Lease Training
Lease Training Quiz
Test your knowledge of lease training and related regulations with our interactive quiz. This quiz covers essential topics such as tax exemptions, invoicing, and documentation needed for leasing agreements.
- Assess your understanding of lease processes
- Prepare for real-world leasing scenarios
- Enhance your skills in understanding tax implications for customers
What does the customer need to provide for PST Tax exemption?
Cab Card
Insurance
Tax Return Docs
Email is acceptable
What's the balance to the seller on a RBFS invoice for LEASES?
Subtotal (taxes are not financed)
Full invoice amount including taxes
What's a Cab Card?
Insurance Paper
Card held by Taxi drivers
Registration doc that allows company and drivers to transport goods across different states or provinces
Do you need updated approval to request lease docs from WF?
YES, for any lease deal
NO, LOAN approval is ok
Only for FTC leases
If the customer is tax exempt, we need an updated invoice from the seller
TRUE
FALSE
Where do I check for Lender Tax Exemption Codes?
Lender Job Aid
Lender Facts Sheet
Who is the OWNER of the asset on a Lease?
Seller
Buyer
Lender
Do I need to know if the customer is Tax Exempt when requesting docs from lender?
No, It doesn't matter. Taxes are not financed
Yes, so they don't add PST to the payments
Can an ALBERTA Customer be tax exempt on Lease payments?
Yes, if he is a Farmer
Yes, if he has the right documentation
No, he only pays GST on payments so no PST to remove
What items should the funder provide to the customer for registration
Insurance
Executed docs
Plating letter / POA
Invoice w/ customer as Sold to
Invoice w/ Lender as sold to
Who should ask the customer for their Cab Card?
Funder, we are full service
Funders, we can't wait for AMs
AMs so we can request docs properly
When is the customer's 1st payment on a Lease?
In Arrears: 1st pmt is 30 days out
In Advance: 1st pmt is at the time of funding
In 120 days as all Leases have promo
BC Customer says they are putting $8,000 down to the seller including taxes, how much is your down payment on TVALS?
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