12 14 2015

Winterizing and Storing Leased or Financed Equipment

12 14 2015

Winterizing And Storing Leased or Financed Equipment

When opting to incorporate financed equipment in their daily operations, small business owners need to ensure they’re taking the appropriate steps to safeguard the machinery from the harsh winter elements. Some individuals might think that since they’re leasing equipment, they don’t need to worry about maintaining the quality of the machinery. However, whether one owns or finances their equipment, there many reasons why proper storage and winterizing techniques should be the top priority before the weather becomes too extreme.

Preparing this equipment for a cold, snowy season of non-use reduces downtime and stress, and, ultimately can boost profits once spring rolls around. If not properly winterized, machinery will have a difficult time getting started once the weather warms. In addition, not only can it be tough to start the equipment, leaving it exposed to the brutal elements, or not sufficiently preparing it for a full season of storage can damage the machinery’s critical components.

AgWeb created a helpful acronym for remembering what needs to be done to properly winterize and store farm equipment. Dubbed FARMS, this mnemonic device is easy to recall and provides small business operators with a simple tool that they can use to touch upon the key winterizing techniques.

  1. Fill tanks
    Be sure to top off all the fuel and hydraulic oil tanks for the machinery, which eliminates condensation occurring once the weather turns warm. Condensation can cause water to enter an empty tank. In addition, diesel exhaust fluid should be stored in its original container during the winter.
  1. Adequately lubricate
    The equipment’s operator manual will have instructions for what needs to be lubricated. This reduces the chances of the machinery rusting up or not budging once Spring rolls around. Protect unpainted metal parts from the elements by greasing them too.
  1. Repair damage
    Before tossing a tarp on machinery for the winter, be sure to take the time to repair any damage or faulty parts. Leaving broken parts unfixed can cause these parts to get rusted or worn out during the winter, meaning they can become much more difficult or even impossible to repair once all the snow melts.
  1. Maintain and clean
    Once the equipment has been prepped for storage, small business owners and managers should regularly check on the machinery. In addition to clearing away dust and debris and cleaning the equipment, this can also include periodically changing the oil and other fluids, as well as protecting the air inlets and checking tire pressures. As Grounds Maintenance noted, disconnect the battery, and if possible, remove it and store it separately, which eliminates parasitic voltage loss. In addition, fan belts should be checked for condition, tension and alignment.
  1. Store equipment
    While keeping the machinery indoors and under a roof is always the most ideal place to store equipment, sometimes this option isn’t available for small businesses. If the equipment must be kept outside, lessors should coat it with water-resistant wax and cover it with a tarp.

While the FARMS acronym can be a valuable tool for assisting equipment lessors with a reminder of what they need to do to properly winterize and store their machinery, it’s not an all inclusive. Since each piece of equipment is different, they will all require their own particular maintenance. Best judgment will need to be employed for maintaining and storing certain types of leased equipment. Although it takes a little bit of extra effort at the beginning of the winter, taking the necessary steps to properly store the equipment ultimately makes it significantly easier to get operations up and running again in the Spring.

Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.


US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.


For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.


Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.