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Closed-End Leases During Uncertain Times

May 14, 2020 | Posted in Jim Pattison Lease

Overview

Vehicle leasing provides a significant cash flow advantage to a business over purchasing, as the lower lease payment reflects the expected usage of the vehicle. In essence, you only pay for what you use.

A Closed-End (operating lease) is a type of lease that offers flexible terms and kilometre allowances while eliminating residual risk and avoiding uncertainty of the used vehicle market.

Benefits of a Closed-End Lease

  • Any make and model vehicle (light and medium duty)
  • Flexible terms (terms can range from 12-60 months)
  • Flexible kilometre options (high kilometre options available for commercial vehicle use)
  • Ability to include up-fitting required for your business needs (cargo van shelving, snow tires, bed liners, etc.)
  • Usage based monthly payment (you only pay for what you use)
  • Maintenance packages available for ease of budgeting
  • Increase driver accountability through fleet management programs
  • No residual risk (avoid used vehicle market uncertainty, especially during economic downturns)
  • True operating lease for accounting purposes
  • Low total lifecycle costs (refresh your fleet while managing costs and reducing unexpected and costly repair expenses)

Summary

During times of uncertainty, vehicle values can be significantly affected based on economic conditions. Closed-End leasing can be an effective option to add stability to your fleet through consistent usage based payments, while avoiding residual risk.

To learn more about our Closed-End lease program or any of our other services,  contact us here.

COVID-19 Economic Support

Apr 17, 2020 | Posted in News

 

The federal and provincial governments have announced financial aid to help support businesses and individuals who have been impacted by COVID-19.

Some of the federal financial assistance available to businesses include:

  • Canada Emergency Wage Subsidy (CEWS) provides up to a 75% wage subsidy to eligible employers for up to 12 weeks. For more detailed  information, visit here.
  • Business Credit Availability Program (BCAP) which offers access to capital to eligible businesses through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
  • Canada Emergency Business Account which provides loans of up to $40,000 to eligible small businesses and not-for-profit organizations
  • Canada Emergency Commercial Rent Assistance (CECRA) for small businesses which intends to provide loans and/or forgivable loans to commercial property owners who have had to lower or forgo the rent from small businesses.
  • Deferral of income tax payment for businesses

 For more up to date information and a list of all financial assistance available, visit the federal government website.

 In addition to federal government support available, below are some helpful links on information and assistance available by province.

Province Website
British Columbia Assistance Information
Alberta Assistance Information
Saskatchewan Assistance Information
Manitoba Assistance Information
Ontario Assistance Information
Quebec Assistance Information
New Brunswick Assistance Information
Novia Scotia Assistance Information
Newfoundland Assistance Information
Prince Edward Island Assistance Information

Note: Information posted is at time of publishing and may be subject to change.

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ANNOUNCEMENT
During this time, our team continues to be available to fully support your business fleet needs remotely and our pre-owned vehicle sales locations are available by appointment only.
For details on our COVID-19 safety protocols, click here.

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