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Customer financing purchase and install
June 17,  2021
Customer financing purchase and install
            Customer is buying a system with recurring services (hosting, monitoring and service). I sent them an All in One. They came back and said they are financing the purchase of the equipment through a third party and asked me to direct installation portion to finance company and the service portion would be signed by my customer. I assume that is not correct. The customer is buying the system not the finance company. The customer needs to sign for install and services. The finance company can pay us but the customer needs to sign the agreement, right?
            Scenario One:  The way you frame the question you are correct, but that's because you say the customer is buying the system.  If that's the case then the finance company will be taking a lien on the equipment to collateralize its loan to the customer for the amount of the purchase.  You would have nothing to do with the finance company and only your customer signs the All in One.
            Scenario Two:  But some finance deals work another way; the finance company buys the equipment, the installation, and leases the equipment to the customer.  In that case it's the finance company who is taking title to the equipment and it would have to sign a sale and installation [if the financed amount includes the installation - it may only include the uninstalled equipment].  The customer has to sign the All in One, though the contract will state that the finance company is paying for the sale and installation; customer is consenting to the installation and the after install RMR.
            Some alarm companies [and many home improvement companies] work with finance companies in lower income mass marketing areas and Scenario Two is the way the deals are structured. 
            In higher end market you will generally see Scenario One.

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          I’ll be at ISC in July and we are now scheduling private meetings and participation in round table discussions, topics and guest speakers TBA.  Time for private meetings are limited so please reach out to Stacy Spector, Esq at 516 987 8428 or  Concierge Clients with appointments are all set. 

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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301