Reasons to Utilize Bruckner Truck Sales Finance Department
- Convenient “application only” credit process (for under $250k transactions)
- Same day-to-one day credit approvals (for under $250k transactions)
- Minimal down and/or 72 month amortization loans available
- FMV and TRAC Lease products, in addition to loans and lines of credit
- Refinance options to assist with business cash flow during economic down turns
- Keeping bank lines free for working capital needs
- Convenient – “One Stop Shopping”
- Competitive rates
- Our experience and industry expertise (underwriting, sales, product knowledge)
Finance Option
Finance Contracts – standard finance contracts range from 24, 36, 48, 60, or 72 month terms. Payments are in arrears. The unit(s) is titled in the Purchasing Company´s name; a lien is recorded, and is shown on the balance sheet. The Purchasing Company owns the unit(s) once all payments have been made.
TRAC Lease – Terminal Rental Adjustment Clause – are leases that offer the customer the option of returning the unit(s), buying the unit(s), or selling the unit(s) to a third party. Equipment is titled in the name of the finance company. The Lessee pays a fixed monthly lease payment. Payments are in advance. At the end of the lease the Lessee has the option to purchase the unit(s) for the stated residual, sell the unit(s) to a third party, or turn the unit(s) back to the finance company. The finance company will sell the unit(s) and if the unit(s) sales for more than the residual amount the finance company will split the overage with the Lessee. If the unit(s) sells for less than the residual the difference is to be paid by the Lessee. The unit(s) is off balance sheet since this is a lease.
FMV – Fair Market Value Lease – are also called “operating” or “walk away” leases in which the customer may return the unit(s) at the end of the lease term. These are only available to stronger credit quality customers with fleets of 25 or more units and who are leasing five (5) or more new units. Unit(s) is titled in the name of the finance company. The Lessee pays a fixed monthly lease payment. Payments are in advance. The lease has specified return conditions and annual mileage. At the end of the lease the manufacturer takes the unit(s) back. The customer will be billed additionally if the mileage is exceeded or the equipment in not in the condition specified by the lease. The unit(s) is off balance sheet since this is a lease.
