Car leasing for individuals

Car leasing for individuals was provided in Russia only for the purpose of commercial use. That is, an individual could thus acquire a car for work: a taxi, a van, commercial vehicles, as well as special equipment.

However, the situation has changed after 2010 year, when the wording “for commercial use” was removed from the law, accordingly, any Russian got the opportunity to lease a car.

What is this word - leasing? “To lease” - in English it means “to lease”, that is, leasing is a lease agreement for any property.

The lessor is a person, organization or financial structure that purchases a car at its own expense and leases it to the lessee. In simple terms: you choose a car of a certain model for yourself, draw up an agreement with a bank or a leasing company, the bank buys this car from a salon or a private person and gives it to you on the terms specified in the agreement.

It seems that car loans are issued according to the same scheme: the bank pays for the car in the salon for you, and then you already conduct all financial affairs with the bank. However, there is a significant difference between a car loan and a leasing agreement:

• with a car loan, the car immediately becomes the property of the buyer and acts as a pledge;
• in leasing, the car remains the property of the company, and the buyer takes it on a short-term or long-term lease with a subsequent right to purchase.

From this we conclude that leasing is a lease with the right to purchase.

If you wish, you can buy this equipment after the expiration of the contract, or you can draw up a new contract for another vehicle.

What then is the benefit of a bank or a leasing company??

It is clear that no one is going to work at a loss, and especially banks or leasing companies. Consider what conditions an individual agrees to when drawing up a leasing agreement. To do this, go to the website of any company and carefully read the terms and conditions.

So, the prerequisites are:

• advance payment, which can be from 10 percent cost;
• the average annual rate of appreciation - in principle, this is the same as the annual interest rates, but with leasing they are the lower, the greater the amount of the advance payment;
• buyback conditions - in order for the car to become completely the property of an individual, it will be necessary to buy out the ownership of the car from a financial institution, and this is additionally 10% of the cost.

For clarity, calculations are given of how much a car purchased under a car loan program and a leasing agreement will cost us. For example, you get a car loan for 1,2 million rubles, make a 20% down payment, and pay the rest of the cost over 24 months at 15,5 percent per annum. The total amount of your costs will be 1,36 million rubles over two years.

To lease the same car with an advance payment of 20 percent, you will have to overpay only 240 thousand, that is, you will save about 120 thousand rubles - a significant difference.

It is also worth noting that leasing companies offer two types of contracts:

• with the purchase of property rights;
• without ransom.

By the way, the latter species is very popular in Europe. Roughly speaking, a person does not worry about anything: he draws up a contract for two to five years, pays mandatory monthly deductions in the region of 10-15 thousand per month, plus assumes all the costs of servicing the car. When the contract expires, the leasing company puts the car up for sale, and the person, if desired, concludes a new contract for another vehicle.

It is also worth noting that CASCO and OSAGO insurance is paid by the lessor, and these costs are ultimately paid by the buyer, since they are immediately included in the terms of the contract.

How to rent a car?

You just need to contact a leasing company or a bank that provides such services for individuals.

You need to have a mandatory set of documents with you:

• passport, as well as photocopies of all its pages;
• the second document of your choice and its copy;
• a certificate of income and a copy of the work book with a wet seal of the employer.

Your age must be over 18 years old, and you must have a permanent residence permit in the city or region where the branch of the bank or leasing company is located. At the office, you will need to fill out a form.

Such contracts can be drawn up for any cars worth from 300 thousand to 6 million rubles. You can also buy cars with a mileage of no more than 100 thousand km and at a price no cheaper than 400 thousand.

If you plan to buy out the property, then the down payment must be not less than 20 percent, if you do not plan, then the initial payment is allowed at 10 percent.

Application processing takes only one day, and, depending on your income and the amount of the advance, significant discounts can be provided on average annual appreciation rates.

Leasing advantages

The main advantage of leasing over a car loan is that the client's solvency is less strictly checked.

Additionally, the maximum cost is 6 million rubles. The leasing company itself deals with insurance and car registration, and then all these costs are entered into the contract and divided into several months - again, a benefit, since you do not have to pay all this in cash from your own pocket at once.

Also, as we have seen, the total amount of overpayments will be less - not much, but nevertheless, 100 thousand are not lying on the road. In Europe and the USA, all the advantages of leasing for individuals have long been understood, while we have only 3 percent all cars are purchased in a similar way. We hope that everything will change soon.

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