Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.
MINISTRY OF EDUCATION AND SCIENCE OF UKRAINE
EAST UKRAINIAN NATIONAL UNIVERSITY
named after Vladimir Dahl
Department of Banking
Course work
in the discipline "Banking operations"
Topic: " Leasing operations banks and features of their implementation"
Completed by: student of group EK-442
Neshcheret V.A.
Checked by: Polityuk L.G.
Lugansk 2007
Introduction
1. Economic entity leasing operations
1.2. The history of leasing and the need for operations by modern banking institutions
2.1.Principles of leasing relations
2.2. Stages of a leasing transaction
2.3. Analysis of the solvency of lessees: elements and approaches
3. Problems and methods for improving leasing operations
3.1. The need for leasing relations for the development of the national economy
3.2. The potential of the banking sector of Ukraine as the main source of financing for leasing operations
Conclusion
Bibliography
Applications
Introduction
The main link financial system of any state are the finances of enterprises of branches National economy. It is in production that the real basis of all kinds of economic relations.
The main condition for the exit of the Ukrainian economy from the crisis is the restructuring of the national economy of the country, which is impossible without the growth of investments while increasing the efficiency of their use.
Transformation of the sphere of production and circulation, profound changes economic conditions management necessitate the introduction of non-traditional for our economy methods of updating the material base.
According to the Ministry of Economy of Ukraine, leasing can help overcome the industrial decline.
In this paper, an attempt is made to highlight the Ukrainian experience in attracting investments through leasing, the origin and nature of leasing, which have developed in our country under the influence of a number of factors, positive, negative aspects and directions for improving the emerging market of leasing services.
The choice of this topic was determined by a number of reasons, namely: the leasing services market in Ukraine is very young and undeveloped, and there is also confidence that with the help of leasing, the necessary investments can really be directed to the most needy parts of the Ukrainian economy.
The banking sector of Ukraine demonstrates high growth rates and is more developed than other financial sectors. At the same time, the volumes and structure of equity capital, liabilities and assets of banks do not meet the needs of the country's economy and, in particular, the leasing market.
The importance of the banking sector for the development of leasing is extremely important, since for all participants in leasing operations bank lending is a significant source of funding for their activities.
1. Economic essence of leasing operations and features of their implementation
Leasing is one of the new forms of credit relations, which Ukrainian banks have already begun to master. This operation has become widespread in the world banking practice.
The phenomenon of leasing already by the beginning of the 80s. was defined not as just a long-term lease, but as a new, non-traditional, additional system of long-term financing, which involves lease relations, elements of secured loan financing, debt settlement and other financial mechanisms. Leasing operation promotes cooperation and interaction banking structures with business circles to finance production, which is so necessary for the Ukrainian economy today.
1.1. The legal framework governing the implementation of leasing operations in Ukrainian banks and its characteristics
Today, the definitions of leasing in the legislation of Ukraine are contained at the level of civil (for definition), economic and tax legislation of Ukraine.
Part 1 of Article 806 of the Civil Code of Ukraine (hereinafter referred to as the Civil Code of Ukraine) defines leasing as a type of rental (hired) contractual type, according to which, under a leasing agreement, one party (the lessor) transfers or undertakes to transfer to the other party (the lessee) for use the property that belongs to the lessor on the right of ownership and was acquired by him without prior agreement with the lessee (direct leasing), or property specially acquired by the lessor from the seller (supplier) according to the specifics and conditions established by the lessee (indirect leasing), for a certain period and for a fixed payment (leasing payments).
This definition indicates that a contract will qualify as a lease if the agreement between the lessor and the lessee indicates that:
a) the lessor transfers or undertakes to transfer to the lessee the property (subject of the lease agreement) for use;
b) the subject of the lease agreement belongs to the lessor on the right of ownership and was acquired by him without prior agreement with the lessee or specially acquired by the lessor from the seller (supplier) according to the specifics and conditions established by the lessee;
c) the lessee undertakes to pay the lessor certain payments for the use of the object of the lease agreement for a certain period.
A similar definition of leasing as economic activity is contained in Part 1 of Article 292 of the Economic Code of Ukraine, according to which leasing is an economic activity aimed at investing own or borrowed financial resources, which consists in the provision under a leasing agreement by one party (the lessor) for the exclusive use of the other party (the lessee) for a certain period of property that belongs to the lessor or is acquired by him into ownership on behalf of or with the consent of the lessee from the relevant supplier (seller) of the property, subject to payment by the lessee periodic lease payments.
This definition of leasing, in general, repeating the signs of leasing, which is defined in the Civil Code of Ukraine, introduces some more of its additional criteria, namely:
a) the lessor invests its own or borrowed funds in the acquisition of the leased object;
b) the object of leasing is transferred to the lessee for exclusive use.
Another definition of leasing is provided in subparagraph 1.18.2 of paragraph 1.18. article 1 of the Law of Ukraine "On taxation of profits of enterprises". According to the law, leasing (rent) - business transaction a natural or legal person, which provides for, according to the leasing (lease) agreement, the transfer to the lessee of property that is similar to the definition of the main fund acquired or manufactured by the lessor, as well as all the risks and rewards associated with the right to use and own the object of leasing.
It should be noted a number of differences between the definition of leasing for tax purposes and for the purpose of legal regulation of property relations that arise on the basis of the conclusion of a leasing agreement.
Firstly, within the framework of the legal regulation of property contractual relations, in order to fulfill the obligation to acquire a leased asset, the lessor must purchase it from the relevant seller (supplier). According to the provisions of the tax legislation, the lessor can become the owner of the leased asset not only by buying it out, but also by manufacturing it according to the instructions of the lessee.
Secondly, in contrast to the civil and economic legislation of Ukraine, the tax legislation establishes a rule that all risks associated with the subject of leasing must be borne by the lessee.
Thirdly, the basis of the criteria for a leasing agreement in tax legislation Ukraine is subject to economic criteria. Instead, the civil and economic legislation of Ukraine does not operate with economic criteria.
However, the basis of the legal regulation of leasing relations is the Law of Ukraine "On Leasing" as amended by the Law of Ukraine dated January 14, 1999 No. 394-XIV. This Law defines the concept of leasing, as well as general legal and economic principles its implementation.
According to Art. 1 of the Law of Ukraine "On Leasing", leasing is an entrepreneurial activity that is aimed at investing own or attracted financial resources and consists in providing the lessor for exclusive use for a certain period of time to the lessee of property that is the property of the lessor or is acquired by him in his ownership on behalf and consent with the lessee at the relevant seller of the property, subject to the payment by the lessee of periodic lease payments.
Leasing is carried out under a leasing agreement that governs legal relations between leasing entities.
The main subjects of leasing are:
a) lessor - subject entrepreneurial activity, including banking or non-banking financial institution, which transfers the objects of leasing for use under a leasing agreement;
b) lessee - a business entity that receives objects of leasing for use under a leasing agreement;
c) seller of leasing property - a business entity that manufactures property (machinery, equipment) and/or own property, which is the object of leasing.
It should be noted that in addition to the above-mentioned main subjects, intermediaries play an important role in leasing relations.
Intermediaries are professional participants in leasing operations acting as:
a) a representative of the client before other participants in leasing operations;
b) an independent subject of agreements with suppliers who buys equipment from them for the purpose of further sale to other customers.
Among the intermediaries that take part in leasing agreements, there are a number of professionally specialized entrepreneurs with a diverse range of rights and obligations. The inclusion of intermediaries in leasing operations significantly reduces the capital circulation period and, as a result, increases the profitability of production.
The object of leasing can be any immovable and movable property, which can be attributed to fixed assets in accordance with the legislation, including products that are produced by state-owned enterprises (machinery, equipment, vehicles, computer and other equipment, telecommunications systems), prohibited for free circulation on the market and for which there are no restrictions on its transfer to leasing (rent).
Lease objects cannot be objects of leasing state property, defined in Article 4 of the Law of Ukraine "On the lease of state and communal property" (integral property complexes of state enterprises, their structural subdivisions (branches, workshops, sites)), except for a separate individually defined property of state enterprises; land and other natural objects.
According to Art. 4 of the Law of Ukraine "On Leasing", there are various types and forms of leasing.
Types of leasing:
1) financial leasing is a leasing agreement, as a result of the conclusion of which the lessee, by his order, receives the leasing object for paid use from the lessor for a period not less than which 60% of the value of the leasing object, determined on the day of conclusion of the agreement, is depreciated. The amount of compensation for the cost of the leasing object as part of leasing payments for the period of the financial leasing agreement must contain at least 60% of the value of the leasing object, determined on the day the agreement was concluded. After the expiration of the term of the financial leasing agreement, the leasing object transferred to the lessee in accordance with the agreement becomes the property of the lessee or is redeemed by him at residual value;
2) operational leasing is a leasing agreement, as a result of which the lessee, by his order, receives the leasing object for paid use from the lessor for a period less than which 90% of the value of the leasing object is depreciated, determined on the day the agreement is concluded. After the expiration of the operating leasing agreement, it can be extended, or the leasing object is subject to return to the lessor and can be re-transferred for use to another lessee under the leasing agreement.
Leasing forms:
1) reverse leasing is a leasing agreement that provides for the acquisition by the lessor of property from the owner and the transfer of this property to him in leasing;
2) share leasing is the performance of leasing with the participation of leasing subjects on the basis of the conclusion of a multilateral agreement and the involvement of one or more creditors who participate in the leasing by investing their funds. At the same time, the amount of funds invested by creditors cannot exceed 80% of the value of the property acquired for leasing;
3) international leasing is a leasing agreement that is made by leasing entities that are in the jurisdiction different countries, or if property or payments cross state borders.
Leasing, as a complex socio-economic phenomenon, performs important functions in shaping the economy and activating production activities. There are four major functions, namely: financial, production, consumer and the function of using tax incentives.
The financial function is expressed in the release of the commodity producer from a one-time payment of the full cost of the necessary means of production and, as it were, in providing him with a long-term loan.
The production function of leasing is to promptly solve production problems through temporary use, rather than buying expensive and obsolescent machines. This is an effective way of material and technical supply of production and access to the latest technology, to the results of scientific and technological progress. With full leasing, the transfer of property can be accompanied by a variety of services: maintenance, insurance, provision of raw materials, labor.
The consumer function is the expansion of the circle of consumers and the development of new sales markets, attracting to the leasing sector those who cannot immediately buy this or that property.
The function of using tax and depreciation benefits has some features:
a) the property taken under leasing is displayed on the balance sheet of the user or the lessor by agreement between them;
b) the rent refers to the cost of products (services) that is produced and, accordingly, reduces the profit that is subject to taxation;
c) application accelerated depreciation, which is calculated based on the term of the contract, which reduces profits and speeds up the renewal of the material and technical base. As a result, leasing contributes to the diversification of offers, attracting new objects to its area; develops and diversifies the market of means of production, shortens the cycle of development of new generations of equipment.
1.2. History of leasing
It is generally accepted that all economic and legal relations associated with leasing relate to a new or the newest period history of business relationships. However, it is not. According to documents, rent (leasing) has been known to man since ancient times.
Indeed, the idea of leasing is not new at all, although the term "leasing" (lease) as such did not yet exist. Disclosure of the essence of the leasing agreement originates from the distant times of Aristotle (384/383 - 322 BC). It is to him that the title of one of the treatises in the "Rhetoric" belongs: "Wealth consists in use, and not in the right of ownership." In other words, it is not necessary to own any property in order to receive income, it is only necessary to have the right to use it and, as a result, receive income.
Lease (leasing) agreements were known long before the IV Art. BC, that is, the years when Aristotle lived. They were concluded in the ancient state of Sumer and date back to approximately 2000 BC. Thus, clay tablets found in the Sumerian city of Ur contain information about the lease of agricultural implements, land, water sources, and various animals. These clay tablets tell of temple priests, landlords who made contracts with local farmers.
The English historian T. Clark found several provisions on leasing in the Laws of Hammurabi, adopted between 1775-1750. BC. The group of articles that dealt with property is the largest in the collection. The articles examined in detail all cases of rent and the norms of rent, the conditions for the pledge of property.
Other ancient civilizations, including the Greeks, Romans, Egyptians, found rent attractive, affordable, and sometimes the only option. possible means acquisition of equipment, land and livestock.
The ancient Phoenicians, who were considered excellent sailors and merchants, practiced ship leasing, which in its economic and legal nature is very similar to the classic form of modern equipment leasing. A large number of short-term lease agreements ensured the receipt of the vessel and crew. In modern conditions, these transactions are similar to the operations of the so-called "wet" leasing.
The first mention of a practically implemented leasing agreement dates back to 1066, when William the Conqueror leased ships from Norman shipowners to invade the British Isles.
In the Middle Ages, rental activity was somewhat limited. Mostly agricultural implements and horses were rented out. However, from time to time, events occurred that gave rise to unique forms and rental items. So, in 1248, an agreement was registered according to which the knight Bonfils Manganella Gaeta rented equipment to participate in the Seventh Crusade.
In 1572, a legislative act was passed in Great Britain that allowed the use of only real, and not feigned leasing, that is, leases signed on a reasonable basis were recognized as legal, since by that time agreements became more frequent, the purpose of which was to hide the real state of affairs - who is the owner, who is the user. This was used as a means of hidden transfer of property, that is, to mislead creditors.
Thus, the original idea of the separation of use and property and the opportunity to benefit from use is known to law from ancient times.
At the beginning of the 20th century in Great Britain, due to the development of industry, an increase in the production of various types of equipment, the number of goods that were leased increased. Development has played a significant role in this railway transport and coal industry.
The owners of coal mines at first bought wagons for transporting coal, but the unprofitability and impossibility of such financing soon became apparent. Coal production increased, new mines were opened, an increasing number of wagons were needed. It is entirely fair that small businesses have decided to take advantage of this situation to profitable investment capital. They bought coal wagons and leased them to railway companies. Companies appeared whose common goal was the leasing of trains and railway cars. At the conclusion of contracts, they began to include in it the right to purchase (option), which was provided to the user after the end of the leasing period.
The first known use of the term "leasing" (this is written by the Austrian researcher W. Hoyer in his book "How to do business in Europe") refers to 1877, when the Bell telephone company decided not to sell its telephones, but to rent them to rent, i.e. install equipment in the customer's home or office on a rental basis only. This operation had a strong influence not only on the development of communications. Many companies valued the lease of equipment, which allowed them to protect their monopoly on the use of "know-how" as opposed to a simple sale.
After the Second World War, the vehicle leasing business began to grow rapidly. Back in the 1930s, Henry Ford effectively used the lease to expand the sales of his cars. However, the "legitimate father" of the automobile leasing business is considered to be Zolly Frank, a sales agent from Chicago who offered long-term car rentals in the early 40s.
However, a real revolution in rental relations took place in America in the early 1950s. The means of production began to be leased in large quantities: technological equipment, machines and mechanisms, ships, aircraft, etc. The US government, having appreciated this phenomenon, quickly developed and implemented state program his stimulation.
First joint stock company, for which leasing operations have become the main activity, the well-known American company "United States Leasing Corporation" was established in 1952 in San Francisco. The company was founded by Henry Schoenfeld. Initially, he created a company for one particular leasing agreement, but then he realized that the leasing business could become very promising, and as a result, the "U.S. Leasing Corporation" was born. Leasing operations quickly crossed the borders of the United States and, therefore, such an important concept for the development of the leasing business as "international leasing" appeared. A few years later, the company began to open its branches in other countries (primarily in Canada in 1959). Later it became known as "United States Leasing International".
According to such experts as O.N. Chekmareva, K. G. Susanyan, V.A. Perov, in the Soviet Union, leasing was used until the early 1990s on a relatively small scale and only to a limited extent. international trade. However, even before, cars were rented out, and rental, in its essence, was close to operational leasing.
In the 80s, leasing was considered by Soviet foreign trade organizations, first of all, as one of the forms of acquiring and selling such equipment as large-sized universal and other valuable machine tools, conveyor lines, road construction, forging and pressing, power equipment, as well as repair shops, aircraft, ships, motor vehicles, computer-based computers, etc., using a specific form of credit. Leasing was usually fixed in agreements concluded between Soviet and foreign partners for a certain period.
The leasing of international road transport was quite actively used by the Sovtransavto foreign trade association, which acquired abroad on a lease basis with further purchase various types of road transport: tractors, refrigerated and tent semi-trailers, bodies, container chassis. Under the terms of the lease in the USSR, foreign containers were used.
In June 1991, an international Soviet-German-French leasing company Euroleasing. Its founders on the Soviet side were Vnesheconombank of the USSR, Radmorflot, Gossnab of the USSR, on the French side - one of the largest banks in Europe "Bank National de Paris", and on the German side - one of the largest leasing companies in West Germany - Mitfnants GmbH.
At the same time, leasing in international operations was used on a very small scale. Until the end of the 1980s, the development of international leasing was held back mainly due to the fact that Soviet enterprises did not have foreign exchange to pay for foreign equipment. After, starting from April 1989, enterprises received the right to independently enter the foreign market, many of them had their own source of foreign exchange earnings.
The beginning of the development of leasing operations in the domestic domestic market can be determined by the middle of 1989 in connection with the transfer of enterprises to rental forms of management. A notable phenomenon in the formation of the initial rules for the use of leasing was the Fundamentals of Legislation of the USSR and the Union Republics on lease dated November 23, 1989 No. 810-1 and the letter of the State Bank of the USSR dated February 16, 1990 No. 270 "On the chart of accounts accounting", which presented the procedure for displaying leasing in accounting. The development of a network of commercial banks assisted in the introduction of leasing operations into banking practice.
More details about the situation with the development of leasing practice in Ukraine and its prospects will be given below.
1.3. Qualitative advantages and disadvantages of leasing
Leasing as a special form of management has a complex effect on the main constituent elements of the production process: on the means of labor and human labor, on the degree of use of technology and labor.
On the surface of economic life, the effect of leasing consists of the objective advantage of the operational use of the achievements of scientific and technological progress, increasing the scale of activities, reducing unit costs and intensifying the entire production process.
In the most general methodological terms, the own effect of leasing has at least three features.
The first is multiplicity. Having arisen as a result of the use of the latest technology and the transformation of the worker into an independent entrepreneur-owner at the moment of expedient activity, the effect of leasing spreads along the chain to all stages of production, grows and multiplies as it moves to distribution, exchange and consumption.
The second is emergence, a qualitative novelty of the effect of leasing activity, due to which its value significantly exceeds the arithmetic sum of the result. ordinary activities without involving additional technical means. Such an effect is an integrative effect and manifests itself not only locally, but also on the scale of the entire production system, increasing its production force.
The third is an effect that manifests itself not only in the production process, but also in the social sphere of people's life and activities, that is, it has both economic criteria and social values, which are expressed in increasing the content of work, awareness of the worker of their creative capabilities, growth personal income, independence, etc.
Taken together, all of the above features reveal the effect of leasing as a kind of economic multiplier, which provides an impetus for the development of all parts of entrepreneurial activity. If the first feature reflects the dynamics of the leasing effect, the mechanism for its implementation (by multiplying), and the second reveals the economic essence of the effect as the identification of new emergent qualities of the leasing form of entrepreneurship, then the third shows its social orientation and close connection with the satisfaction of personal, collective interests.
At the same time, leasing activity can be considered effective: from the point of view of personal interests - if it improves the ability to meet the material and spiritual needs of entrepreneurs; from the standpoint of the collective interests of the organization - if it provides conditions for expanded reproduction; from the point of view of society - if the market is saturated with necessary goods and from an increase in the scale of production of goods, revenues to the budget increase.
Analyzing the strengths and weaknesses of leasing, one can point out that, as a form of investment, it enables entrepreneurs to quickly update the material and technical base, use new equipment and advanced technology, test new equipment, cover seasonal needs for special technical equipment for a while their actual exploitation, it does not require mandatory immediate start of payments for this form of credit. At the same time, the leased property is not credited to the balance of the lessee, that is, it does not increase its assets and, accordingly, taxes. It is also not included in accounts payable, that is, it can be considered off-balance sheet financing.
The procedure for making payments under a lease is more flexible than under a loan agreement. In some cases, leasing agreements may be concluded without the need for collateral. Leasing increases the liquidity of the enterprise and its ability to pay future debts. In addition, when leasing, you can count on Additional services(informational, legal, service nature) by the lessor.
Also, the IMF does not include the amount of state-wide leasing agreements in the amount of national debt, which increases the chances of survival of many countries and their enterprises.
In essence, the concepts of leasing and a bank loan are quite similar, however, a loan has many negative factors, because. under certain conditions, a standard loan can be transformed into a loan under control or bad. In view of this, it is possible to propose a diagram illustrating the procedure for reissuing a problematic credit debt into a leasing agreement, which undoubtedly can be considered another fairly significant advantage of leasing.
Currently, Ukrainian banks, as participants in the investment process, offer their clients to use mainly traditional credit schemes for financing their business activities. They have their advantages, but sometimes lead to serious problems. The most acute of them are the limitation of investment opportunities for business entities, the insufficiency of budget investments in the renewal of fixed assets, the slow development investment lending domestic banks (which in turn is associated with high level credit risks), the lack of a real guarantee for the return of loans and liquid collateral for most borrowers, a slow attraction of new customers that could bring additional profit to the institution.
One of the ways to overcome these negative phenomena (and at the same time increase profitability and reduce the looseness of banking activity) is to increase the activity of domestic monetary institutions in the leasing market.
For banks, the provision of leasing services is a fairly safe operation, because. it is based on the principles of targeted use of the loan and its provision with liquid collateral. Leasing as a whole opens wide opportunities for bankers. In particular, in Ukraine, with its application, a number of negative phenomena in the field of lending can be overcome.
For bankers, financial leasing is of particular interest. This is, in fact, a credit transaction that takes place in property form using (instead of collateral) a more reliable and simpler (compared to the debt collection procedure) security in the form of a deferred and targeted acquisition of property from a creditor (lessor) by a borrower (lessee).
In our country, at present, all the prerequisites have developed for the widespread use (primarily among entrepreneurs who are in poverty from a shortage of working capital) of such a subspecies of leasing operations as reverse leasing. This is a leasing agreement that provides for the acquisition by the lessor of property from the owner and the transfer of this property to him in leasing. Those. it is practically a bilateral leasing agreement. His distinguishing feature consists in the fact that the borrower is both a “lessee” and a “supplier” of equipment that is purchased on lease, i.e. the owner of the equipment sells it to the bank, at the same time concluding a leasing agreement with him for the same equipment as a lessee (the main principles of leaseback are shown in Figure 1.1).
1 - conclusion of a leasing agreement;
2 - purchase by the bank-lessor of equipment from the lessee (owner of the equipment);
3 - periodic payment by the lessee of leasing payments in accordance with the terms of the leasing agreement.
Figure 1.1 Basic principles of leaseback
The advantages of such an agreement for the primary owner, and eventually the lessee of the equipment, are that he can turn to the bank's services after the purchase of the equipment, i.e., when it becomes obvious that the withdrawal of significant funds from circulation has led to a deterioration in the financial position. In the case of using reverse leasing, the lessee can return the funds spent on the purchase of equipment, while retaining the rights to use it. In addition, the amount of leasing payments reduces the profit of the enterprise to taxation.
Leaseback gives you the opportunity to refinance capital investments with lower (compared to attracting bank loans) costs. It is a source of medium and long-term refinancing, while commercial bank loans, as a rule, are provided for up to a year.
Leaseback operations are also an effective way of restructuring accounts payable and improvement loan portfolio bank, because thanks to their application, problem debt can be transformed into a leasing agreement.
It is in this case (provided that the object or collateral for the loan being reissued is liquid fixed assets) it would be possible to apply a reverse lease. The procedure for transforming credit debt into a leasing agreement could be approximately as follows: the creditor bank buys equipment from a client whose obligations require re-registration; the latter, at the expense of the funds received, repays the previous debt; the bank transfers the acquired equipment to its former owner for use already on the terms of financial leasing, for which an appropriate agreement is drawn up (this procedure is shown in more detail in Figure 1.2).
It is clear that when accepting fixed assets as collateral, the bank will evaluate them taking into account the liquidity ratio, so the actual market price collateral can significantly exceed the existing credit debt secured by it.
Under this condition, and this is entirely probable, the client-borrower may have enough proceeds from the sale of equipment not only to pay off bad credit debt, but also to overcome his financial difficulties. So, in the case of applying the procedure for rescheduling the debt described above, both the bank (having received a standard loan) and the client (improving their own financial situation) can win.
1 - the presence of a loan obligation secured by a pledge of fixed assets;
2 - conclusion of a contract for the sale of fixed assets between the client-seller and the bank-buyer (the result of the contract is the transfer of fixed assets into the ownership of the bank);
3 - repayment of credit debt by the client at the expense of funds received from the bank;
4 - conclusion of a leasing agreement;
5 - transfer of fixed assets due to the conclusion of a leasing agreement;
6 - payment by the client-borrower to the bank of leasing payments.
Figure 1.2 Possible procedure for restructuring problem loans into a leasing agreement
Leaseback under the proposed scheme could be used in other cases, in particular with respect to:
a) extension of the loan;
b) making a loan obligation in arrears;
c) if the bank provides a surety or guarantee for third parties and presents them to the bank before payment in order to prevent posting an off-balance sheet liability into an overdue balance sheet liability;
d) foreclosure of collateral, which entails additional costs (as a rule, associated with the execution of legal documents).
As you know, creditors in the event of non-repayment by the borrower within the stipulated period of the loan foreclose on the pledged objects, which become their property. Further sale of this property by the bank in order to repay the debt on the loan and improve the condition of the loan portfolio can be carried out by selling it on the secondary market or transferring it under leasing schemes.
The latter method is more attractive for a potential buyer, because. makes it possible to recover the value of the property gradually. It is not difficult for banks to find such lessees, because they are usually sufficiently informed about the fixed asset needs of their regular customers and can offer them the appropriate service.
Despite a number of advantages, leasing also has disadvantages: the need for a larger number of participants in the agreement than when buying with a loan; more complex organization and lengthy preparation for drawing up a leasing agreement; high administrative costs. Ultimately, a leasing agreement is more expensive than a loan, since the cost of leasing includes without fail depreciation amount. Leasing can be cheaper credit loan only subject to the availability of certain benefits, which, by the way, are practiced in many developed countries to stimulate its development.
2. Performance of leasing operations on the example of LLC "Raiffeisen Leasing Aval"
LLC "Raiffeisen Leasing Aval" is part of the Austrian banking group "Raiffeisen" with a 150-year history and European traditions, proven over the years. The company's activities are aimed at providing high quality services and establishing long-term mutually beneficial partnerships.
Raiffeisen Leasing Aval LLC is a universal leasing company that provides Ukrainian enterprises with services for the transfer of production technological equipment, machinery and vehicles to financial leasing. Start of activity - August 2006. Shareholders: 60% - Raiffeisen Bank Aval, 40% - Raiffeisen Leasing International.
The company's clients may be legal entities and private entrepreneurs with a stable financial position and a constant source of income. The company's clients can receive various equipment and machinery classified as fixed assets in financial leasing. Priority areas for the development of leasing are: equipment, machinery, transport.
2.1. Principles of leasing relations
When conducting leasing operations, Raiffeisen Leasing Aval LLC is guided by the following principles:
1. innovativeness;
2. voluntariness of relations;
3. contractual relationship;
4. indissolubility of the contract when the owner of the property changes;
5. focus and specificity;
6. payment;
7. separation of the right to use property from the owner;
8. urgency;
9. return of property;
10. the right to redeem property by the lessee.
1. The innovativeness of leasing lies in its main qualitative differences from credit operations jar. In accordance with the current legislation, regulatory legal acts of the NBU and internal banking regulations, as well as business practices, the most significant advantages of using leasing in comparison with a loan include the following:
In financial leasing, negotiations with manufacturers and suppliers, execution of sale and purchase agreements, registration of property are carried out by the lessor, which reduces time and material costs the lessee, simplifies the procedure for obtaining equipment;
Obtaining a loan for the purchase of equipment may be associated with higher requirements for securing a transaction compared to leasing (the need bank guarantee, guarantee, pledge or other means of securing the fulfillment of the enterprise's obligations to the creditor). In leasing, on the contrary, equipment provided for leasing can act as a collateral;
Participants in a leasing transaction have the opportunity to apply the mechanism of accelerated depreciation of property. The subject of leasing is taken into account on the balance sheet of the lessor or lessee by mutual agreement. In the first case, depreciation deductions are included in lease payments, in the second case, savings are achieved on deductions from the enterprise when paying property tax, the taxable base, for which, with accelerated depreciation, the residual value of property becomes rapidly decreasing; With a loan, the enterprise takes into account the purchased equipment on its own balance sheet, and its accelerated depreciation is not allowed, which slows down the investment process Money in the main production assets;
Ceteris paribus, a leasing transaction is concluded for more than long term unlike a loan agreement, which allows you to reduce regular payments of payments and thereby increase the working capital of the enterprise. At the same time, the credit line in the bank (if it exists) is preserved, the dependence on conventional sources of financing is reduced;
Unlike a loan, when equipment is purchased immediately after receiving a loan, with leasing, there is usually a choice: buy out the leasing object, extend the contract or attract new modern equipment;
When leasing, in agreement with the leasing company, it is possible to provide warranty and subsequent service maintenance of the equipment by the supplier or the lessor.
2. Carrying out leasing operations consists in observing the principle of voluntariness, i.e. leasing relations are made at their own request of the subjects of leasing, without coercion.
In conditions market economy there is an objective need for interaction between various subjects of economic turnover: suppliers, consumers, partners, intermediaries, insurers, etc. This interaction is carried out, as a rule, in the form of transactions.
3. Transactions are recognized as actions of citizens and legal entities aimed at establishing, changing or terminating rights and obligations. Each participant in the transaction assumes certain obligations and receives certain rights. These rights and obligations of the parties are fixed in the contract. A contract is an agreement between two or more persons to establish, modify or terminate civil rights and responsibilities. The contract fixes the subject of the agreement, the mutual rights and obligations of the parties, the consequences of violation of the contract.
4. The principle of the indissolubility of the contract when changing the owner of the property is that during the term of the leasing contract, the sale of the leased asset to another lessor may occur, while the use of the property is retained by the original lessee.
5. The principle of purposefulness and specificity is based on the obligatory achievement of specific economic goals, the solution of socio-economic tasks agreed by the parties to the leasing agreement and defined in the leasing agreement.
6. The principle of payment is that the lessee pays a certain fee for the use of the object of leasing. Leasing payments include:
The amount that reimburses the full cost of the leased property;
The amount that is paid to the lessor as a percentage for the loan provided for the acquisition of property under a leasing agreement;
Commission fee to the lessor;
The amount of insurance payments under the lease object insurance contract;
Other expenses of the lessor, stipulated by the agreement leasing.
7. The principle of separating the right to use property from the owner - during leasing, the property for the leased asset remains with the lessor, and the client acquires it only for temporary use, i.e. the right to use property is separated from the right to own it. At the end of the transaction, the leased property can be redeemed by the client at the residual value.
8. The principle of urgency - the payment of the value of the property during a certain period of leasing.
9. Return of property - the principle according to which the object of leasing at the end of the term of the leasing agreement must be returned to the lessor.
10. Or in another case, if it is stipulated in the leasing agreement, the leased property may be redeemed by the lessee from the lessor at the residual value.
2.2. Stages of a leasing transaction
When conducting a leasing transaction, Raiffeisen Leasing Aval LLC is guided by the following legal framework governing the implementation of leasing operations. Namely: by the Civil Code of Ukraine paragraph 6, part 1 with amendments made by law No. 1111-V (1111-16) dated May 31, 2007, VVR, 2007, No. 44, art. 512, the Economic Code of Ukraine, article 292, part 1 with amendments made by law No. 549-V (549-16) of January 9, 2007, No. 12, art. 1 with changes made by law No. 3118-III (3118-14) dated March 7, 2002, VVR, 2002, No. 33, art. 238), by the Law of Ukraine “On Leasing” by Zi Zmіns, introduced by the Law of Ukraine, VD 01/14/1999, No. 394-XIV, the staging of the National Bank of Ukraine about the order of the health-of-the-school controls of the Otroma LICSISHIS. , made by the decree of the National Bank No. 455 (z0037-07) dated December 13, 2006, registered in the Ministry of Justice of Ukraine on May 28, 1999 under No. 338/3631.
As in any complex financial transaction, it is fashionable to distinguish three main stages in a leasing operation involving Raiffeisen Leasing Aval LLC:
1. preparation and justification;
2. legal registration;
3. execution.
At the first preliminary stage, preparatory work, preceding the conclusion of the series legal contracts, the implementation of which is due to the complex nature of multilateral relations in leasing, the need for a detailed study of all the conditions and features of each transaction; the issue of sources of financing for the transaction is being resolved. At this stage, the applications of the future lessee are drawn up, conclusions are prepared on the financial condition of the potential lessee, and the effectiveness of the leasing project is calculated.
An important role in the preparatory stage is played by the study of the leasing market, its main trends, and the identification of demand for certain types of equipment. At the same time, various factors are taken into account: fluctuations in market prices for a particular equipment that is in demand, prices and tariffs for other services related to leasing (repair, maintenance), changes in transport tariffs, etc.
The general purpose of preliminary work is to find potential clients interested in leasing by the lessor. At the same time, the initiative in concluding leasing transactions, as a rule, comes from the future lessee, who independently finds a supplier who has the necessary property or asks the bank to help in finding a supplier.
All further relationships between the parties are built on the basis of an application - a petition submitted to the lessor by the future user.
The application is drawn up in any form, but it must contain a technical description of the necessary equipment, its economic parameters, the name and details of the supplier who has it (Appendix 1).
Simultaneously with the application, the potential lessee submits to the bank a legally certified copy of its charter and all the necessary information about its economic situation and development prospects in the form and within the time limits set by the lessor. The standard set of documents also includes balance sheet for the last year and/or quarter, economic justification and analysis of the effectiveness of the transaction. If necessary, at the request of the bank, the provision of this information, as well as data on the operation of the equipment, may be repeated. In case of any changes in its legal or financial status, the lessee is obliged to notify the lessor about this. Also, the standard set of documents submitted by a potential lessee is accompanied by a questionnaire filled out by a legal entity (Appendix 2).
In turn, the bank, in order to protect itself in case the lessee fails to fulfill its payment obligations, evaluates economic activity client in terms of his solvency.
In addition, the lessor is required to analyze the leasing project in order to identify the possibility of releasing the property (in the event of an operating lease agreement) or selling it in the event of early termination of the leasing agreement through the fault of the lessee.
The assessment of the solvency of the lessee is carried out according to the general scheme adopted for the analysis by the bank of the creditworthiness of its customers.
However, since the leasing operation in the classical version is long-term, the lessor should be interested not only in the current financial position of the lessee, but also in his ability to fulfill all payment obligations in the prospective period corresponding to the term of the leasing agreement. It is also necessary to evaluate the general market situation, the place and prospects of this enterprise in market competition. Based on this, the analytical department of the bank prepares a conclusion on the solvency of the lessee and recommendations for establishing leasing relations with him. If the transaction being concluded is associated with a high degree of risk, the bank may require the lessee to provide him with the necessary guarantees.
Having made a positive decision to enter into a leasing transaction, the bank, on the basis of the lessee's application, sends an order to the supplier. In it, along with the legal address and bank details the lessee, the type of property with all the necessary parameters, its price and the location of the recipient are indicated. If there is a need to perform additional work (for example, installation, installation, etc.), the work order is accompanied by technical task for the performance of these works with an indication of their cost.
After receiving the work order, the supplier must notify the lessor of its receipt and readiness for execution.
At the second stage, the legal consolidation of the leasing transaction is carried out. The main document of a leasing transaction is a leasing agreement (Appendix 3). It is concluded between the owner of the property (bank) and the user on the provision of the latter for temporary use for entrepreneurial activities of the leasing object.
The lease agreement must contain the following main provisions:
1. The Subject of the Agreement;
2) the procedure for the delivery and acceptance of property;
3) rights and obligations of the parties;
4) property use, care, repairs and modifications;
5) insurance;
6) leasing period;
7) lease payments and penalties;
8) responsibility of the parties;
9) procedure for resolving disputes;
10) conditions for early termination of the contract;
11) actions of the parties upon completion of the transaction;
12) other conditions;
13) force majeure;
14) legal addresses and bank details.
The preamble of the agreement shall indicate the names of the parties and the names of the persons authorized to sign the agreement.
Theoretical aspects leasing as an instrument of enterprise financing. Performance of leasing operations on the example of CJSC "Raiffeisen Leasing Aval": characteristics of the bank; principles of leasing relations; stages of a leasing transaction; accounting entries.
thesis, added 05/02/2009
Basic principles and features of leasing relations. Modern market of leasing services: participants, forms and functions. Stages of the leasing operation. Features of the current situation in Russia, influencing the development of leasing operations of banks.
term paper, added 11/10/2010
Principles of building leasing relations of commercial banks. Classification of leasing and leasing operations, their main content. Advantages and prospects of leasing operations. Features of the current situation in the market of leasing services in Russia.
term paper, added 08/06/2011
Concept and essence of leasing. Evolution and essence of the concept of leasing. Specificity and distinctive features of leasing. Types, main elements, subjects and objects of leasing operations and their role in the economy. The procedure for conducting leasing operations. Leasing agreement.
term paper, added 02/10/2009
Economic essence and basics of the organization of leasing operations, the procedure for their implementation. Comparative analysis of leasing with credit and rent. The main advantages of certain types of leasing operations. Trends in the development of leasing in the Republic of Belarus.
term paper, added 07/18/2011
The concept of leasing operations, subjects and objects. The main ways to participate in the leasing business. Advantages of leasing for the tenant. Analysis of the effectiveness of leasing operations. A list of the main reasons that hinder the development of the leasing industry.
term paper, added 01/03/2012
Essence of leasing, its subject, subjects and objects. Identification of the advantages of leasing operations for the bank and evaluation of their effectiveness. Comparative analysis economic efficiency from loans and leasing. Basic methods of analysis of leasing operations.
term paper, added 12/12/2014
Leasing as a complex of property and economic relations. The tripartite nature of relationships in classical leasing. Components of a lease. Objects and subjects of leasing. Analysis of leasing operations on the example of Ukrainian commercial banks.
abstract, added 06/18/2011
Leasing as a complex of economic and property relations that may arise in connection with the acquisition of property, functions. Analysis of relations related to the implementation of leasing operations commercial banks Russian Federation.
term paper, added 07/30/2013
Essence of leasing, its subject, subjects and objects. Functions of leasing and its types. The main advantages and disadvantages of leasing. Accounting for leasing transactions. Characteristics of accounts for accounting for leasing operations. Documenting leasing operations.
Raiffeisen Leasing Aval LLC is a universal leasing company that provides Ukrainian enterprises with services for the transfer of production technological equipment, machinery and vehicles to financial leasing. Start of activity - August 2006. Shareholders: 60% - Raiffeisen Bank Aval, 40% - Raiffeisen Leasing International.
The company's clients can be legal entities and private entrepreneurs with a stable financial position and a constant source of income. Clients of our company can receive various equipment and machinery classified as fixed assets in financial leasing. Priority areas for the development of leasing are: equipment, machinery, transport.
At first, when the company was engaged in Diesel clothing, I had a good, close-knit team of 10-14 people, and this despite the fact that I maintained a soft discipline, which consisted in maintaining the daily routine of each seller)). Fines were quite rare and mostly people who came for a couple of weeks suffered from them .. I consider the creation of a good team and management of it only my merit (the company represented by 2-3 old clowness girls from the office only spread negativity for any reason).
The company only provided me with an area for self-development, for which she has only one thing - thanks. Communication with climacteric office non-women (in the next section it is written about them) and watching other managers and managers of office asses suck up as a gain in useful experience. This experience helps to become a better person than them; teaches you to understand people better; educates a person with healthy pride, courage within himself and the inability to stoop to their level. Now, working in a well-paid position, in a good organization and in a calm environment, I, with a smile of indulgence, recall
the circus that was going on in vintage. But still I can not describe the cons. I hope these cons will be an excellent addition to the resume of those scumbags that I listed below)))
Because of good governance staff (as they said in the office, but in fact out of some envy that I had wonderful relationships in the team and in general that I work well), I was transferred to another store ... and away we go ... Three idiot women from the office, who consider themselves the Navel of the Earth (I write the names with a small letter because of the extreme disrespect for them). One thing united them - everyone is to blame for everything, but not them. And they didn’t like it very much when there were healthy, close-knit relationships between employees in stores. So:
1.leila - nicknamed "tambourine", fat, Asian type, arriving. recruited staff; she had a very high opinion of herself, which apparently gave her the right to humiliate anyone she only wanted to humiliate. In appearance and verbal content, it simply resembled a heap, which, as the well-known proverb says, must not be touched; 2. Olga Novokshchenova is an impudent, shameless creature, a lover of fining managers not on business at once for 3000 rubles and going into her pocket. Didn't do much of anything. 3. Kiseleva Masha - nicknamed "kissel", was a senior merchandiser, but she really didn’t like it when she was called that ... the real name of the position is still classified as "secret"; sometimes hysterical. From latest news- say "has moved out of the coils." She knocked a lot and at all on all sorts of little things to the higher authorities because of the frequent presence in stores.
In general, these three losers became so lazy at some point that they decided to recruit assistants for themselves. Everything would be fine, but Leila took a cashier girl, a buffoon Tanya, to help herself (although the selection of personnel should be handled by a person specially trained for this, ideally a psychologist), who recruited some heavy drug addicts into my team (their own kind, apparently ). She asked her to determine her mood by the cap - "if the cap is dressed in one way, then I'm from a hangover and I don't care about anything, but if in a different way, then everything is super." Many incoming interns eloquently, not embarrassed in expressions and laughing, told me what a strange, slow-witted manager is conducting an interview. Along with this, the lack of discipline (and the impossibility of introducing any measures to create it) turned my work into hell. The order in the new store was hindered by the overflowing staff and the drunk-walking manager.
When they opened "MISS SIXTY" and so on. - it’s generally gloomy there, the salary began to go down, super-processing for a penny appeared (up to the closing of the metro, they didn’t pay for taxis); nitpicking of these office aunts-geeks, reaching to frank idiocy - there are no sales in the still unfinished mall - the sellers and the manager are to blame! !
In general, motivating phrases or wishes were never heard from them. They needed cowardly informers and lickers such as: Dmitry Ryabov - a complete degenerate; being a manager and then a manager (not without the help of rimming), he liked to arrange plastic toys like batman, hulk, spiderman, etc. in the workplace (and this at 28 years old). He loved to pretend that he himself makes responsible decisions, although in reality he was very cowardly and was afraid to fire even a drug addict salesman who threatened the health of his colleagues; oleg aksenov - thanks to the thorough training and roughness of his language, he was promoted to manager very early, then polished the office rolls to the manager. He came to the company as a redneck and a drug addict (in principle, he left like that). He liked to imitate the higher management in everything, even if he did not like it and did not go;). emelianov arsen - manager. carefully concealed his Dagestan roots, due to the fact that he communicated in a circle football fans; there was a case, I went to work with a black eye. They say he is a fan of Thai transvestites)). Dimka Zorya - manager. A pitiful, cowardly person. Only agreed, the bastard, in the office, when the decision was made to fine me. They all worshiped the office shmaras like gods.
By now, all of them, including office workers, have been fired or replaced by someone by the general director Kolchin (also not always an adequate person, Diesel somehow screwed up and filled the stores with energy-type slag). But still, I heard that there is still a complete mess.
It is worth adding that there has never been any paid vacation (although they are forced to write a statement like it is), or sick leave. In general, there is no social package, the salary is almost all gray, there is a large staff turnover. I resigned from there of my own free will, but out of resentment (they fined me 3000 rubles for not coming to the meeting at the office on my day off). Unfortunately, it was pointless to complain to the labor inspectorate, because. my white salary was not hurt ... I hope Novokshyonova, her children and the children of her children (if any) will suffer from sepsis for a long time for how much evil she has done to people ...
Raiffeisen Leasing Aval is a universal leasing company that provides a full range of leasing services for clients who work in various fields activities.
Clients can be legal entities, from private entrepreneurs to large domestic industrial groups that operate in various industries and services, in any region of Ukraine and have a stable financial condition and a permanent source of income. At the moment, the company has established close cooperation with more than 340 customers who are becoming regular partners.
Raiffeisen Leasing Aval establishes and maintains cooperation with reliable suppliers who can offer a wide range of goods and their high quality, customer support (technical, consulting), loyal delivery conditions and unconditional fulfillment of all agreements.
Leasing that goes beyond the national framework, i.e. when one of the participants in the transaction is a non-resident in a given country, it is called international, which in turn is divided into export and import. The main reason that led to the entry of leasing into the international arena in the 70s was the general desire of the leading countries to create conditions for stimulating exports and investments from industrial companies.
Technique of leasing operations.
Depending on the equipment, leasing operations are carried out according to different schemes.
The main lessor receives a preferential right to receive rental payments. The Raiffeisen Leasing Aval agreement usually stipulates that in the event of bankruptcy of the third unit, the rent goes to the main lessor. Such transactions are called “subleasing”.
It is necessary to name such type of leasing as reverse leasing (lease-back). Let's assume that the enterprise has the equipment, but does not have enough funds for production activities. Then it sells this equipment to a leasing company, and the latter, in turn, leases it to the same company. The company has a temporary release of cash.
Such a deal can also be resorted to when the company has a rather low level of income, and, therefore, it cannot fully benefit from the benefits of accelerated depreciation and profit taxation. It makes a deal, and the leasing company receives tax incentives. In response, it lowers the rent.6, p. 57
Now the most common practice is to conclude an agreement between product manufacturers and Raiffeisen Leasing Aval. In accordance with these agreements, the manufacturer, on behalf of Raiffeisen Leasing Aval, offers customers financing of their products through leasing. Thus, the leasing company uses the supplier's trading network, and the supplier expands the boundaries of the sale of its products. These transactions, called “sales-aid”, are usually used for equipment with a low cost - from 5 to 20 thousand dollars.
Leasing objects can be: real estate; vehicles; industrial equipment; shop equipment; other property, which, according to the legislation, can be attributed to the fixed assets of the enterprise.
The following cannot be subjects of leasing: land plots; unified property complexes of enterprises and their structural units(branches, workshops, sites).
The main advantages of leasing LLC "Raiffeisen Leasing Aval":
Leasing conditions:
OOO Raiffeisen Leasing offers a car rental service. Among the terms of the lease provided by this organization, the most popular are contracts with the ability to redeem a rented car in the future. Leasing is a modern alternative to a car loan. This method of acquiring equipment is quite profitable, especially for those who like to constantly test new models.
“A car is not a luxury, but a means of transportation,” the paraphrased words of the legendary Axis Bender, spoken at a meeting before a car race, remain relevant to this day. This phrase can be used as an advertising slogan for car rental, or rather car rental with the ability to redeem it.
Raiffeisen-Leasing Aval offers enough profitable terms for renting modern new cars. Few organizations offer new cars for rent so that a person can try it out for a fee, but if he likes the car, then he buys it. This type of rental of "iron horses" is in incredible demand in Russia. And this company is the undisputed leader in the leasing services market due to its loyal policy towards potential and real customers.
Car leasing is not as popular as a loan. Although these two financial instruments very similar to each other. Both in the first and in the second case, a person can leave the salon on a new car only after he makes an initial payment.
The terms of the loan imply equal monthly payments, the same must be done when renting a car. The organization also offers insurance against accidents or accidental damage to cars of other owners. If we're talking about similarities, that's where they end.
The main difference is that after a person has signed a lease agreement, the company does not draw up a contract for the sale of a car. The leasing company will continue to be the official owner, and the client will drive a car under a power of attorney. At the same time, it is not the company, but the client who pays for the registration of the car and the passage of a technical inspection, and in the event of an accident, the company is only an intermediary between its client, a representative of an insurance organization and a service station.
Leasing a car is not just a rental or a simple loan. This is a whole complex of various services, collected in a single service, the competent use of which can significantly save time. If the client has an accident, the tenant will provide him with a service for a fee, send a tow truck and even give him another car for a while. Raiffeisen Leasing in Minsk is one of the few companies that can provide a full package of services if the client arranges a lease through it.
There are also organizations that do not wait for the actions of insurers, because it often takes a lot of time. And since the client does not have the opportunity to wait, they take all the payments for the service of the car, which speeds up the repair time. But the most basic difference between a car rental and a car loan is the option of returning or exchanging equipment, if the need arises.
The monthly payment in this service strictly determines the amount of the total final price of the "iron horse". The higher the amount of the regular payment, the smaller the total price of the car, which sometimes drops to forty-five percent of the original price. For example, if the final price is set at forty-five percent, then the payment will be charged on fifty-five percent of the cost of the car. If a person has no plans to buy a car in the future, then it would be wise to choose a marginal final price so that payments are small. If renting a car is a step on the way to your own car, you can take advantage of a lower final price, thereby stretching the time for buying a car.
You can change cars as much as you like, but you can also drive one, paying its full cost in equal shares. True, not everyone is given the right to become the owner of new "wheels", but only to customers who have paid forty or more percent of the cost of the car. But if the lessee terminates the contract ahead of schedule, the advance payment will be lost, and this is twenty-five percent. In addition, the organization issues a fine to the client, which is equal to five monthly payments for car rental.
Also, not everyone is suitable for the rule that the car cannot be used as its own property. For some owners of a car issued on a leasing loan, this is discomfort and limitation, since until the full redemption the car is the property of the leasing company, which prohibits installing any auxiliary elements, painting the car and much more. You can repair the car only at those services that are partners of the leasing company.
Raiffeisen Leasing in Moscow is one of the organizations that offers quite favorable conditions for car rental. It successfully operates in the territorial market, despite public misconceptions. The far-fetched opinion that rent is a rather expensive pleasure, even more expensive than a loan, makes one distrust leasing organizations. This is a common mistake potential clients make when they see a payment schedule, fixing their attention on monthly repayment amounts.
Rent loses its volumes over time, and a significant factor influencing the reduction in the cost of car rental is the payments that the company charges, not taking into account the rest of the cost of the car. It should be remembered that, despite the loyalty of the company, you still have to pay the state duty at the notary when registering a lease. Otherwise, leasing is a convenient and dynamic service.
