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Industry Terminology

Helping you understand industry terminology

Acceptance
Activated
Account Manager
Capital Cost
End of Lease (EOL)
Equipment / Kit
Lessee / Customer
Lessor / Funder
Own Book
Profile
Proposal
Quotation
Regulated Business
Rental
Settlement
Supplier
Term
Upgrade
Acceptance

Our Underwriting team have approved your application for finance.

Activated

A deal is ‘activated’ once Shire Leasing have paid the supplier of the equipment in the finance agreement.

Account Manager

You will have a dedicated account manager and admin support team who strive to deliver a professional and personal service to support you and your company.

Capital Cost

This is the value of the equipment the supplier is providing to the lessee.

End of Lease (EOL)

End of Lease is our internal department that will discuss your options as the agreement comes towards an end.

Equipment / Kit

Your chosen equipment/kit/asset that you want us to finance.

Lessee / Customer

A business (whether it be sole trader, company or organisation) that is looking to lease equipment.

Lessor / Funder

An organisation that provides the finance to the lessee, such as Shire Leasing.

Own Book

This is our portfolio and facility of own funds, which is currently over £140m.

Profile

This is how many payments are required for the term of the lease. For example, a 5 year lease on a quarterly basis would show as a 1 + 19 because there are 4 quarters per year.

Proposal

Document detailing information about the deal, required for credit clearance.

Quotation

Tailored to your needs, quotations(or quotes) provide you with an estimate of what your rentals and costs could be. These are subject to terms and conditions.

Regulated Business

Business use customers that have the protection of the Consumer Credit Act (Shire is Authorised by the FCA to transact Regulated Business).

Rental

These are the payments made by the lessee in line with their lease or finance agreement. These are most often paid quarterly or monthly.

Settlement

This is where the lessee wants to end the lease earlier than the term set in the agreement. This usually involves a settlement cost/fee. Get in touch with End of Lease to find out more.

Supplier

A business that supplies equipment to the lessee.

Term

The term describes how many months the lease agreement lasts for. For example, a 3 year lease would have a 36 month term.

Upgrade

With many of our finance solutions, the lessee has the opportunity to upgrade at any time, allowing the business to acquire newer equipment.

Can’t find the answer you are looking for?

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Get in Touch

Registered Office:
1 Calico Business Park
Sandy Way
Tamworth
Staffordshire
B77 4BF
CONTACT US

Shire Leasing PLC is Authorised and Regulated by the Financial Conduct Authority for certain types of consumer credit lending and credit related activities that are regulated under the Consumer Credit Act 1974 and by the Financial Services and Markets Act 2000. For certain types of products Shire act as a lender and a broker and for some products we act as a broker only. Our firm reference number is 313055.

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Tel: 01827 68939
Email: info@shireleasing.co.uk

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No02476571

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Registered with the Information Commissioners Office Z4611407

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