FAQ
FREQUENTLY asked questions (faq)
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Q.
Can I lease off-road vehicles (ORVs) like ATVs and Side-by-Sides?
A.
Yes. We specialize in off-road vehicle (ORV) leasing, including ATVs, UTV's and Side × Side's. Horsepower provides the same leasing terms for off-road vehicles used for work or recreation as we do for our motorcycle inventory.
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Q.
Will I Own The Vehicle I'm Leasing?
A.
No. Horsepower Financial retains title and ownership throughout the lease term. You gain full ownership only if you exercise a purchase option at the end of the term or through an early buyout. Once the buyout is complete, the title is transferred to you.
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Q.
Can I return the vehicle at any time?
A.
No. This is not a rental program; it is a closed end lease. You are obligated for all of the payments for the term of the lease even if you return the vehicle, along with any other allowable charges. If, for some reason, you can not meet those obligations, contact Horsepower immediately so that we can attempt to find other options. We value your standing with horsepower and any credit reporting agencies.
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Q.
Does Horsepower have a mileage limit on motorcycle or ORV leases?
A.
Horsepower Financial offers unlimited mileage leasing on all vehicles. Unlike traditional automotive leases, our program has no mileage caps or overage fees. You are free to ride as much as you want without financial penalty, making our leases ideal for long-distance touring.
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Q.
What are my options when my Horsepower Lease ends?
A.
At the end of your lease, you have four choices:
- Re-lease, which often results in a reduced monthly payment, for another 3-year term.
- Purchase the vehicle for the amount specified in your lease. (“residual”)
- Trade it for another vehicle at a Horsepower Select Dealer. (and get “credit” on the new vehicle for any amount the dealer is willing to give you for your trade in excess of the payoff.)
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Return the vehicle to Horsepower with no further obligation
- Can return the current leased vehicle and get a different one on a new lease, and you are automatically approved*
*all lease terms being met
Insurance: You are obligated to carry the correct insurance for your state plus our requirements as the title/lien holder. That includes the correct collision and comprehensive coverage. Please consult with your insurance agent or provider. You may also elect to use the provider on our website. -
Q.
Insurance
A.
No. You are obligated to carry the correct insurance for your state plus our requirements as the title/lien holder. That includes the correct collision and comprehensive coverage. Please consult with your insurance agent or provider. You may also elect to use the provider on our website.
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Q.
Does Horsepower report my lease to credit bureaus?
A.
Yes. We report your payment history to one or more of the common bureaus to help you build or improve your credit profile through consistent, monthly, on-time payments.
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Q.
What payment methods does Horsepower Financial accept?
A.
We offer flexible payment methods including debit and credit cards. Please note that payments are automatically deducted each month using your method on file; therefore, physical payment books are not issued.
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Q.
Can I setup bi-weekly payments for my Horsepower lease?
A.
Yes. You can schedule payment weekly, bi-weekly. or semi-monthly, provided the full monthly amount is received by your do date. To set this up call us at 888-710-2061 . Please note that individual dealers cannot change your payment frequency.
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Q.
Can I pay extra each month to lower my lease buyout price?
A.
No. There is currently no option to reduce the end-of-lease purchase price through additional monthly payments. The purchase price is determined by the terms set at the beginning of your lease agreement.
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Q.
How much of a down payment is required for powersports lease?
A.
A Capital Cost Reduction (down payment) is required for all leases. This amount is a percentage of the vehicle’s agreed-upon value. While requirements vary based on underwriting, we strive to offer accessible options for most riders.
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Q.
What total amount is due at signing for a horsepower lease?
A.
The amount due at signing includes your Capital Cost Reduction and the first month's lease payment, unless the lessee, (you), elects to pay registration or other fees separate from the lease payment.
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Q.
Is routine maintenance included in a horsepower lease?
A.
No. The rider is obligated to have completed and responsible for, all maintenance and mechanical repairs. Maintaining the vehicle according to manufacturer standards is required to protect its resale value and ensure peak performance.
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Q.
WHo do I contact for horsepower lease support or payoff?
A.
Contact our customer support team at 888-710-2061 for account management, payoff quotes, or general inquiries. You can also text this number for quick assistance with your powersports lease.
At Horsepower, we thank you for your business. We are excited to help you to Ride, and
ride as much as you want.
We truly want a seamless, easy experience for you.
James Manatee
James Manatee; Rider Advocate
