Gamewell-FCI financing ensures dealers get paid

Wednesday, December 16, 2009

INDIANAPOLIS—Terry King, president of Life Safety Systems here, likes the new Gamewell-FCI lease-purchase financing program because it gives his customers more options. He also really likes one of the side-benefits of the program: It ensures that he gets paid in full and on time.

“With some customers you wonder if you’ll ever get paid … with this program, the risk is moved to the leasing company,” King explained. “It’s the leasing company’s job to look at the risk and make the assessment as opposed to me,” explained King. “It’s tremendous.”

Honeywell Fire Systems is working with LEAF Financial for this program, which is designed to allow Gamewell-FCI customers to finance an upgrade to a life-safety system over time instead of paying upfront, said Steve Birdsall, Gamewell-FCI vice president of sales.

It’s an attractive option right now for customers who want to make required or desired upgrades to fire system, but want to avoid large capital expenses.

It enables the customer “to pull it out of their operating budget instead of their capital budget,” Birdsall said. “If it’s a taxable entity, and [the system upgrade] is a direct operating expense, it is tax deductible instead of having to depreciate the system over a long period of time.”

In addition, “the end user has the ability to roll in the cost of the equipment and soft costs, such as the cost of installation, labor, all the parts and pieces, including on-going maintenance agreements,” Birdsall said.

They financing program is flexible and can be tailored to the customer’s needs, including fixed-rate leases, bundled loan packages, and deferred payment plans.

LEAF financial experts take care of all the financing details with the customer, but the process is quick and easy, Birdsall said. It’s a similar process time-wise to financing a car purchase. LEAF has offices all over the country.

The lease can also be added to during the course of the job. “There are always ads and changes,” King said. “The leasing company rolls all those in and the paperwork is minimal, which is really handy for the customer, not to mention the dealers.”