To our valued Lessees:
We would like to take this opportunity to thank you for your business and continued support. If you have any questions about your business with RCAP® Leasing, please refer to our Frequently Asked Questions below or contact our Customer Service team, who will be happy to assist you.
Frequent Asked Questions
Account Information
How do I change the address for my lease?
Please contact one of our dedicated Customer Service Specialists:
Toll-free: 1-800-263-5137
Email: csc@rcapleasing.com
Where can I send my correspondence?
All correspondence can be sent to:
RCAP Leasing Inc.
5575 North Service Rd., Suite 300
Burlington, ON L7L 6M1
Fax: 1-800-436-0884
Email: csc@rcapleasing.com
I have changed bank accounts how do I ensure that payments are drawn from my new account?
To ensure payment is withdrawn from your new account, please send us a void cheque from your new account, with your lease contract number(s).
Please fax to our Customer Service department at (1-800-436-0884). You may also email a scanned copy of the void cheque to csc@rcapleasing.com. Please note we will require 5 business days prior to your next payment date to ensure the pre-authorized debit is re-routed before your next payment due date.
Lease/Rental Contract
Do I own the equipment?
No. During the term of the lease, the equipment is owned by RCAP Leasing on lease to you.
Can I sell the equipment?
Once you have completed your option to buy out the lease you have the right to sell the equipment. Prior to buying out the lease, the equipment belongs to RCAP Leasing and cannot be sold.
Can I relocate the equipment from one location to another?
Yes, the equipment can be moved within Canada only, however you must contact RCAP Leasing prior to relocating, to inform them of the new location. As legal owners of the equipment, RCAP Leasing must know the physical location of the equipment at all times. Please keep in mind, tax adjustments may be required.
Can I cancel the lease at any time?
Your lease contract with RCAP is non-cancelable. However you can buy-out the lease or upgrade your current equipment at any time.
When are my lease payments withdrawn from my account?
Your lease payment is withdrawn the first (1st) of every month. The withdrawal date cannot be changed.
Who benefits from any warranties associated with the equipment?
You do. All dealer warranties are passed to you the Lessee.
Can I add additional equipment to my lease at any time?
While additional equipment cannot be added to an existing lease, we would be happy to help you start a new lease that could be set-up to co-terminate with your existing one. Payments for each lease are made separately. Please contact your local Representative for more information.
Lease Expiry, Trade ups and Buy-outs
How is the buyout amount calculated?
Your buyout is based on the number of payments remaining on your lease contract, plus the buyout option listed on your lease contract plus any applicable fees as per the Terms and Conditions of your lease contract.
For the exact amount, please contact Customer Service at 1-800-263-5137.
What is the "fair market value (FMV)" for a purchase option?
Fair market value is the price that the equipment could be sold for in today's market conditions.
What are my options at the end of my lease?
You have three (3) options at the end of your lease:
Purchase the equipment at its current fair market value or your stated purchase option;
Continue to lease at the original lease rate;
Terminate your lease and return the equipment to RCAP Leasing;
Can I add additional equipment to my lease?
While additional equipment cannot be added to an existing lease, we would be happy to help you start a new lease that could be set-up to co-terminate with your existing one. Payments for each lease are made separately.
Payments, Invoices and Service Fees
How does RCAP calculate past due interest?
Past due interest is calculated at 2% per month with a minimum charge of $10.00 per month.
When are invoices sent?
Invoices are sent approximately 3 weeks prior to the due date of your lease payment.
How can I pay my lease payments?
Payments can be made by cheque payable to RCAP Leasing Inc. or by Pre-Authorized Debit (PAD) unless otherwise stated.
Please note; Pre-Authorized Debits may be a condition of your credit approval, in which case this would be the only acceptable payment method.
I have received a statement, when was the invoice sent?
RCAP Leasing does not issue statements on its accounts.
What taxes am I being charged?
Lease payments are subject to both Provincial Sales Tax (PST), and Goods and Services Tax (GST) or Harmonized Sales Tax (HST).
In the event that you or your business is tax exempt, please provide RCAP Leasing with the appropriate documentation, and we will adjust your lease payment accordingly.
What is an invoice fee?
A fee of $5.00 is charged to cover the cost of generating an invoice.
To avoid this fee, customers are encouraged to set-up Pre–Authorized Debits (PAD) from their bank account. One of our Customer Service Specialists would be happy to help you do this. Please contact us at 1-800-263-5137.
Why have my payments increased?
In most cases, your payment has increased because we have added an asset protection fee to your lease contract.
This fee is automatically added to your lease payment if we have not received confirmation that you have insurance coverage for the equipment through another insurance provider.
Do I have to pay monthly?
Lease payments can be made monthly, quarterly, semi-annually, or annually. The payment mode is determined by you prior to signing the lease contract. RCAP is more than willing to customize payment schedules that work best for your business at time of signing.
What is past due interest?
Past due interest is the cost of not paying your lease payment on time. You are charged "past due" interest for payment not received on or before the payment due date. There is a 10 day grace period prior to the charge being billed.
How are service and repairs on the leased equipment handled?
Your authorized equipment reseller will handle repairs and service in the same manner as if you had purchased the equipment. The manufacturer's warranty may or may not cover service and repair costs. You are responsible for out-of-warranty service.
Why was money withdrawn from my account prior to the start date of my lease?
A charge to your account prior to your lease start date may be one or both of the following:
Last Payment on Deposit: Typically equal to one payment, retained at the start of your lease. It may be credited towards your purchase option, or reimbursed when your lease is terminated.
Partial Payment: You have been billed for the number of days you had possession of the equipment before the start of your lease. The charge is a pro-rated amount of your full lease payment.