
- Return your equipment with no more to pay
- Offer to purchase some, or all of your old equipment at fair market value
- Update to the latest technology
It's a lot smarter to keep your options open regarding your future equipment needs, rather than being forced to commit to owning the equipment right now. At the end of the term you can decide what you want to do with the equipment, and if you only want to purchase some of your rental equipment, you can return the unwanted equipment easily.
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