What is leasing in simple words - its types, conditions for obtaining and differences from a loan. Concept and types of leasing Types of leasing are

Depending on the country of residence of the main participants in the leasing transaction, leasing is divided into domestic and international.

In domestic leasing, all participants in the leasing transaction are legal entities (or citizens) of the same country.

If the place of residence of the lessor and the lessee are different countries, leasing is considered international. At the same time, for the country of residence of the lessee, international leasing is called imported if the property of the agreement is purchased abroad. If the property is purchased in the country of residence of the lessor, the lease is considered export.

There is direct international leasing, which is a transaction where all transactions are carried out between commercial organizations (with the right of a legal entity) from two different countries. Its peculiarity is that the lessor has the opportunity to obtain an export loan in the country of permanent residence and thereby expand the market for its property and services; the lessee provides full financing for the use of this property and accelerated re-equipment of the enterprise’s production

The difference between export and import leasing is determined by the country of location of the lessor and lessee. With import leasing, the manufacturer (seller) is located abroad, and with export leasing, the foreign partner is the lessee.

In foreign practice, there is another type of international leasing - transit leasing, when the lessor, lessee and manufacturer (seller) are located in different countries.

Transit international leasing occurs when a lessor in one country takes out a loan or purchases the necessary property in another country and delivers it to a lessee located in a third country.

Direct, indirect, repayable and leveraged leasing

Depending on the form, organization and technology of operations, they are distinguished: direct leasing, indirect leasing, leaseback, “leverage leasing”.

Direct leasing occurs when the functions of the lessor and the manufacturer are performed by one person. To carry out leasing operations, the property manufacturer creates special divisions within its structure that are part of the marketing service. Working without intermediaries not only significantly simplifies the transaction mechanism and reduces the costs of its implementation, but also allows the manufacturer himself to receive economic benefits from leasing his products and use it for the expansion and technical reconstruction of production.

Indirect leasing involves the transfer of property on lease through intermediaries.

The basis of most leasing transactions is the procedure of indirect leasing, which is in many ways similar to the sale of products in installments. The intermediary, also known as the lessor, first finances the manufacturer's property and transfers it to the lessee, and then receives leasing payments from him. Indirect leasing involves at least three parties: the manufacturer (seller), the lessor and the lessee, but it can include a larger number of participants.

Leaseback includes transactions in which the lessee and the supplier (seller) are one person: the lessee (manufacturer) sells its equipment or the enterprise as a whole to the lessor and at the same time leases it, while retaining the right to own and use it. The lessee can use the money received for the sold property for any production and even investment purposes, and under the leasing agreement he will make lease payments in the usual manner. Leaseback is of particular interest to enterprises that, as a rule, do not have sufficient working capital, since the lessor, as it were, gives a loan secured by property.

“Leverage leasing” includes leasing transactions that, due to their scale, cannot be invested by one or even two lessors (leasing companies) and for the investment of which funds from five to seven or more lessors (leasing companies) are attracted. The main lessor (leasing company) pays only part of the cost of the property, and attracts other lessors for the remaining amount necessary for its acquisition. In this case, the main lessor (leasing company) becomes the owner of the leased property with all the ensuing consequences, but it can give its creditors a preferential right to receive lease payments.

To update equipment, purchase new vehicles, expand production or office space, large financial investments are required. What to do if it is not possible to collect the required amount at a time or take out a loan? There is a very effective alternative - leasing. Let's talk about what this term means, what types of leasing there are, what property can be leased, how to correctly complete such a transaction, and what pitfalls this procedure has.

Despite the fact that “lease” is translated from English as “rent,” leasing is a kind of “hybrid” of rent and credit with the involvement of a third party – a leasing company. The latter buys the property from the seller and transfers it to the lessee. He pays a certain amount monthly, which is both a rental payment and a loan payment (depending on the user’s further intentions). At the end of the period specified in the contract, the property can be purchased at its residual value or returned to the leasing company.

Simple example:

The auto company plans to renew its bus fleet. It enters into an agreement with a leasing company (let it be VTB Leasing, YarKamp Leasing or any other). A leasing company buys 10 buses from a manufacturing plant (let’s say MAZ) for a total amount of 60 million rubles. The buses are transferred to the auto company, which pays an initial payment of 10 million rubles, and then deposits 1.6 million rubles monthly into the leasing company’s account for three years.

In the 19th century, leasing began to actively develop in the USA and Great Britain. The concept of “lend-lease” during the Great Patriotic War became significant for our country: the provision of military equipment was also a leasing option. Leasing began to significantly influence economic development in the 50s of the last century. The founder of the modern leasing industry is called American entrepreneur Henry Schofeld, who opened the first specialized leasing company in San Francisco.

In the USSR, leasing was used for enterprises to purchase expensive imported equipment back in the 70s and 80s, but its scale was limited. In the domestic market, the first leasing operations began in 1989. Until the mid-90s, leasing did not have a serious impact on the Russian economy. After the modernization of tax legislation and the adoption of the federal law “On financial lease (leasing)” in 1998, business interest in this instrument increased significantly. At the end of 2017, the volume of the leasing market in the Russian Federation was estimated by specialists of the rating agency RAEX (Expert RA) at a trillion rubles.

Parties to the leasing transaction

Typically there are three parties involved in the leasing process:

1 Seller– a legal entity or individual entrepreneur (necessarily a VAT payer) that owns or sells the necessary equipment. The property is transferred to the lessor on the basis of a purchase and sale agreement.

2 Lessor– its role is played by a leasing company, which can be registered both as a legal entity and as an individual entrepreneur. Most often, banks or structures with them that have sufficient capital to purchase expensive property (vehicles, real estate, equipment) act as a lessor.

3 Lessee- this is a buyer, also either a legal entity in any organizational and legal form, or an individual entrepreneur who needs equipment, transport or real estate of the seller for use in commercial activities and obtaining.

Sometimes the seller is also the lessor, then there are two parties involved in the transaction, not three.

What is the economic meaning of leasing?

Each party to a leasing transaction has its own reasons for participating in it.

• The seller sells his goods and receives the full value of the property and no risks;
• The lessor benefits from an increase in the value of the property included in the lease payment.;
• The lessee purchases the property on more favorable (interest rate/down payment) or more favorable (solvency requirements) conditions compared to a bank loan. He has the right to refuse the purchase if the circumstances of his business have changed. In addition, the buyer saves on tax payments (VAT, income tax, property and transport taxes, if vehicles are purchased).

A feature of a leasing transaction is a reduction in the redemption price of the property by the end of the contract. This happens due to depreciation– annual write-off of part of the value of an asset as it wears out. Depreciation is taken into account using special formulas and does not depend on the actual wear and tear of the product. In leasing transactions for certain types of property, accelerated depreciation is applied, due to which, by the end of the contract, transport or equipment have zero value and become the property of the lessee without additional payment.

According to the federal law “On financial lease (leasing)” (No. 164-FZ dated October 29, 1998 with subsequent amendments), movable and immovable property can be leased: vehicles, equipment, real estate, enterprises as economic complexes.

The subject of leasing cannot be natural objects, land plots and property with limited circulation. An exception in this sense is weapons - the Russian Federation has the right to sell them to other countries on lease under the conditions established in international treaties and the law on military-technical cooperation.

There are other leasing restrictions set by the lessors themselves. In particular, buyers who wish to lease the following are refused:

Labor leasing relations in Russia are regulated by federal law dated May 5, 2014 No. 116-FZ. It outlines the following rules:

• Personnel leasing can only be carried out by private recruitment agencies operating on the basic tax system and accredited by the state employment service.
• Contracts for the employment of an employee with a lessee cannot be concluded for longer than 9 months.
• All employee transfers can only be carried out with his written consent.
• The salary of a “leasing” employee for the same work cannot be lower than that of the lessee’s full-time employees.
• The leasing company is obliged to pay all necessary compensation for occupational hazards - the same ones that are paid to the main employees of the lessee.

The law establishes certain restrictions for “rental” labor. You cannot engage leasing personnel:

• To perform work of I and II hazard classes or 3 and 4 degrees of harm;
• To perform the work of a freight forwarder or other employees on shipping transport;
• To perform work at enterprises that are in bankruptcy;
• To replace striking workers
• To work in conditions of threat of dismissal of key employees

What types of leasing are there?

In a leasing transaction, a lot depends on the terms of the contract. Depending on them, three types of leasing can be distinguished:

1 Financial

With this option, the lessor is, in fact, only a financial intermediary, formally participating in the transaction. The property is delivered directly from the seller to the lessee; the latter makes claims regarding the quality of this property to the seller. By the end of the lease agreement, the property, as a rule, has a minimum residual value.

In such a scheme, the leasing agreement often stipulates the seller’s obligation to accept the property if the buyer returns it to the lessor. The bank does not need old cars or machines, to put it simply. VTB24, Avangard Bank, Promsvyazkapital group and others have their own leasing subsidiaries.

2 Operating

With this leasing option, the contract term is significantly shorter than the service life of the acquired property (real estate, industrial complex, etc.). In this regard, the role of the leasing company in the transaction is key. The lessor assumes full responsibility for the safety of the leased property, organizing repairs, insurance and maintenance.

The role of the lessee in this scheme is close to the role of the tenant. When the contract ends, the buyer has the right:

• Buy the property at its residual value (in this case, this value is quite high due to the long depreciation period);
• Return the property to the leasing company;
• leasing agreement, if the lessor does not object to this;
• Exchange property for another (for example, production equipment for more modern or different characteristics).

The operational type of leasing is often used by dealers of large automakers: the buyer uses a car of a certain brand for 2-3 years, and then rents out and leases again a more modern model.

3 Returnable

The most specific type of leasing. Here the seller and the lessee are one person. In fact, the transaction is a form of secured lending, when the property is transferred to the lessor only formally, while actually remaining in its place. An enterprise can sell the equipment it owns and then lease it, receiving a large sum of money for development and maintaining production capacity.

However, these types of transactions are also the most corruption-intensive.

A fresh example from the Vologda region

A leasing transaction for the sale of a large cinema center took place here. The seller was an LLC, let's call it Alpha. This company owned the cinema center for over 10 years. but the business did not take off, the debts grew, and the founders of Alpha turned to the regional business support center with a request for state support - the object is socially significant, the building has historical value. Support in the amount of 10 million rubles was provided with the condition that it would be used to develop the film business in the region.

Immediately, Alpha LLC entered into a leasing deal, selling to the lessor (let it be Beta LLC, one of the founders of which was the same regional business support center that provided support to Alpha) property for film exhibition in the amount of 24 million rubles. The lessor transferred this property to the buyer - Gamma LLC, having concluded an agreement for 34 million rubles with the payment of 10 million as a down payment. Nothing unusual, if you do not pay attention to the fact that the founders of Gamma were the same people as Alpha, and the difference between the sale and purchase price exactly repeated the amount of state support provided to film entrepreneurs in the region.

The regional government eventually came to its senses and demanded the money paid as state support back. This led to the bankruptcy of Gamma LLC (the debt written off due to impossibility of collection amounted to 10.07 million rubles), the cessation of the activities of Beta LLC, internal proceedings in the regional government and heated discussions about whether government agencies should even participate in repayments. leasing transactions.

Leasebacks constantly attract the attention of tax authorities: a transaction in which there is no clear economic feasibility can be recognized as a form of tax evasion.

Signs of a fictitious leaseback transaction:

• The seller and the buyer are related to each other (for example, one is a legal entity dependent on the second). In this case, the Federal Tax Service may refuse to pay a VAT refund.
• Payment for the leaseback transaction in one of its parts was carried out by checks, bills and other non-cash methods. This may indicate an attempt to withdraw funds by the seller or buyer.
• At least one of the participants has already been caught in unscrupulous leasing schemes.

Leasing transactions by risk level

Like any other transaction for the transfer of property, leasing has its risks - some of them have already been described above. Based on the degree of risk, there are three types of leasing transactions:

1 Guaranteed

The process of transfer of property is insured by specialized insurance companies or several other companies act as guarantors of the lessee, capable of fully compensating the lessor for the cost of the property in case of violation of the contract.

2 Partially secured

The security deposit, paid by the lessee to the leasing company's account, covers part of the cost of the property. If nothing not specified in the contract happens during the entire leasing period, the funds will be returned to the buyer.

3 Unsecured

Transactions in which the parties do not guarantee each other the fulfillment of their obligations. Nowadays, such relationships between leasing entities are becoming less and less common; the lack of insurance usually “hints” at a dubious or fictitious transaction.

All stages of the leasing transaction

There are usually five stages of selling property on lease. Let's look at each of them.

Stage 1. Analysis of the leasing market, selection of a leasing company.

The leasing market in the Russian Federation is almost identical to the size of the first hundred of the banking sector. You can choose a leasing company based on the conditions offered and the reliability of the parent company. The rating of lessors is maintained, for example, on the portal banki.ru/products/leasing/companies/.

Stage 2. Analysis of the conditions offered by the lessor.

The most important points: initial payment (advance payment), monthly payment, amount of overpayment, term and repayment schedule, conditions for terminating the leasing agreement.

Stage 3. Drawing up a leasing agreement.

To draw up the text of the contract, the lessor usually requires the following documents:

• statement of intention to lease property indicating the parameters;
• financial statements for the last reporting period;
• an account statement of an enterprise or individual entrepreneur (to assess the turnover of a company or entrepreneur);
• copy of the passport of the manager/individual entrepreneur, order of appointment/certificate of registration;
• insurance policy for the leased object.

The leasing company may also require other documents.

Stage 4. Making an advance (down payment).

The down payment amount usually starts from 5% (these are the conditions for most companies involved in operational leasing of vehicles). On average, the advance in the market is 20-30%. After paying the required amount, the buyer receives the property for use.

Stage 5. Use of property during the term of the contract.

Leased property must be used in strict accordance with the terms of the contract. This applies to annual insurance, maintenance (vehicle, equipment) and, of course, timely payment of monthly payments.

Leasing payment options

Regular payments under leasing agreements can have one of three types of schedule:

1 Regressive – the first payments are the largest, then decrease. An analogue of differentiated payments on loans. This scheme allows you to minimize interest payments.

2 Annuity – payments in equal installments. The most “expensive” schedule, because the first payments go almost entirely to repay the lessor’s interest/margin.

3 Seasonal - a schedule adapted to certain types of business (for example, agriculture, where the main profit comes in autumn and winter - during these periods payments increase compared to average, in other seasons they decrease).

Other special payment schedules may also be used, depending on the specifics of the activities of specific companies.

What is more profitable: credit or leasing?

In each specific case, the answer to this question may be different. It depends on both the type of leasing and the property, the conditions of the lessor and the creditor bank and many other aspects. Let’s not forget that leasing is used primarily for business purposes, and lending conditions for legal entities and individual entrepreneurs differ significantly from those for “physicists”.

First, let's look at the comparison based on external features. Let's say we decide to buy a car worth 1 million rubles. Let’s compare the average parameters of the lending and leasing program at the beginning of 2018.

It seems that it is obviously more profitable to take out a loan. However, let's not forget that the interest rate and the amount of overpayment are not always the main factors when choosing a method of acquiring property.

If you put together all the characteristics by which leasing and lending can be correctly compared, you will get something like this table:

Options	Leasing	Lending
Subject	Legal entities and individual entrepreneurs.	Any individual (including individual entrepreneurs) and legal entities
Right to property after the transaction	The object remains the property of the lessor until full payment of its cost by the buyer	The property becomes the property of the client, remaining pledged to the bank
Terms of service	The history of previous leasing transactions and credit history does not matter (except for attempts at fraud)	A positive credit history is required
Payments under the agreement	Advance (down payment) Monthly regular fixed payments Payment of the lessor's interest (margin) It is possible to pay for insurance of the leased item	Monthly payments (loan body + interest) Down payment possible Possible commissions (for account maintenance, etc.) Possible payment of insurance
Depreciation of property	For some types of property, it is possible to use accelerated depreciation For cars over 300,000 rubles and minibuses over 400,000 rubles, a decreasing depreciation coefficient is applied.	The usual procedure for calculating depreciation
Tax payments
VAT	Included in payments under the leasing agreement. The tax can be claimed for refund after the property is redeemed.	Is not a subject to a tax
Property tax	If the property is on the balance sheet of the lessor, the buyer does not pay tax. If the property is on the buyer's balance sheet, the tax is reduced due to accelerated depreciation.	Property purchased on credit immediately becomes the property of the buyer and is subject to full tax.

There are also differences in the purpose of leasing and credit for business purposes. In general they can be expressed as follows:

• Loan funds can be used by an entrepreneur for any purpose, while leasing funds can be used primarily for business development and renewal of fixed assets.
• In the case of a loan, the bank has to control the intended use of the loan. In leasing, control is not required since the property belongs to the lessor.
• When lending to a business, the bank requires guarantees in the form of collateral of property the client already has (which may not exist), as well as insurance. In the case of leasing, the purchased property itself acts as collateral.
• Property purchased with loan funds immediately goes to the balance sheet of the company that took out the loan. After acquiring property under lease, it can either be on the balance sheet of the lessor or go to the balance sheet of the lessee, depending on the terms of the agreement.
• Property purchased with borrowed funds is displayed on the borrower's balance sheet and limits the possibilities for further lending. Leasing property most often passes through the balance sheet of the leasing company, allowing the lessee to easily take out loans.
• Stopping loan payments may also lead to the sale of assets to pay off the debt. Termination of leasing payments only leads to the seizure of the leased property.

From a formal point of view, leasing is similar to renting. In both cases, there is an owner of the property and a person who would like to take possession of this property, but does not immediately have the entire amount to purchase. The owner, in turn, is ready to rent out the property for use at a certain markup.

But along with the similarities between renting and leasing, there are also significant differences.

Options	Rent	Leasing
Formal parameters
Legislative basis	Civil Code of the Russian Federation, Art. 34 Federal laws on certain types of rentals.	Federal Law “On Financial Lease (Leasing)”
Deadlines	Most often short terms with the possibility of extension.	In a significant part of leasing transactions, the contract term is equal to or close to the full depreciation period of the transferred property.
Item	Any non-consumable property that is not limited in circulation.	Non-consumable property that is not limited in circulation and is not a natural object (for example, a land plot)..
Possibility of purchasing the property at the end of the contract	No	There is
Right to property	use
Who chooses the property provided?	Landlord	Lessee
Package of documents	Confirmation of solvency is not required	Documents confirming the existence of the business and solvency
Business scheme
Transaction participants	Landlord, tenant	Seller, lessor, lessee. Banks, insurance companies, guarantor firms, etc. may also participate.
Status of seller (manufacturer) of property	Not involved in the deal	The participant in the transaction enters into an agreement with the lessor.
Responsibility for compliance of property with stated requirements	Landlord bears	It is borne by the lessee, with the exception of the situation when the lessor offers the property for leasing, and he is also looking for a seller.
Risk of accidental loss/damage to property	Landlord bears	Bears the lessee
Property insurance subject	Landlord	Most often the lessee

Leasing and taxes

Income tax

For the lessee, leasing payments are considered other expenses (Article 264, clause 1 of the Tax Code of the Russian Federation). Accordingly, the higher the payment, the less income tax you have to pay. This, according to the legislator, stimulates the development of enterprises and the renewal of fixed assets.

When concluding a leasing agreement, there are two options:

1 If the property is left on the balance sheet of the lessor

In this case, the lessee includes the entire amount of the lease payment as expenses.

For example, if a leasing agreement is concluded for 24 months, and the total amount of payments excluding VAT is 300,000 rubles, then the monthly amount included by the buyer in his expenses will be: 300,000 rubles / 24 months = 12,500 rubles.

2 If the property is placed on the balance sheet of the lessee

The property must be included in one or another depreciation group at the cost of the lessor's costs for the purchase of the leased asset and its pre-sale servicing. Depreciation is calculated depending on the group - the multiplying factor for some types of property can reach 3 (depreciation occurs 3 times faster than usual).

The lessee may include the lease payment minus the amount of depreciation of the property as expenses.

Let's take the same example with property leased for 300,000 rubles, and a monthly payment of 12,500 rubles, and the cost of purchasing the leased item (let it be a computer-controlled machine belonging to the 5th depreciation group) was 200,000 rubles. The minimum period of use of property of the 5th group is 85 months. 200,000 rub. / 85 months * coefficient 3 = 7058 RUR.

This amount will be included in expenses to determine the income tax base as the cost of depreciation. Plus, the costs will take into account part of the leasing payment in the amount of 12,500 – 7,058 = 5,442 rubles. As a result, the deduction will still be the same 12,500 rubles, but if it is not completed correctly, income tax will have to be paid without any deductions.

Value added tax

Under leasing agreements, you can receive a VAT refund from the state (Articles 171, 172 of the Tax Code of the Russian Federation). This will happen if you meet the following conditions:

• The leased property is acquired by the lessee for activities subject to VAT.
• The lessor can confirm that he actually provided the lessee with the property (copies of agreements, other documents at the request of the Federal Tax Service).
• The lessee can confirm that he has reflected the leasing transaction in his accounting.
• There is an invoice for the lease payment provided by the lessor to the buyer.

Property tax

If the property remains on the balance sheet of the lessor, the lessee does not pay tax. When registering property on the balance sheet of the lessee, it is possible to reduce property tax due to accelerated depreciation. Tax on movable property is not charged during the period of validity of the leasing agreement, regardless of whose balance sheet it is located on.

Transport tax

Everything is simple here: this tax is paid by the party that registered the leased vehicle with the State Traffic Safety Inspectorate or Gostekhnadzor, regardless of whose balance sheet the property is on during the period of validity of the leasing agreement.

Frequently asked questions about leasing

Is it possible to close a leasing transaction early?

Most companies provide for early repurchase of the leased asset (this clause must be included in the contract). However, for the lessee this is not the most profitable option: with early payment of the residual value, the repurchase amount is higher and the tax preferences are lower. In addition, a quick buyout leads to increased attention to the transaction from the tax authorities: the Federal Tax Service may cancel the leasing agreement and recognize it as a commodity loan agreement. Then there will be no tax deductions at all.

In what cases does property purchased under lease need to be registered with government agencies?

According to the legislation of the Russian Federation, it is necessary to register the following property and the right to it:

• transport (aviation, sea, road)
• high-risk equipment

In each of these cases, the leased asset is registered by agreement between the lessor and the lessee in the name of one of them. If the leasing agreement is terminated due to the lessee's failure to pay regular payments, the registration authorities will cancel the record of the user of the property.

We are a government agency. Can we lease property?

Yes, state and municipal institutions have the right to act as a lessee. However, for them, the leasing law (Article 9.1) establishes a number of features:

• The lessor independently determines the seller and is responsible for the timely delivery of the property.
• Payments are made only in cash, barter is not allowed.
• Only leased property can be used as collateral.

The lessor delays the delivery of equipment, citing problems with the supplier. He refuses to compensate for lost time, citing the fact that we looked for the supplier ourselves. Is this legal?

The legislation (Article 34 of the Civil Code of the Russian Federation and Article 22 of the Federal Law “On Financial Lease (Leasing)”) directly indicates that the risk of failure by the supplier to fulfill its obligations under the leasing agreement rests with the party that selected the supplier. Most often, the lessee plays this role. The same applies to the non-compliance of the property with the objectives of the project. If you select equipment and it turns out to be unsuitable, you will be responsible for the costs. If a leasing company was looking for a supplier or equipment, it will pay the costs.

What is subleasing?

This term refers to the transfer of the right to use leased property to third parties. Let's say equipment was leased to implement a project. It was completed ahead of schedule. Closing the contract early means incurring losses in terms of tax compensation. A decision is made to sublease the equipment. The former lessee becomes the lessor. In this case, permission to the transaction is required from the original lessor. The new lessee has the same tax preferences as the main lessee. If the main leasing agreement is violated (regular payments are not made), the subleasing agreement is also invalid.

We often hear about fictitious leasing. What it is?

Most often, fictitious leasing is a cover for an installment purchase transaction. Issued in order to receive tax benefits. Since many regions have programs to stimulate economic development, leasing operations there are subsidized by government funds. This also opens up wide scope for fictitious transactions.

In St. Petersburg and the Tyumen region, at the end of 2017, trials were held in high-profile cases of theft of budget subsidies under fictitious leasing agreements: in the first case, 18 million rubles went into the pockets of fraudsters, in the second - over 50 million. The scheme was the same: the authorities received a fake leasing agreement (in fact, no property initially existed or was transferred), according to which the attackers received compensation for the down payment or interest rate provided for by regional programs. In the northern capital, an employee of the business support center participated in the scheme, turning a blind eye to the obvious fictitiousness of the contract.

Conclusion

So, leasing is one of the most convenient financial instruments that allows a company to update fixed assets or purchase equipment for the development of new business areas. Its main advantage is that to implement his plans, the entrepreneur does not need to invest large amounts of his own money and jeopardize the financial stability of the company.

The state provides a number of benefits and tax preferences for companies that use leasing schemes for their development. Some particularly enterprising individuals are trying to benefit from this by using fictitious leasing, but for such things you can get a conviction under the article of the Criminal Code of the Russian Federation “Fraud.”

It should be borne in mind that leasing cannot replace a loan in every case: the decision must be preceded by a careful calculation of upcoming expenses and taking into account the accompanying circumstances. However, the prevalence of leasing in the Russian Federation suggests that very often it is the best option for expanding your business.

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FEDERAL AGENCY FOR EDUCATION

Bryansk State Technical University

Department of Economics and Management

Report

on the topic: “Leasing and its types”

Completed by student gr. 06-MNT2

Kurdina E.S.

Teacher

Boyko N.E.

Bryansk 2010

1. Types of leasing………………………………………………………………3

2. Advantages and disadvantages of leasing……………………………………10

List of references……………………………………………………….13

1. TYPES OF LEASING

The leasing services market is characterized by a variety of leasing forms, leasing contract models and legal norms governing leasing operations.

When identifying types of leasing, they proceed, first of all, from the characteristics of their classification, which characterize: attitude towards the leased property; type of financing of the leasing operation; type of leased property; composition of participants in the leasing transaction; type of property leased; degree of payback of leased property; market sector where leasing operations are carried out; attitude towards tax, customs and depreciation benefits and preferences; procedure for leasing payments.

In relation to leased property (or by volume of service) leasing is divided into:

· Clean(net leasing), when all costs of maintaining the property are assumed by the lessee. In this case, the lessee transfers net, or net, payments to the lessor. Most services in the domestic equipment leasing market are pure.

· Full, or, as it is also called “wet” leasing, when the lessor assumes all costs of maintaining the property. It is usually used by the equipment manufacturers themselves. In terms of cost, full leasing is one of the most expensive, since the lessor increases the costs of maintenance, support by qualified personnel, repairs, supply of necessary raw materials and components, etc.

· Partial (with a partial set of services), when the lessor is assigned only certain functions for maintaining the property.

By type of financing leasing is divided into:

· Urgent , when there is a one-time rental of property.

· Renewable(revolving), in which, after the expiration of the first term, the leasing agreement is extended for the next period. At the same time, leasing objects after a certain time, depending on wear and tear and at the request of the lessee, are replaced with more advanced models. The lessee assumes all costs of replacing equipment. The number of leased objects and the terms of their use under renewable leasing are not agreed upon in advance by the parties.

A type of renewable leasing is general leasing, which allows the lessee to add to the list of leased equipment without concluding new contracts. This is very important for enterprises with a continuous production cycle and with strict contractual cooperation with partners. General leasing is used when urgent delivery or replacement of equipment already leased is required, and, as a rule, there is no time required to develop and conclude a new contract. According to the terms of the agreement in the general leasing mode, in the event of an urgent unforeseen need for additional equipment, it is sufficient for the lessor to send a request to the lessor for the supply of the required equipment with reference to the agreed list or catalog. At the end of the period for which the agreement was concluded, leasing payments are recalculated taking into account the varying timing of the lessor's costs and a new agreement is concluded.

Depending on the composition of participants (subjects) of the transaction The following types of leasing are distinguished:

· Straight leasing, in which the owner of the property (supplier) independently leases the object (bilateral transaction). In fact, this transaction cannot be called a classic leasing transaction, since the leasing company is not involved in it.

· Indirect leasing, when the transfer of property for leasing occurs through an intermediary. This kind of transaction is similar to a classic leasing operation, since it involves the supplier, the lessor and the lessee, each of them acting independently.

· Separated leasing (leasing involving multiple parties) - leveraged leasing. This type of leasing is common as a form of financing complex, large-scale objects, such as aircraft, sea and river vessels, railway and rolling stock, drilling platforms, etc. Such leasing is also called group, or joint-stock, leasing with the participation of several supplier companies, lessors and attraction of credit funds from a number of banks, as well as insurance of leased property and return of lease payments using insurance pools. This type of leasing is considered the most complex, as it is characterized by multi-channel financing. A specific feature of this type of leasing is that lessors provide only part of the amount that is necessary to purchase the leased object. These funds are raised and accumulated by issuing shares and distributing them among lessors participating in the financing of the transaction. The remaining part of the contract value of the leased object is financed by creditors (banks, other investors). It is characteristic that, in this case, creditors do not, as a rule, have the right to claim debt on loans directly from lessors. In these transactions, due to the many parties involved, there are: an attorney for creditors - to coordinate the actions of lenders, and an attorney for lessors - to manage the joint actions of counterparties. The lessor's attorney acts as the nominee lessor and takes title to the owner of the equipment. He also distributes profits among shareholders.

One of the forms of direct leasing is returnable leasing (sale and leaseback arrangement). Leaseback is a system of interconnected agreements in which a company - the owner of land, buildings, structures or equipment sells this property to a financial institution (bank, insurance company, investment fund, company specifically focused on leasing operations) with the simultaneous execution of an agreement on the long-term lease of its former property on leasing terms.

In this case, leaseback acts as an alternative to a collateral transaction, and the seller of the property, who as a result of the transaction becomes its tenant, immediately receives at his disposal from the buyer the mutually agreed upon amount of the purchase and sale transaction, and the buyer continues to participate in this operation, but as a landlord. Leaseback is necessary, first of all, for those business entities that urgently require significant amounts of working capital.

An important advantage of leaseback is the use of equipment already in operation as a source of financing for new facilities under construction, with the resulting opportunity to use tax benefits provided for participants in leasing operations. Leaseback makes it possible to refinance capital investments at lower costs than when attracting bank loans, especially if the solvency of the enterprise is questioned by lending institutions due to the unfavorable ratio between its authorized capital and borrowed funds.

In case of leaseback, the rent is set according to the following scheme: the amount of payments must be sufficient to fully reimburse the investor for the entire amount that was paid upon purchase, and in addition to ensure an average rate of return on the invested capital.

By property type distinguish:

· Leasing of movable property(equipment, machinery, cars, ships, aircraft, etc.), including new and used.

· Real estate leasing(buildings, structures).

According to the rate of return on property leasing is divided into:

· Leasing with full payback(or close to full), when during the term of the leasing agreement there is complete or close to complete depreciation of the property and, accordingly, payment to the lessor of the value of the property.

· Leasing with incomplete payback, in which, during the term of one leasing agreement, partial depreciation of the property occurs and only part of it is paid off.

In accordance with the payback criteria (property depreciation conditions) There are financial and operational leasing.

· Financial(capital, direct) leasing - financial, capital leases - is a relationship between partners that provides for the payment of lease payments during the period of validity of the agreement between them, covering the full cost of depreciation of equipment or most of it, additional costs and profit of the lessor. This type of leasing is characterized by the following main features:

Participation in addition to the lessor and lessee of a third party (manufacturer or supplier of the transaction object);

The impossibility of terminating the contract during the main lease term, that is, the period necessary to reimburse the lessor’s expenses;

A long period of the leasing agreement (usually close to the service life of the transaction object).

After the completion of the leasing agreement (contract), the lessee can buy the object of the transaction at the residual (and not at the market) value; conclude a new contract for a shorter period and at a reduced rate; return the object of the transaction to the leasing company.

The lessee must inform the lessor of his choice. If the contract provides for an agreement (option) to purchase the subject of the transaction, the parties determine in advance the residual value of the leased object.

· Operational(service) leasing - service, operating leases - is a rental relationship in which the lessor's expenses associated with the acquisition and maintenance of leased items are not covered by rental payments during one leasing contract. It is concluded, as a rule, for 2 - 5 years. With operational leasing, the risk of damage or loss of the object lies mainly with the lessor. The leasing payment rate is usually higher than for financial leasing due to the lack of a guarantee of cost recovery. At the end of the operational leasing agreement, the lessee has the right to: extend the term of the agreement on more favorable terms; return the equipment to the lessor; buy equipment from the lessor if there is an agreement (option) to purchase at market value.

Depending on the market sector where leasing operations are carried out, distinguish:

· Interior leasing, when all participants in the transaction represent one country.

· External(international) leasing - this includes transactions in which at least one of the parties belongs to different countries. This type of leasing also includes transactions carried out by the lessor and the lessee of one country, if at least one of the parties operates and has capital together with a foreign company.

External leasing, in turn, is divided into import when the foreign party is the lessor, and export when the foreign party is the lessee.

In relation to tax and depreciation benefits, leasing is distinguished:

Using tax benefits for property, profits, VAT, various fees, accelerated depreciation, etc. As K. G. Susanyan writes in his book “The Most Profitable Deals: Leasing, Barter, Trade with Foreign Partners,” this type of leasing was widely used by English and American companies in the 80s in the foreign economic sphere. The transactions were based on the lessor receiving tax benefits for investments in machinery and equipment that were leased abroad. These transactions were organized in such a way that lessees in their country made depreciation deductions, taking advantage of tax breaks, and settled with foreign lessors at artificially low rental rates, which became possible due to the use of tax discounts for investments in equipment leased. K. G. Susanyan gives an example that well illustrates this type of transaction: four English leasing companies in a deal involving the leasing of eight Boeing aircraft worth $140 million, having purchased this equipment from American firms, leased it to the same American firms. The total tax credit was about $20 million. In a number of cases, the opportunity to receive benefits during leasing transactions is used to conduct fictitious leasing transactions. In the West, this kind of fictitious transactions are prosecuted through special articles in the laws regulating leasing activities.

· Without using benefits .

By the nature of leasing payments leasing is divided into types depending on:

Type of leasing (financial, operational);

Forms of settlements between the lessor and the lessee:

· monetary when all payments are made in cash;

· compensation, when payments are made in the form of delivery of goods produced on leased equipment (essentially barter), or by offsetting services provided to each other by the lessee and the lessor;

c) mixed, when both specified forms of payment are used.

Composition of payment elements taken into account ( depreciation, additional services, leasing margin, insurance, etc.);

Accrual method applied :

· with a fixed total amount;

· with advance (deposit);

· taking into account the repurchase of property at residual value;

· taking into account the frequency of application(annual, semi-annual, quarterly, monthly);

· d) taking into account the urgency of making(at the beginning, middle or end of the payment period);

· e) depending on the payment method: in equal equal shares; with increasing and decreasing sizes (depending on the financial condition of the lessee and the terms of the contract).

2. Advantages and disadvantages of leasing

The active introduction of leasing in world practice was predetermined by a number of advantages over a simple loan. From the perspective of the interests of the lessee, it is necessary to focus on the following advantages:

1. Leasing involves full (100%) payment by the lessor for the acquisition of property.

In Russian practice, such operations are practically absent due to the limited financial resources available to leasing companies, as well as due to the underdevelopment of legislative mechanisms for the seizure of property in cases of violation of the terms of the contract. That is why, in the vast majority of cases, leasing transactions in Russia require the lessee to make a cash payment (advance or deposit), the amount of which ranges from 5 to 25 percent of the value of the property.

2. The relative accessibility of purchasing property on the basis of a leasing agreement compared to obtaining a bank loan. This is especially true for small and medium-sized enterprises, most of which provide financial institutions with satisfactory guarantees of fulfillment of their obligations. In some cases, the property itself is sufficient security.

Competition in the Russian leasing services market will gradually encourage leasing companies to reduce warranty requirements.

3. The leasing agreement will allow for a much more flexible approach to calculating lease payments. The possibility of using various forms of leasing calculations makes it possible to optimize the leasing payment scheme in terms of terms and amounts, bringing it as close as possible to the schedule for receiving income by the lessee.

Loan and credit resources are always limited in terms and sizes.

4. Leasing has great renewal potential. A very short period will pass, and leasing companies, together with manufacturing enterprises, will intensify their position in providing services for replacing the existing production equipment.

5. Leasing in today's Russian realities is one of the few instruments of state policy for selective support of Russian producers and regional policy for socio-economic development. The combination of business interests with the interests of the state should provide additional economic incentives for the use of this instrument, both direct and indirect.

Flaws:

1. When implementing a financial leasing transaction, the payments established by the contract do not stop, regardless of whether the produced goods are in demand on the market. This predetermines the need for a comprehensive analysis of an investment project implemented using leasing operations.

2. A leasing operation is very complex to organize.

3. The total amount of lease payments is always greater than the loan amount required to purchase the property. Thus, a comparative analysis is necessary in each specific case.

LIST OF REFERENCES USED

1. Kozlov D. Leasing: new horizons of entrepreneurship // Economics and life. -No. 29. -July, 1996.

2. Yanovsky A.M. Leasing // ECO. -No. 7. -1994.

3. http://www.lk-medved.ru/leasing/core.php

In world practice, a wide variety of types of leasing are used. Their classification can be carried out according to a number of criteria.

The main forms of leasing are domestic leasing and international leasing

In world practice, the most common are four main models of international leasing operations.

First model: A lessor in one country maintains contacts regarding the organization and implementation of a leasing operation with a lessee located in another country.

Second model: A lessor in one country carries out contacts regarding the organization and implementation of a leasing operation with a lessee located in another country, but through a subsidiary located in the lessee’s country.

Third model: A lessor in one country carries out contacts regarding the organization and implementation of a leasing operation with a lessee located in another country, but through an intermediary - a leasing company located in the lessee's country. The intermediary company is entrusted with organizing and conducting negotiations, preparing and concluding a leasing agreement on the agreed terms, as well as its execution. Legally, the relationship between two leasing companies is formalized by a regular agency agreement, and payments are made in the form of either a commission for services, or a counter transaction, or a division of profits.

Fourth model: The lessor of one country carries out contacts on the organization and implementation of the leasing operation with the lessee located in the same country, and transfers the execution of the concluded leasing agreement to an intermediary - a leasing company located in another country - on the above terms of the agency agreement.

It should be noted that one of the main problems facing the lessor is establishing the business reputation of the lessee. This circumstance is of particular importance in international leasing operations. It is clear that when concluding a transaction with a foreign partner, the level of commercial risks increases significantly due to the inherent differences in different countries in civil and trade laws, tax regimes, accounting methods, and the practice of concluding and executing contracts.

Another feature of international leasing operations is currency risks, most of which are also borne by the lessor. Concluding a long-term transaction, settlements for which are carried out in various currencies, requires reliable guarantees against possible fluctuations in exchange rates, changes in national exchange control regimes, depletion of the partner’s currency reserves and other negative phenomena. The conditions of each transaction are specific, and, as practice shows, it is possible to ensure a high degree of protection against currency risks only with careful consideration of all its nuances.

International operations are more risky for the lessor from the point of view of protecting ownership rights to the leased property, as well as ensuring guarantees of its return upon expiration of the contract. In addition, the deal may be complicated by political risks. When carrying out international leasing, the lessor or lessee is a non-resident of the Russian Federation. When implementing internal leasing the lessor, lessee and seller (supplier) are residents of the Russian Federation. The main types of leasing are: 1) long-term leasing - leasing carried out for three or more years; 2) medium-term leasing - leasing carried out for a period of one and a half to three years; 3) short-term leasing - leasing carried out for less than one and a half years.

The period of use of the leased property serves as one of the criteria for distinguishing between financial and operational leasing, which are especially common in modern business practice. financial leasing- a type of leasing in which the lessor undertakes to acquire ownership of the property specified by the lessee from a specific seller and transfer this property to the lessee as a leased item for a certain fee, for a certain period and under certain conditions for temporary possession and use. In this case, the period for which the leased asset is transferred to the lessee is comparable in duration to the period of full depreciation of the leased asset or exceeds it. The leased asset becomes the property of the lessee upon expiration of the leasing agreement or before its expiration, subject to payment by the lessee of the full amount provided for in the leasing agreement, unless otherwise provided by the leasing agreement. During the term of the contract, the lessor, through leasing payments, returns the entire value of the property and receives profit from the financial transaction. The main features characterizing financial leasing are the following: - the lessor acquires property not for its own use, but specifically for leasing it; - the right to choose the property and its seller belongs to the user; - the seller of the property knows that the property is specifically purchased for leasing; - - the property is directly delivered to the user and accepted by him for operation; - the lessee sends claims regarding the quality of the property, its completeness, and correction of defects within the warranty period directly to the seller of the property; - the risk of accidental loss and damage to property passes to the lessee after signing the certificate of acceptance and commissioning of the property. Financial leasing has several different types, which have received their own name. Classic financial leasing is characterized by a tripartite relationship and compensation for the full cost of the property. At the request of the lessee, the lessor purchases the necessary equipment from the supplier and leases it to the lessee, reimbursing its financial costs and making a profit through leasing payments. Subleasing- a special type of relationship arising in connection with the assignment of rights to use the leased asset to a third party, which is formalized in a subleasing agreement. When subleasing, the person carrying out subleasing accepts the leased asset from the lessor under a leasing agreement and transfers it for temporary use to the lessee under a subleasing agreement. The assignment by the lessee to a third party of its obligations to pay lease payments to a third party is not permitted. When transferring the leased asset for subleasing, the consent of the lessor in writing is required.

Operating leasing - a type of leasing in which the lessor purchases property at his own risk and transfers it to the lessee as a leased item for a certain fee, for a certain period and under certain conditions for temporary possession and use. The period for which the property is leased is established on the basis of the leasing agreement. Upon expiration of the leasing agreement and subject to payment by the lessee of the full amount stipulated by the leasing agreement, the leased asset is returned to the lessor. In this case, the lessee has no right to demand the transfer of ownership of the leased asset. With operational leasing, the leased asset can be leased repeatedly during the full depreciation period of the leased asset. The following features are characteristic of operational leasing: - the term of the leasing agreement is significantly less than the standard service life of the property, as a result of which the lessor does not expect to reimburse the cost of the property from proceeds from one contract; property is leased multiple times; It is not the property specifically purchased at the request of the lessee, but the property available at the leasing company that is leased. In other words, the leasing company, when purchasing property, does not know its specific user. In this regard, leasing companies specializing in operational leasing must be well aware of the market conditions for leasing property, both new and used; - responsibilities for maintenance, repair, and insurance lie with the leasing company; - The lessee may terminate the contract if the property, due to unforeseen circumstances, turns out to be in a condition unsuitable for use; - the risk of accidental death, loss, damage to the leased property lies with the lessor; - - - - the amount of leasing payments for operational leasing is higher than for financial leasing, since the lessor must take into account additional risks associated, for example, with the lack of clients to re-let the property, possible damage or loss of property; - at the end of the contract, the property is usually returned to the lessor. If desired, the lessee has the right to extend the contract on new terms and even acquire ownership of the leased property. If financial leasing in its economic essence can be compared with long-term financing of capital investments, then with operational leasing, rental payments are comparable to current operating expenses. The formation and development of this type of leasing becomes possible with the emergence of a secondary market for leased equipment, since the lessor has the problem of selling the property at the end of the leasing period. This new problem raises the need for work in the field of property management and resale of property returned to the lessor. The lessor is forced to rent out the leased equipment for temporary use several times, and for him the risk of recovering the residual value of the leased object increases in the absence of demand for it. The risk associated with property management is not limited to the problem of what to do with the property at the end of the leasing period - with an operating lease, the term of the contract is rarely commensurate with the “life” of the property. The growth of the operating lease market is driven by lessors seeking new opportunities in off-balance sheet financing, protection against residual value risks and reduced recurring payments. Lessors, under pressure from competition, are forced to calculate the volume of payments based on after-tax profits and transfer the tax benefits of owning property to the lessee in the form of reduced leasing payments. The property leased out for operating lease is varied: from cars (it is this type of property that primarily dictates the need to create a “secondary” market) to computers, which are associated with the risk of technological obsolescence.

The main differences between operational and financial leasing are presented in the table:

Operating leasing	financial leasing
Short- and medium-term nature of transactions Partial depreciation of equipment during the initial rental period. At the end of the contract period, the equipment can be rented out again The leasing contract provides for the participation of the lessor in technical maintenance, repair and insurance of equipment Offered by equipment manufacturing companies, their leasing subsidiaries and trading companies	Medium- and long-term nature of transactions Depreciation of all or most of the cost of equipment during the initial lease term The leasing agreement is limited primarily to financing and does not provide for the lessor’s obligations to provide any services. Offered by banking and their subsidiaries leasing companies

A type of financial leasing is leaseback. In a transaction of this kind, the lessor enters into an agreement to purchase property from another organization for the purpose of leasing it to the same legal entity. There are only two participants in this operation - the lessee (former owner of the property) and the lessor (specialized leasing company, bank). The first uses the property, gradually returning the capital investments spent by the lessor. Thus, the original owner receives the full value of the property from a specialized leasing company, while retaining the right to use it.

Depending on the number of participants in the transaction, there are straight And indirect leasing Direct leasing occurs when the lessor is also a supplier of property, and the transaction itself is bilateral in nature. At indirect leasing There is one or more financial intermediaries between the property supplier and the lessee. If there is only one intermediary, then this is a classic three-way leasing transaction. With an increasing number of intermediaries, complex multilateral transactions are concluded.

Leasing to supplier differs from returnable in that the supplier of equipment, although he acts as a seller and lessee at the same time, is not a user of the property, which he necessarily subleases to a third party.

One of the most complex forms of indirect leasing is the so-called separated leasing, or leasing using additional sources of financing. Transactions of this type are concluded, as a rule, for the implementation of expensive projects, have a large number of participants and are characterized by the complexity of financial flows.

The peculiarity of separate leasing is that the lessor, when purchasing the property, pays from his own funds only part of its cost. The remaining amount, usually up to 70-80% of the cost of the leased object, is borrowed from one or more lenders. In this case, the lessor enjoys all tax benefits, which are calculated based on the full value of the property. An important point is also the terms of the loan. The borrower - lessor is not directly responsible to creditors for the repayment of the loan. He only formalizes a pledge in favor of the creditors on the leased property and cedes to them the right to receive part of the lease payments to repay the loan. Thus, the main financial risks in the transaction are borne by creditors, and property and lease payments serve as security.

According to the type of property leased, they are distinguished leasing of movable property, i.e. various types of technical equipment, and real estate leasing, i.e. industrial buildings and structures.

Based on the degree of recoupment of the costs of leased property, leasing is distinguished with full and incomplete recoupment. Leasing with full payback occurs when, during the term of one contract, the lessor fully compensates for the costs of acquiring the property transferred for use. At leasing with incomplete payback Only part of these costs is reimbursed.

Depending on the depreciation conditions of the leased property, leasing with full and partial depreciation is distinguished. Leasing with full depreciation means that the term of the leasing agreement approximately coincides with the standard service life of the property and its value is completely written off during the execution of the contract. Leasing with partial depreciation assumes that the contract period is shorter than the service life of the property, and allows you to write off only part of its value.

Based on the nature and scope of servicing the leased property, clean and so-called wet leasing are distinguished. Net leasing occurs when the lessor provides only leasing services, i.e. provides the property for temporary use, and its maintenance and associated costs are borne entirely by the lessee.

« Wet» leasing or full-service (partial-service) leasing is characterized by the fact that the lessor offers the lessee various related services related to the maintenance of the leased property. If equipment is leased, then such services may include its regular preventive maintenance, repairs, insurance, etc. When leasing particularly complex equipment with unique technical characteristics, the lessor may take on additional obligations, including the supply of necessary raw materials and components, personnel training, marketing and advertising support for the lessee’s products. This type of leasing is one of the most expensive.

Based on the type of leasing payments, leasing with cash payment is distinguished ( monetary), when all settlements between the parties to the transaction are carried out only in cash; leasing with compensation payment ( compensatory), in which the services of the lessor are paid either by the supply of goods produced using the leased property, or by counter services; leasing with mixed payment ( mixed), when a combination of monetary and compensation forms of payment is used.

For completeness, we note that it is also necessary to distinguish between fictitious And valid leasing.

Fictitious leasing refers to transactions that are not related to the actual transfer of property on lease and are concluded only for the sake of their participants receiving unjustified financial and tax benefits. Real leasing includes all actually performed leasing transactions.

In Western countries and in Russia, the leasing services market is characterized by a variety of leasing forms, models of leasing contracts and legal norms governing leasing operations. This paragraph reflects the most common of them. Forms of leasing are becoming more diverse every day, meeting the ever-new demands of the developing world economy, expanding the variety of characteristics of their classification, which characterize: attitude towards the leased property; type of financing of the leasing operation; type of leased property; composition of participants in the leasing transaction; type of property leased; degree of payback of leased property; market sector where leasing operations are carried out; attitude towards tax, customs and depreciation benefits and preferences; procedure for leasing payments; degree of risk for the lessor and more.

Why, in leasing transactions and in the definition of leasing and its various types, are such economic categories as credit and rent used, but at the same time, we distinguish leasing as a separate concept? The next paragraph of this chapter answers this question and discusses in more detail the distinctive features of leasing from other economic categories, such as credit and rent, as well as the advantages and disadvantages of all these financial instruments.

What is leasing and what types of leasing are there?

An excellent alternative to a car loan is leasing, which is becoming increasingly popular in the domestic market, especially among legal entities and individual entrepreneurs. In essence, leasing is a rental, but it has a number of significant differences that make it a unique financial instrument for the acquisition of special equipment, equipment, and cars for the successful operation of an organization. And although leasing, like rent, provides property for use, it gives the right to subsequent repurchase of the leased asset after the expiration of the contract. Thus, the leased property will be transferred to the ownership of the lessee.

To purchase the desired car or equipment, or other necessary equipment, concluding a leasing transaction is a smart decision for the managers of any organization. Which form of leasing transaction to use? financial, operational or returnable to purchase property and how to do it correctly will be discussed in this article.

What is leasing - definition

First of all, it is necessary to grasp the essence of the concept of leasing itself. Leasing- this is a certain type of investment activity aimed at acquiring property under the terms of a financial lease agreement concluded between the owner (lessor) and the client (lessee), but with the right to buy out the leased asset. At the same time, the lessee receives a whole range of additional services when completing the transaction, since until the complete purchase of the vehicle or equipment, the owner is the leasing company. It is on her shoulders that the maintenance, maintenance, registration of the vehicle, insurance and other additional costs borne by the owner of the property fall.

Important! Leasing is an economic instrument that allows the lessee to use a vehicle under the conditions specified in the contract with the right to subsequently purchase it.

It should be remembered that the end of a leasing agreement does not always end with the transfer of ownership rights to the subject of the agreement; sometimes the lessee simply returns the property taken for use to the owner.

Practical meaning

An organization or entrepreneur does not always have the available cash assets that are necessary to purchase the equipment or vehicle required for work. The way out of this situation is to arrange leasing, the practical meaning of which is the possibility of using equipment in the operation of the enterprise after the initial payment. The recipient does not immediately pay the full cost of the leased property, but makes monthly payments within the period established by the contract. At the same time, the lessor also provides a full range of services, independently performing the following actions as the owner of the vehicle:

enters into a car purchase and sale transaction with a car dealer;

carries out vehicle registration;

draws up an insurance contract under the MTPL or CASCO policy;

is engaged in the maintenance and servicing of the vehicle;

makes payments to the Pension Fund and the Federal Tax Service.

Note! An exceptional feature of leasing, especially beneficial for small and medium-sized businesses, is the presence of a minimum tax rate and an accelerated car depreciation scheme, which allows you to save money and use money for the development of the organization.

Main types of leasing – TOP 3 popular types

There are several types of leasing, but the main types that are popular both among legal entities and entrepreneurs, and among individuals are financial, operational and repayable. Let's take a closer look at these types of leasing.

Type 1. Financial

The scheme of this leasing transaction is a tripartite organization of the process: the lessor enters into a purchase and sale transaction with a car dealer and delivers the acquired property for use to the lessee. At the same time, financial leasing implies a relationship between the parties who, during the validity of the agreement concluded between them, undertake to perform the agreed actions.

Note! In financial leasing, the lessor undertakes to provide the selected equipment to the recipient, and the recipient must make lease payments during the contract period that cover the full cost of depreciation of the purchased equipment or most of it, as well as additional expenses.

With this type of leasing, the lessor, by giving the leased asset for use, returns the cost of the property and makes a profit. Thus, with this type of leasing, the lessee receives equipment for a long period of time with its subsequent acquisition, and the lessor returns losses and makes a profit.

Type 2. Operational

Operational leasing involves the implementation of the same actions by the lessee and the lessor with one exception - the vehicle purchased by the leasing company after the end of the leasing agreement is returned by the lessee and does not become property. Thus, operational leasing is a rental relationship between the parties in which the lessor's expenses are not covered by rental payments during the period of validity of the leasing agreement. Operating leases are usually provided for a period of three to six months.

Type 3. Returnable

Organizations often turn to leasing in order to reduce their tax burden. Thus, with a return type of leasing, an organization can act both as a lessor and as a lessee. The scheme of action is quite simple: the organization that owns the property sells it to a leasing company, from which it takes the property under a financial lease. At the same time, the organization can take advantage of all the tax preferences that are provided when purchasing a vehicle on lease to legal entities. The company also receives working capital during the lease agreement, which it can spend on developing its activities.

Other types of leasing

In addition to the three main popular types of leasing, the following are distinguished:

by risk level:

unsecured leasing, in which the lessee does not provide the other party with additional guarantees;

partially secured, providing for a security deposit;

guaranteed, in which the risks are distributed among several participants who are also guarantors of the recipient.

according to the nature of the forms of payment between the lessee and the lessor:

monetary, when payments are made in cash;

compensatory, when payments are made in the form of provision of goods produced on leased equipment;

mixed, when payment is provided through both goods and cash.

by type of property:

real estate leasing (buildings, structures, residential premises, etc.);

leasing of movable property (special equipment, cars, etc.), including used ones.

How leasing works - the main stages of a leasing operation

The use of leasing schemes when purchasing a car allows organizations and entrepreneurs not to withdraw significant funds from circulation, and also to quickly obtain the necessary equipment, special equipment or commercial vehicles on favorable terms. The mechanism for concluding a leasing transaction for the purchase of the required equipment involves several stages.

Stage 1. Selecting a leasing object and company

The client independently selects the supplier of the leased item or chooses from a list of suppliers proposed by the leasing company, determines the terms of the transaction, which include: vehicle parameters, make, price, delivery conditions, complete equipment, etc. If the lessee is a legal entity, then the financial department is engaged in searching for the optimal option .

Stage 2. Study of leasing conditions and preliminary approval

After the first stage, when the recipient has made his choice, he provides this information to the leasing company and negotiates the terms of the transaction. It is important to determine the following points:

the amount of the upcoming advance payment;

size and schedule of monthly payments;

terms of completion of the transaction and responsibilities of the parties.

If the conditions suit both parties, then the client provides the necessary package of documents and an application, and the leasing company already makes a decision on leasing the vehicle.

Stage 3. Drawing up a leasing agreement

To draw up a leasing agreement, the recipient must provide a package of documents, including:

application for the purchase of a car on lease;

accounting statements for the last three years, for individuals such reporting is a certificate of income in form 2-NDFL;

a copy of the passport of the recipient or the head of the company.

For organizations and entrepreneurs you will also need:

a certificate from the bank about the company’s turnover on accounts for the past year;

information letter about the organization.

When drawing up a leasing transaction agreement, an agreement with the equipment supplier and insurance of the leased object are also required. This list is not complete, since each leasing company may additionally ask you to provide other documents.

Stage 4. Down payment and delivery of property

After concluding an agreement with the leasing company, the lessee makes an advance payment and takes possession of the necessary equipment or vehicle, which can be used for its intended purpose immediately. In this case, ownership of the leased asset remains with the lessor for the entire period of the transaction, who will bear the costs of its maintenance and servicing. The delivery of property under a leasing agreement is carried out by the lessor.

Stage 5. Operation of the facility and acquisition of ownership

Operation of leased equipment is possible after the initial payment. It is worth remembering that if the lessee does not make the payments stipulated in the contract in a timely manner, the leasing company has the right to seize such property without trial. Moreover, if the terms of the transaction are strictly fulfilled, ownership after the end of the contract period passes to the lessee, who will pay the residual value of the purchased vehicle.

Leasing or credit - what is the difference and what is more profitable?

Considering that buying a car often leads to a difficult choice between leasing and a car loan, let's look at the advantages and disadvantages of these options. Using a financial instrument such as lending, the buyer immediately chooses the car he likes and, thanks to the loan, pays the full cost of the vehicle, becoming its owner. But at the same time, the borrower, although he now owns the vehicle, bears all the costs of its maintenance, registration, maintenance, insurance, payment of transport tax and other expenses. It is worth considering that he will also have to pay a fixed amount monthly to pay off the loan debt, and such a purchase will not bring him any tax benefits. Since the loan agreement for the purchase of a car is targeted, the acquired property becomes collateral. This type of purchase can only be beneficial for individuals, and only for those who can pass the strict requirements of the bank.

What is the situation with leasing in this case? Considering that organizations often purchase expensive commercial vehicles and equipment for specialized work, when car leasing, maintenance will be carried out at the expense of the leasing company, as well as other additional costs (insurance, vehicle registration). The lessor is the owner of the car, and accordingly, the balance holder, which allows the recipient organization to avoid increased taxes and redirect finances to business development. In the lessee's financial statements, such a purchase will be recorded in the expenses column, therefore, no transport tax will be charged. Also, a leasing transaction makes it possible to receive tax benefits and apply accelerated depreciation with a three-fold coefficient, which ultimately greatly reduces the purchase price of the vehicle.

Note! A leasing transaction is concluded for a longer period than with a car loan, and allows the client to develop a convenient repayment scheme that includes the individual characteristics of the business.

The distribution of payments when purchasing a car on lease can be carried out either taking into account the wishes of the client or evenly.

Thus, purchasing a vehicle under a financial lease is often beneficial specifically for organizations and entrepreneurs.

Example

Let's give an example to clearly show which way of buying a car is the most profitable - car loan or car leasing. Under equal conditions: a car with an initial cost of 690 thousand rubles is selected.

	Car loan	Car leasing
Car cost	690 thousand rubles	690 thousand rubles
Interest
Contract time	36 months	36 months
Advance payment of 20%	138 thousand rubles	138 thousand rubles
Monthly payment	19.135 rubles	21,906 rubles
Overpayment of interest	135 thousand rubles	235 thousand rubles
Total amount of payments, including advance payment	826 thousand rubles	926 thousand rubles
Remaining payment for full redemption	absent	absent
Total amount upon transfer of ownership of the car	826 thousand rubles	926 thousand rubles

But it is worth considering that all expenses for maintaining the car, including insurance, are borne by the owner of the car (i.e., the buyer) when taking out a car loan. Considering that when leasing a car, it is returned to the lessor after the end of the contract, the monthly payment is 38% lower than with a car loan. If leasing involves the purchase of a car, then the transaction will cost 1 million 33 thousand 440 rubles. Of course, this approach is not economically feasible for individuals. But for organizations and entrepreneurs who can return up to 46% of the cost of a car thanks to tax preferences, such a purchase is financially profitable.

How to choose the right leasing company

In many ways, the feasibility of a leasing transaction depends on how wisely the recipient chooses a leasing company. Often, to attract customers, such companies use unique leasing schemes, which at first glance may seem very profitable. But not only these offers determine how good and stable a given company is. First of all, there are a number of factors worth noting:

View the history of the company, its existence in the market, work experience.

Study the transactions, paying attention to the number that the company has and has already closed.

Assess the size of the company by its branches, the qualifications of its employees, and the total staff.

Pay attention to the availability of services for clients, flexibility and openness in their provision.

Study the restrictions on leasing terms.

Conduct a comparative analysis with other companies.

When conducting this research, it is necessary to pay attention not only to the favorable conditions that the company is ready to provide, but also to the penalties that this transaction may bring.

Summary

To summarize the above, it should be noted that leasing is currently an excellent alternative to a loan, especially for young enterprises that are just starting to develop their business and cannot withdraw significant cash assets from the company’s turnover. Considering that tax benefits are provided for legal entities and individual entrepreneurs, allowing significant savings and directing free cash resources to improve the efficiency of the enterprise, leasing is an excellent choice.