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Lease of the Month! 2006 Kenworth Log Truck

Every month we do a deal that stands out from rest. This month it was a deal for a client in the forestry industry. The client is an owner-operator with a good credit history that has been in business for more than 20 years. An equipment breakdown put the customer in a financial lurch and he got behind on some payments, including tax payments to Canada Revenue Agency (CRA). When we received his application, the customer needed to get up and running as soon as possible. The customer wanted to lease a 2006 Kenworth Log Truck, and he needed to close the deal within a week so he could secure a new log hauling contract that was essential to his ongoing business.

We secured an approval for the customer with 24 hours for the 2006 Kenworth at a good rate over a 48 month term. However, the lender required proof that the customer was up-to-date with CRA prior to funding. The customer did not have the money to pay out CRA so we put together sale-leaseback deal on some equipment the customer already owned including a 1997 Western Star Logging Truck and a 2000 Anser Trailer. The sale-leasback was approved in short order and funded within 3 days providing the customer with the funds required to pay out CRA.

With CRA up-to-date, we completed the original approval for the 2006 Kenworth Log Truck and the customer secured the log hauling contract that he needed to keep his business profitable. In addition, the customer was no longer in a “crunch” for cash. Business revenue was back on track with the newly leased Kenworth truck in operation and he was up-to-date with his late payments. The entire transaction closed within a period of just over a week. The customer was so happy that he subsequently used our services again to lease a 2002 Peerless Log Trailer to replace an older unit, which will also help the customers’ business with less down-time and lower costs for maintenance and repairs. Overall, the client was very happy!

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