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Commercial Financing

Commercial Financing Available


Wheelchair Vans, Inc. offers a wide variety of commercial vehicle loans and equipment leasing contracts to meet your varying business needs. Depending on the type of equipment you are financing, contracts range from 24- to 180-months.

Full Loan Payout

Fixed rate and floating rate promissory notes. The customer retains title to the financed equipment. The borrower also retains the tax benefits on the note.


Wheelchair Vans, Inc. offers flexible TRAC, Split TRAC and Fair Market Value leasing options. Leasing allows Wheelchair Vans, Inc's customers to acquire a significant asset without a down payment to conserve capital, keep equipment up to date and protect other critical credit sources. At the end of the lease term, the customer may buy the vehicle, upgrade to something new, extend the lease at a reduced rate or return the vehicle and simply walk away.


  • Financing and refinancing for new and used equipment
  • Terms from 24 to 120 months
  • Competitive fixed and floating rates
  • Up to 100 percent financing
  • Seasonal and skip payment structures
  • Application only programs
  • Dealer wholesale and retail finance programs
  • Loan, lease and municipal lease financing

TRAC Lease

TRAC stands for Terminal Rental Adjustment Clause. These types of transactions are also sometimes referred to as open-end leases because the ultimate obligation of the Lessee is not determined until the end of the lease term. A TRAC Lease is a lease of motor vehicles where the Lessee is obligated to make up any shortfall, or receive any excess proceeds, upon a disposition of the equipment at the end of the lease term. At the outset of the transaction, the Lessor and Lessee agree on what is the commonly referred to as the Residual Value. This amount is generally a prediction of the fair market value of the motor vehicles at the end of the term.

Split TRAC Lease

A Split TRAC Lease follows the same basic principles as the TRAC Lease except that the Lessee’s potential lease end exposure is limited to a portion of the Residual Value. The Lessee’s end of term payment amount is sometimes referred to as the – Lessee’s Guaranteed Residual Amount. A properly structured Split TRAC Lease will be treated as a true lease for GAAP and Federal Tax purposes.

Fair Market Value Lease
An FMV lease offers a low monthly payment, is the most flexible lease structure, and may allow you to obtain tax advantages. Technically, you don’t own the equipment (think of it like renting over a fixed period of time). The equipment may not be considered an asset on your balance sheet. Depending upon your situation, up to 100% of the finance expense may be tax deductible. At the end of the lease term, you may purchase the equipment, return the equipment to the finance company, or continue to pay for use of the equipment according to the terms of the original agreement.


  • Little or no upfront cost
  • Lower monthly payments than $1 out purchase option leases
  • 100% financing may be available
  • Can return the equipment at the end of lease without further obligation
  • May have significant tax and accounting benefits

Municiple Lease
A tax-exempt municipal lease, also known as a lease-purchase agreement, is a contract that enables government entities to acquire essential-use assets, including fire and public safety equipment, vehicles, and much more. Section 103 of the Internal Revenue Code allows municipal entities to obtain financing at lower interest rates than what is available to commercial and industrial businesses. That is because the interest earned by the Lessor is exempt from federal income taxes. The following entities qualify for tax-exempt financing – State and City Governments, State Universities, Community Colleges, Public Authorities, Public School Districts and Municipal Hospitals.

In a tax-exempt municipal lease, the government entity has a ”non-appropriation of funds” clause in the agreement. This allows the lessee to terminate the lease at the end of its fiscal year if funds have not been appropriated for the coming year’s payment without the lessee being in default under the lease terms and conditions. This clause serves as the basis for a municipal lease not violating the public debt limitations that typically require voter approval for a municipality to enter into a long-term debt obligation.


  • Tax-exempt municipal equipment leasing is a lower cost alternative to traditional bond financing
  • Lower, tax-exempt interest rates are fixed for the term of the lease Complete ownership and clear title to the equipment at the end of the term
  • Lease payments that are considered an operating expense, not long-term debt
  • An alternative to the high issuance cost bond market and the time and complexity of obtaining voter approval for a bond issue