Bullard Lease/Purchase
Under $100K
HOW TO DO A LEASE/PURCHASE TRANSACTION
Step-by-step procedures for transactions involving a financed amount from $5,000 to $100,000
To complete a small ticket ($5,000 - $100,000) tax-exempt or taxable lease/purchase agreement:
STEP ONE - Contact Blake Kaus at Baystone Financial Group for a competitive quotation. The information needed for a bid is as follows:
Customer information (contact names, phone numbers, etc.)
Type of equipment and number of units
Total cost of the equipment
Number of years to finance and term (monthly, quarterly, semiannual, annual)
When the first payment can be made toward the financing
Expected final delivery date of ALL equipment
A bid will be faxed to you immediately.
STEP TWO - Once the transaction has been accepted, the Customer must complete and send the following information to Baystone Financial Group:
Completed "Small Ticket" credit application (For a taxable Small Ticket transaction, also include one year of financial statements)
Signed formal commitment to finance with Baystone Financial Group (The Small Ticket information can be faxed to Baystone Financial Group upon completion)
Credit will be reviewed and a decision will be PASSED ALONG WITHIN 24 HOURS.
STEP THREE - If credit is approved, both the Customer and Vendor will be notified and a lease-purchase agreement will be sent via PRIORITY MAIL for the Customer's completion.
STEP FOUR - The completed lease-purchase agreement shall consist of the following documents, all of which will be completed by lessee with the exception of the vendor invoice:
Original signed lease-purchase agreement *
Original 8038 IRS Form (for tax-exempt transactions)
Insurance Memo
First Payment (if applicable)
Vendor Invoice (The "Small-Ticket" lease-purchase agreement does not require an Opinion of Counsel)
Once the lease is signed and completed in its entirety, Baystone Financial Group, in conjunction with their affiliate, Kansas State Bank of Manhattan, will immediately fund the transaction.