1How do I submit a deal for the Deferred Program?
Equipment Vendors and Lease Brokers can submit an application for the Deferred Payment Program via TimePayment Direct, or our new dealer portal, InfoHub.
If your deal is eligible, you will see the Deferred Program as an option featured in the "Programs" drop-down menu when creating your transaction documents using ReadyDocs:
To confirm the Deferred Program documentation has been done correctly, check to make sure there is no first payment due on Page 1 of the Lease Documents:
2When is the first payment due on a deal that is prefunded?
The first payment will be due approximately 90 days after the initial fund date; the only exception is the Water Quality industry, and we generally do not offer prefunding in this industry. If the deal funds prior to December 31, 2016, the first payment will be due in January, 2017. If the deal funds after January 1, 2017, the first payment will be due the following month.
3Can I re-book a deal that already prefunded to use a deferred rate?
No, this program is for new deals that will prefund or final fund beginning on October 1, 2016.
4I have signed Lease Documents using standard rates; can it be funded under the Deferred Program?
No, new Lease Documents will have to be created through TimePayment Direct or InfoHub using the Deferred Program rate and documentation, and re-signed and submitted.
5What if a transaction has been submitted with the "Payable at Signing"? Can we still utilize the Deferred Funding Program? If so, what happens to the check?
If there is a “Payable at Signing” listed on page one of the Lease Agreement, the transaction will have to be re-documented. New Lease Documents should be created through TimePayment Direct or InfoHub using the Deferred Program rate and documentation, and re-signed and submitted.
6What should be included in the payable at signing?
Any security deposit required by our Credit Department.
7What should not be included in the payable at signing?
Processing fee or taxes. These amounts are included in the total funding amount, and become part of the financing.
8Should I include anything with my funding package to alert TimePayment that my customer wants the Deferred Program?
When submitting a funding package, please write “Deferred” on the top of the invoice so your TimePayment Funding Representative is aware that you intend to fund under the Deferred Program.
9When will the vendor and/or broker associated with a Deferred Program transaction receive funds?
The Deferred Program does not delay funding for the vendors or brokers. As usual, funds get distributed after verification of terms with the lessee. Or, in the case of pre-funding, vendors are paid a portion of the funds prior to the equipment shipping, and then the remaining funds are released after verification of terms with the lessee.