Question:

What products can we offer in Geneva Commercial?

Answer:

Conditional Sale Agreement. (Hire purchase).
Secured loan Agreement (Where collateral security is used instead of a deposit).
Rental. 

Question:

What terms are available on a commercial loan/ rental?

Answer:

On deals where the amount being financed is under $10,000.00 the term is 12-36 months.

On deals where the amount being financed is over $10,000.00 the term is 12-60 months.

Geneva Commercial will reserve the right to alter a contract term depending on perceived risk.

Question:

What information will Geneva Finance require to complete a commercial Application?

Answer:

A fully completed Finance application form.

Copy of drivers license if the burrower is NOT a Limited Company (IF APPROVED).

Financial accounts from the client if the amount financed exceeds $40,000.00.

Geneva Commercial will contact you directly for any additional information required to process the application.

Question:

Where do I send the application forms?

Answer:

Applications can be sent directly to Geneva Finance to the following or Simply follow the steps on page 3

 Sharon  Southworth                              Andrew Riley 
 Senior Commercial Lending                   Officer Commercial Lending Officer
 Phone 0800504020                               Phone 0800504020
 DDI 09-5732936                                   DDI 09-5732934
 Fax 09-5735380                                    Fax 09-5735380
 sharons@genevafinance.co.nz               andrewr@genevafinance.co.nz
 
 Additional contacts

 Justin Boddy   
 National Sales Manager
 Phone 0800504020
 DDI 09-5732938
 Fax 09-5735380
 justinb@genevafinance.co.nz

Question:

What are the Tax implications and benefits of the different finance products?

Answer:

Ultimately we advise that you contact your accountant answers this question. However, is it generally agreed that the following applies.

Conditional Sale Agreement, (Hire Purchase) & Secured Loan Agreement

Assets purchased are “on balance sheet” with interest and depreciation fully tax deductible. Client claims the full GST component of the additional purchase upon completion of there next GST cycle (generally this is every two months).

Gives client the benefits of ownership with Title of goods passing upon last payment with NO end of term ownership costs.

Rental, non-specified operating lease

Assets purchased are “off balance sheet”, generally the monthly payments are fully tax deductible.

Client claims the GST component of the monthly payment upon completion of each GST cycle.

The client can use the equipment for the duration of the Rental but at no point will the client own the equipment.The client can use the equipment for the duration of the Rental but at no point will the client own the equipment.

Client can upgrade equipment during the term, i.e. if they are renting a computer system and wish to add additional units this can be accomplished relatively easily. We simply add the additional cost of the equipment and replace the old agreement to reflect the new monthly payment..