Since our early beginnings in 1952, our focus has been on providing competitive equipment finance products and the highest level of service to our customers, and that is why we enjoy considerable repeat business. We are knowledgeable and passionate about your business. In fact, we have been doing this so long, it is in our DNA.
ENGS is one of the strongest independent finance companies in the U.S. Our robust balance sheet and high liquidity profile affirm our reputation as a financially strong and stable company, while at the same time providing you with the peace of mind in knowing that your financing partner is with you for the “long haul” and is able and dedicated to the growth of your business.
Products
Retail Loan
This is a simple-interest, fixed payment program that locks in an interest rate. Customers can rely on a stable monthly payment for the term of the loan and own the vehicle outright at payoff.
TRAC Lease
Our Terminal Rental Adjustment Clause (TRAC) lease allows customers to establish the residual value of the vehicle at the beginning of the term. At lease end, customers may purchase the truck for its pre-determined TRAC value or return it to ECF. If returned, and the equipment exceeds the pre-determined residual value, ECF will return the net proceeds to the customer. If the value is less, the customer is responsible for the difference. TRAC leases usually offer lower payments than retail finance structures and may have tax benefits as well.
Fair Market Value (FMV) Lease
The FMV lease is one of our most flexible finance products. At the end of the lease term, customers have the option to purchase the equipment for its current Fair Market Value (plus other amounts or fees that may be due under the lease) or simply return the equipment, subject to inspection and certain return conditions and usage restrictions. It typically requires a lower initial cash outlay and lower monthly payments than through a traditional loan.
Operating Lease
The Operating lease gives the customer the benefits of financing product without taking ownership but recording the accounting benefits related to the lease payments. At the end of the lease term the customer can exercise options related to ownership or simply return the equipment, subject to inspection and certain return conditions and usage restrictions. It typically requires a lower initial cash outlay and lower monthly payments than most other financing options.
Capital Lease
The Capital lease also know as a Finance lease gives the customer the benefits of financing products with the accounting benefits related to the lease payments. At the end of the lease term, customer can exercise options related to ownership or simply return the equipment, subject to inspection and certain return conditions and usage restrictions.
Dollar Out Lease
The Dollar Out lease is a popular Finance lease structure which gives the benefits of financing products with the account benefits related to the lease payments. At the end of the lease term, the ownership of the equipment transfers to the customer for the pre-determined price of $1.00.