Equipment lease/Purchase Agreement - Reportable?

Posted By: KelliD

Equipment lease/Purchase Agreement - Reportable? - 11/14/19 05:45 PM

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.
Posted By: rlcarey

Re: Equipment lease/Purchase Agreement - Reportable? - 11/14/19 07:48 PM

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.
Posted By: KelliD

Re: Equipment lease/Purchase Agreement - Reportable? - 11/14/19 07:54 PM

We have a promissory note for the loan which makes me think it is reportable. ??
Posted By: rlcarey

Re: Equipment lease/Purchase Agreement - Reportable? - 11/14/19 08:11 PM

That is what I do not understand. If these are leases, why is there a promissory note?
Posted By: KelliD

Re: Equipment lease/Purchase Agreement - Reportable? - 11/14/19 08:22 PM

exactly. think I need to call the loan officer and ask.