STEP 1 - The Lessee (borrower/client) selects the equipment. The Partner (you) submits an application (either online or via fax) along with a detailed equipment description. You also can call USF with the required information if you find this easier. The application must be complete, accurate and legible and must be signed by ALL of the guarantors.
STEP 2 - USF conducts a credit investigation and evaluation. We consider the Lessee's business credit history, the principal's credit history, the company's financial strength, the industry, the equipment and the desired payment terms. At this point, USF delivers a Letter of Intent (LOI) and collects a good faith deposit from the Lessee.
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| STEP 3 - Once the LOI is signed by the Lessee, USF submits the credit package for final approval. When a credit decision is reached and the transaction approved, USF sends an approval in writing, with all major terms and conditions, to the Partner and the Lessee.
STEP 4 - After the Partner and the Lessee have been advised of an approval, they are asked to issue an invoice detailing both the exact equipment information and the cost. Once USF receives this information, we generate the lease documents and send them directly to the client either via email or overnight mail.
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STEP 5 - Upon receipt of properly executed lease documents and the check for advance rentals and/or security deposits (if applicable), USF issues a purchase order to the equipment vendor. Once the purchase order is received by the vendor, the equipment is delivered.
STEP 6 - Immediately following equipment delivery and installation, Lessee is contacted and asked to verbally verify equipment acceptance, confirm their understanding of the lease terms, and authorize payment to the vendor. Once all terms and conditions of the approval are met, the vendor receives a check via overnight courier or by wire transfer.
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