Common Dealer Questions
How long have you been in business?Westport has been established for almost twenty (20) years.
Where do you get your money?
The investment capital for our leases comes from a wide range of sources, including banks, insurance companies, pension funds, securitization and private investors.
Is there any cost to us (the equipment supplier)?
Depending on the service plan selected and sales volumes, there is not likely to be any cost to the supplier. We do charge fees on a cost-recourse basis, for some specialized services. Unlike bank credit cards and other finance company plans, we never charge a percentage of each sale as a discounting fee.
How long does it take for approval?
Credit approval times are affected by several factors, including the availability of credit reference information on the applicant, and the dollar amount requested. A request of $35,000 for a business with an established credit history can be approved in minutes. Requests for larger values or enterprises with a limited credit history may take longer due to the need to check references and review additional information. We realize that each applicant represents a pending sale and respond accordingly so the transaction can be completed.
Do Westport's leases require recourse to the vendor?
Recourse by the dealer is not required. On a case-by-case basis, we may accept some marginal transactions where additional support is volunteered by the vendor.
What is your minimum / maximum lease amount?
Our normal transaction value range is from a minimum of $2,000 to a maximum of $1,000,000.
How do we get set up to offer Westport's sales financing programs?
Simply complete and submit a vendor profile questionnaire. Dealer Profile forms can be printed and faxed to our office. Dealer Profile Form.
What geographical areas does Westport's services cover?
Our programs are available across Canada and throughout the USA.
How much of a downpayment is required from the customer?
We prefer to finance 100% of the equipment cost. In some cases a downpayment may be required as a condition of credit approval. Where applicable, we would collect the necessary down payment from the client, and pay the vendor for the full value of the equipment.
What happens if the transaction is a trade-in?
Any consideration or discount for trade-in equipment should be shown on the dealer's sales order and invoice. The reduction in net cost will result in a lower lease payment for the customer.
Who gets the customer to fill out the application?
Getting the client to complete a credit application is an excellent trial close opportunity. A completed application can represent a good indication of the clients commitment. We encourage sales reps to include credit applications with their proposals and request them whenever possible. Occasionally, clients may be reserved about sharing credit information or the dealers prefer that we handle all financing arrangements directly with the client. In such cases, the dealer sales rep gives us the pertinent information and we contact the client to initiate the application process.
Can customers include equipment from other suppliers on one lease?
Absolutely. However we have better options available if some items willnot be delivered on the same date. Have your clients contact Westport to discuss these options.
Is there extra paperwork or administration involved in a lease sale?
There is no extra paperwork burden placed on the dealer as Westport normally takes care of all the lease documentation directly with the client. For some dealers, our purchase process may initially seem slightly more formal, or there may be some added communication involved. Dealers quickly recognize that our time-tested procedures are quite simple and designed to ensure that transactions are completed promptly.
Westport Leasing Corporation
11198 - 84th Avenue Box 33026
Delta, B.C. CANADA V4C 2L7
Phone: (604) 681-1260 | Fax: (604) 681-1680