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#2225637 - 11/14/19 05:45 PM Equipment lease/Purchase Agreement - Reportable?
KelliD Offline
Member
Joined: Jun 2015
Posts: 62
We have an equipment lease department at our bank. Customers sign a purchase agreement so its technically not a "note". I want to report these under small business but the purchase agreement is causing me to question if I can.

Please advise.

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CRA
#2225657 - 11/14/19 07:48 PM Re: Equipment lease/Purchase Agreement - Reportable? KelliD
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
We might need more information but commercial and consumer leases are not considered small-business or small-farm loans or consumer loans for purposes of the data collection requirements for commercial or consumer loans.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2225660 - 11/14/19 07:54 PM Re: Equipment lease/Purchase Agreement - Reportable? KelliD
KelliD Offline
Member
Joined: Jun 2015
Posts: 62
We have a promissory note for the loan which makes me think it is reportable. ??

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#2225663 - 11/14/19 08:11 PM Re: Equipment lease/Purchase Agreement - Reportable? KelliD
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
That is what I do not understand. If these are leases, why is there a promissory note?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2225665 - 11/14/19 08:22 PM Re: Equipment lease/Purchase Agreement - Reportable? KelliD
KelliD Offline
Member
Joined: Jun 2015
Posts: 62
exactly. think I need to call the loan officer and ask.

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