Q: Can I add aftermarket equipment to the vehicle?
A: Yes. We work primarily with commercial clients operating fleet vehicles, our clients routinely require additional equipment beyond what it available from the factory, some examples are; Service Bodies, Toolboxes, Ladder Racks, Shelving Systems, Flatbeds and more.
Q: Can upfit expenses be included in my lease?
A: Yes. In most cases, upfit expenses can be capitalized and residualized in your lease.
Q: If I lease, are there restriction or penalties for excess mileage or wear?
A: No, our Commercial Open-end TRAC lease does not have restrictions or penalties on mileage and there are no lease-end charges for wear and tear.
Q: Do I have flexibility with the term length that I can lease a vehicle for?
A: Yes. Terms can generally be 12-72 months. We will work with you to do an expert review of your fleet operations and provide an analysis of lifecycle management to assist in determining an appropriate term length to meet the needs, goals and objectives of your operation.
Q: Can I provide input to help determine the vehicles projected residual value?
A: Yes. Unlike other lease types, our Commercial Open-end TRAC lease allows you the ability to set the residual value that you are responsible for to as little as $1.
Q: How does your Commercial Open-end TRAC lease differ from a close-end lease like I might have on my personal vehicle?
A: In a close-end lease, the lessor soley determines residual value and typically restricts mileage and sets strict standards on the condition of the vehicle at the end of the lease term, you would expect to be penalized and charged for excess mileage and wear.
In our Commercial Open-end TRAC lease, the lessee is responsible for the residual value and has the flexibility to set it as low as $1. There are no restrictions, penalties or charges for excess mileage and wear but they may impact residual value.
Q: I want to purchase my vehicles for cash or finance them, can Mid South Fleet Leasing still help me?
A: Yes. Our clients each have their own unique circumstances, some lease, some finance purchases and others make cash purchases. In each case, our clients utilize our expertise in acquiring vehicles from having the right spec's and equipment to leveraging our buying power, discounts and adjustments and we manage the transaction from order to delivery.
Q: What happens at the end of the lease?
A: There are several options for the disposition of the vehicle at lease end including Mid South Fleet Leasing taking possession of the vehicle and managing the disposition, the client purchasing the vehicle, or perhaps even extending the lease. We work with our clients to help determine the appropriate option for them and we manage the transaction.