MagStor Archive Solutions Leasing FAQ
Do I need to have a MagStor account in order to lease?
Yes, you must be a current MagStor customer. If you are new to MAGSTOR, call 1-844-624-7867 or e-mail general sales.
Overview of the Leasing Process:
- Your account manager will work with you to create a product quote for hardware, software, services or any combination thereof.
- Your account manager then sends the quote to our leasing team. The leasing team reviews the quote and engages the leasing partner who provides the best rates and terms. Your dedicated leasing specialist is also available to answer any questions.
- Within approximately four hours, the selected leasing partner creates a planning quote that provides a ballpark estimate on costs and structuring. Your account manager will share this quote with you. Please note: sometimes preapproval is granted without providing financials. Other times you may be asked to supply your last two years of audited financial statements or tax returns and/or your D&B number.
- If, after reviewing your estimate, you have any questions or would like to see your deal structured differently, your account manager engages with the leasing specialist and the leasing partner to answer any questions. It is not unusual for a leasing quote to go through several different iterations as the product quote and the requirements are finalized.
- Once you are satisfied with the terms, you will receive a firm quote from our leasing partners. Normally a firm quote takes 24 hours to be completed.
- After the lease documents are completed by you and returned to the leasing partner, MagStor will receive a PO that will allow us to deliver your products and services. You are responsible for completing all paperwork and contracts with the leasing partner.
What types of leasing do you offer?
Our current offer is as follows:
Fair Market Value (FMV)
FMV lease (rental lease) offers the lowest monthly payment and at the end of the lease term, you may purchase the equipment or return the equipment. FMV leases also offer additional benefits:
Conserve capital
Lowest upfront cost
Reduce total cost of ownership
Simplify budgeting
Protect against tech obsolescence
Other options can be offered on a case by case basis, ask your account manager
How is the monthly payment calculated?
Your monthly payment is determined by a Lease Rate Factor — a periodic rental payment to a lessor for the use of assets. Lease Rate Factor x equipment cost = your monthly payment.
Who owns the leased equipment?
The leasing company, as lessor, is the owner of leased equipment until you choose to purchase the equipment at end of lease.
If my company is new, can I still lease?
Yes, pending credit approval. A security deposit may be required.
Can equipment be purchased at the end of lease?
This depends on the leasing company and program. In many cases, the lessee can choose to continue to lease, purchase the equipment or return the equipment to the leasing company.
Who services/maintains equipment?
The lessee is responsible for maintaining the equipment.
How will I be billed?
In most cases, you may have the payment set up to automatically debit your bank account or the company will invoice you.
How much do I have to pay upfront?
This depends on the leasing company and program. Typically, you will not be required to make any advance payments. The leasing company will invoice the first payment after you receive all of your equipment.
Individual lease details will vary depending upon the terms offered by the leasing company.