MFA Leasing Program
Client Lease Management System
Lease Management System
 
The client Lease Management System provides detailed, up-to-date information on all client leases. It is a secure, password-protected site; it also provides a lease calculator, year-end reports, and the ability to apply for a lease through the website.
Basic
Lease Calculator Link
This basic calculator has been set up for suppliers, or others, who do not have access to the Lease Management System.
The benefits of our program are:
- competitive lease rates of prime minus 1%
- act as your own purchaser
- use the supplier of your choice
- quick and easy process to follow
- one time document fee ($250.), asset fees ($100./asset) (like assets grouped into one asset fee)
- no hidden fees or penalities
- early payouts available; ($100.) administration fee
Who can access the program?
The Leasing Program is available to:
- Municipalities
- Regional Districts
- School Districts
- Colleges and Universities
- E-Comm
- Capital Regional Emergency Services Telecommunications (CREST)
- South Coast BC Transportation Authority
- Improvement Districts
- Parks & Recreation Societies that are fully backed by municipalities and/or RD
Eligible Assets:
- New or used assets
- Office equipment and furniture
- Recreation/fitness equipment
- Small equipment
- Heavy equipment/machinery
- Public works vehicles
- Fire engines
- Land and buildings
Terms:
- Maximum term 60 months, no minimum term
- Variable rate leases with fixed payment schedule
- Interest differential adjusted on final payment
- Leases renewable to max. 25 year term based on lease option
Options:
Non-renewable:
- Equal payments over lease term
- Balloon payment lease (selected residual must be paid with last payment)
- Special arrangements available for assets assembed over time and/or with multiple suppliers
Renewable:
Municipalities and Regional Districts must go through Alternative Approval Process
Alternative Approval Process:
A notice must be placed in the local newspaper once a week, for two consecutive weeks. The notice must contain:
- General description of lease
- Description of the area to which it applies
- Deadline for elector responses
- Method in which the electors can respond
For further information on the Alternative Approval Process, please consult the Community Charter:
- Approval of the Electors, Sec. 84 - 86
-
Requirements for Public Notice, Sec. 94
-
Liabilities Under Agreement, Sec. 175
- Selected residual rolled over into lease renewal
Procedures for a New Lease:
- choose asset and supplier
- obtain quote, choose term and lease option
- complete Liability Servicing Limit Certificate (LSLC), and send this information to MFA Leasing for approval
- MFA Leasing will contact supplier with invoice and PST information, and provide a PO, if required
- once supplier forwards invoice, and delivery and inspection of asset is complete, MFA will provide lease documents for authorization
- supplier paid
Forms & Notices
Contact
Please contact Jane
Morrison for information on our leasing program 250-380-0432
ext: 232 |
