Frequently Asked Questions

Does Phoenix have authority to approve credit?

No. The bank sets the credit underwriting standards, including the amount of credit, interest rate, lease term and acceptable collateral.

How does the funding process work?

Once the transaction documents are complete, the bank funds the lease. If Phoenix prepares the documentation, we will provide the bank with funding instructions indicating what amounts are to be paid to the vendors, lessees or other parties, as applicable.

What happens if the customer defaults?

Phoenix will notify the bank of the default. The bank then decides what action to take. At the bank's option, Phoenix can handle the collection process, including payment stream restructuring, repossession and remarketing of collateral, litigation and bankruptcy.

How does Phoenix get paid for its services?

Phoenix gets paid in one or more ways, depending upon which service options the bank chooses. Please contact us for more detailed information.