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Frequently asked questions

  • General

    How do I change my billing address, phone or cell number, email or any other contact details?

    Contact our Customer Service team by email at client.service@M1Cap.ca or 1 (866) 986-6738.

    I have changed bank accounts, how do I ensure my payments will be withdrawn from my new account?

    Contact our Customer Service team by email at client.service@M1Cap.ca or 1 (866) 986-6738.

    How do I get a copy of my contract?

    Contact our Customer Service team by email at client.service@M1Cap.ca or 1 (866) 986-6738.

    Can I upgrade my existing equipment financed through Meridian?

    Yes. Contact our Customer Service team and request a trade up or buyout quote, and please call 1-866-986-6738 to prepare an Application for the new equipment.

    What are my options at the end of my lease term?

    You have options depending on the end of term agreement you signed. Contact our Customer Service team to discuss, by email at client.service@M1Cap.ca or 1 (866) 986-6738.

    Where can I return my equipment?

    While your agreement is non-cancellable, depending on the type of contract you signed, you can discuss any return options with our Customer Service team by email client.service@M1Cap.ca or 1 (866) 986-6738

    I wish to transfer my lease/rental agreement. Is this possible and how do I proceed?

    Fax us a written request at 1 (866) 687-7091 or (604) 687-7091. On review of the request, we will respond within 24 hours.

    Will I be notified when my lease is at expiry?

    Yes. Final release paperwork transferring ownership will be issued at the end of your contract.

    How are service and repairs completed on the equipment I am financing?

    Please contact your original equipment vendor, as any warranties or service agreements would be handled between you and your original dealer.

    Why have my payments increased from the amount signed for on my contract?

    There could be a few reasons why your payment has increased. Administrative costs such as interest and late fee will be charged as a result of receiving your payment late. Non-sufficient charge, for returned cheque or dishonored pre-authorization debit. Non-compliant charge for insufficient evidence of an Auto insurance policy. In most cases, your payment has increased due to the equipment being placed on Meridian’s automatic insurance program. For more information go to the FAQ link on our Home page.

    Why has an amount been withdrawn before the commencement date of my contract?

    A partial payment (also known as pro-rata or daily interest charge) will be collected for the number of days you have possession of the equipment before your contract starts. This amount will be discussed prior to the withdraw. Should you have questions regarding this amount, please contact your Sales Representative.

  • Equipment Protection Program

    Meridian OneCap provides a quick and easy way for you to fulfill the insurance requirement of your finance agreement. As our customer, you are automatically enrolled. If you choose to purchase your own policy, please provide sufficient proof of coverage to us, and your enrollment in the Program will be cancelled.

    Program benefits

    • Covers perils included in typical commercial policy plus many more such as theft, flood and wind
    • Provides repair or replacement of your equipment
    • Protects equipment immediately – nothing more for you to do
    • No deductible – minimum claim amount is $100
    • Program charge is conveniently included in your regular lease or finance payment
     

    For questions or additional information, please send an email to Client.Service@meridianonecap.ca, or give us a call at 1-866-986-6738.

    Why do I need insurance?

    Your lease or finance agreement requires that your equipment have sufficient insurance. This is a requirement of the financial institution before they will fund the transaction.

    Why am I being billed for insurance (Program Charge)? I never authorized it.

    Because your lease or finance agreement requires insurance, and as a customer convenience, we offer the Program to help you easily fulfill the insurance requirement and avoid the risk of being unprotected. Plus, this coverage is often broader than a standard commercial or businessowners policy, providing added peace of mind.

    Isn’t my own insurance policy good enough?

    Some policies are adequate; however, your policy may still leave you at risk for certain perils, and you may be subject to large out of pocket deductibles, rate increases, or in certain circumstances, coverage cancellation. You should check with your agent or broker.

    Can my Program enrollment be canceled?

    Yes; you will need to have your agent or broker provide sufficient proof of other insurance coverage to our Insurance Center. Also, if you do obtain your own insurance coverage, the policy must name Meridian OneCap as a loss payee.

    What determines the Program charge?

    The charge for participating in the Equipment Protection Program is based on the type of equipment and its value, and the term of the lease or finance agreement. The charge may also include an administrative fee, payable to Meridian OneCap. This administrative fee covers the cost to obtain protection and maintain the program.

    Why must Meridian OneCap be named as a loss payee?

    Meridian OneCap’s parent company, is the owner of the equipment. Naming Meridian OneCap as a loss payee means that any claim settlement payment will be paid directly to Meridian OneCap.

    Can equipment that is not part of my lease or finance agreement be covered by the Equipment Protection Program?

    No; this Program is available exclusively for equipment leased or financed through Meridian OneCap. If your other equipment is leased or financed through another institution, it is not eligible for this Program.