Here are the steps and docs required to establish a lease line with Roam or any leasing company within Ontario.
Setting up a corporate lease line for employee vehicles in Ontario requires a business to provide specific financial, legal, and insurance documents to the leasing company. These ensure that the company is creditworthy and able to manage multiple leased vehicles for employee use.
1. Business Identification & Legal Documents
- Articles of Incorporation or Business Registration (Proof of legal entity status)
- Master Business License (MBL) (For sole proprietorships or partnerships)
- Ontario Business Number (BN) and HST/GST Number
- List of Directors & Officers (For corporations)
2. Financial & Credit Documents
- Business Credit Report (From Equifax or TransUnion)
- Latest Corporate Tax Returns (T2s) – Last 1-2 years
- Financial Statements (Balance Sheet, Profit & Loss) – Last 2 years
- Company Bank Statements (Last 3-6 months) (To assess cash flow)
- Trade References (Suppliers, lenders, or leasing history)
- Personal Guarantee (if required) (From a company executive or owner, if the business has limited credit history)
3. Leasing & Vehicle Use Information
- Number of Vehicles Requested
- Employee Eligibility Criteria (Who will be using the vehicles and for what purposes)
- Vehicle Selection & Specifications (Type of vehicles, usage policy)
- Lease Terms Requested (Duration, mileage limits, purchase options)
4. Insurance & Liability Coverage
- Certificate of Insurance (COI) naming the leasing company as a lienholder
- Commercial Auto Insurance Policy Details (Minimum liability coverage requirements)
- Fleet Insurance Policy (if applicable) for larger lease volumes
5. Additional Documents (Depending on the Lease Provider)
- Employee Vehicle Policy (Defines permitted use, maintenance responsibility)
- Payroll Deduction Agreement (if applicable) (If employees contribute to lease costs)
- Letter of Intent (LOI) (Formal request outlining the need for the lease line)
Once approved, the business receives a credit line for leasing multiple vehicles, which employees can use under company-authorized terms. Let me know if you need any refinements or additional insights!