Frequently Asked Questions

How can I terminate my lease?
At the end of the term, you may terminate your lease by either returning the equipment to First American or purchasing it. Refer to your Master Lease prior to end of the lease for the notice period your firm has agreed to provide First American. Contact our Asset Management department at 800-801-3830 to discuss your options or any questions regarding equipment purchases or returns.

Can I get a quote to purchase my leased equipment?
Yes!  Contact First American’s Asset Management department at 800-801-3830 to request a quote. In most cases, you may purchase your equipment at lease end for its fair market value at that time.

How do you determine the fair market value purchase price?
To determine fair market value, we research actual used equipment prices from the same manufacturer, make, and model in arms-length transactions. Wherever possible, First American obtains these prices from available market sources and calculates the mathematical average. First American will share the results of our research and will also consider any information you wish to provide regarding the value of the leased property. And remember, because First American's lease has simple walk-away contract terms, you are not obligated to purchase the equipment and may simply return it at the end of the lease.

How do I return my leased equipment?
Simply submit a letter to First American’s Asset Management department prior to your notice date, giving us notice of your election to return the equipment at lease end.  Then, follow the provided instructions for shipment of the rental equipment.

What is normal wear and tear?
Normal wear and tear is physical deterioration that occurs during regular use of the equipment as it was intended. Damage occurs from negligent, unreasonable or irresponsible usage of an item. Any change or modification that affects the functionality of the item may be considered damage.

How can I contact you?
Contact our Asset Management department at 800-801-3830 any time during your lease with questions about replacement equipment transitions, upgrades and additions, equipment purchases, lease extensions, equipment return, or other services.

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First American Commercial Bancorp, Inc. is a wholly-owned subsidiary of City National Bank. Deposit products and services are offered by City National Bank Member FDIC. City National Bank is a subsidiary of Royal Bank of Canada. “First American Equipment Finance” is the trade name for certain equipment leasing and finance businesses of First American Commercial Bancorp, Inc. and its subsidiaries. Equipment financing transactions are provided in Canada by FA Equipment Finance, Inc. For California clients: Loans made or arranged pursuant to a California Finance Lenders Law license. All transactions are subject to credit approval. Some restrictions may apply.

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