Types of car leasing. Certain types of leasing agreement

Along with lending, it is becoming increasingly popular among legal and individuals Another type of active operation is gaining momentum – leasing. It has much in common with a loan for the purchase of fixed assets, but it also has its own characteristics. Leasing is the transfer of property for rent with the right to purchase it. In simple words: the client, making periodic payments, eventually pays the full cost of the contract object and only after that receives ownership of it. Depending on the parameters and characteristics of operations, types and qualification criteria of leasing are distinguished.

Basic Concepts

Leasing - English word, and it denotes the process of renting out property. This is one of the types of investment operations with the help of which legal entities can update their fixed assets, and individuals can purchase expensive property. Together with leasing, subleasing is also quite often used - this is the lease of property received under a leasing agreement to third parties.

In Russia, there is a special Federal Law No. 164 dated October 29, 1998 “On financial leasing” (current edition dated December 31, 2014), which regulates all aspects and processes in this investment operation.

The subjects of the transaction are:

• The lessor is an individual or legal entity who, using his own money or borrowed money, acquires property and transfers it as a leased item to the recipient for temporary possession and use. At the same time, the latter undertakes to make timely payments for the use of the property.
• lessee - a party that undertakes to accept for temporary use on a paid basis real estate, equipment or vehicles that are the subject of the agreement.
• seller - as a rule, a manufacturer of equipment, vehicles, or another company that sells its products to the lessor, which then acts as the subject of leasing.

The legislation provides that the subjects of an investment transaction can be both Russian citizens and non-residents. The law also clearly states what can be the subject of an agreement:

• land;
• natural objects;
• architectural sights;
• other property that federal laws may not be used for free circulation.

Qualification criteria

All signs of leasing are conditionally divided into two main groups:

• organizational and legal. These include the format of the transaction, the scope of services, who are the parties to the agreement, the duration of the agreement, the market segment, the rules for the assignment of rights and obligations;
• financial and economic. This already includes conditions that regulate the size of the transaction, the method of providing financing, the payment schedule, the depreciation regime for the subject of the contract, as well as other requirements for the financial side of the transaction.

Depending on the presence or absence, as well as the combination of these signs at the time of the transaction, investment leases are divided into a fairly wide number of types.

Financiers distinguish the following main types of leasing.

Operational

Provides for the possibility of the lessor leasing his property, moreover, repeatedly, throughout the entire period of its operation. Maintenance, repair of the object of the contract, as well as all risks regarding its possible loss are borne by the lessor. A special feature of this type of investment lease is that if the user does not pay the entire cost of the subject of the agreement, then at the end of the term it is transferred back to the lessor and the latter can again transfer it to an operating lease.

As a rule, the objects of the transaction in this case are: specific vehicles (road, construction, repair equipment), equipment that is used to perform one-time or seasonal work, as well as equipment that becomes obsolete quite quickly.

Financial

The most popular type of leasing. It provides for the transfer of property for lease with the further transfer of ownership to the lessee. During the term of the agreement, the lessor can use the object of the transaction, for which he undertakes to pay periodic fees to the lessor. After payment of the entire cost for the subject of the contract, ownership of it passes to the lessee. As a rule, the term of the agreement coincides with the useful life of the object of the agreement, during which its cost is fully depreciated.

There are several other variations of leasing, but they are rather derivatives of those mentioned above.

By type of transaction

So, the essence and types of leasing, depending on the number of participants and the method of carrying out the transaction:

• Returnable - the peculiarity of this scheme is that the seller of the property and the lessee are one and the same person. The structure of the operation itself looks like as follows: The owner of the property sells it to the lessor, who then leases it back to the seller. That is, in fact, only the owner of the property changes, but the user remains the same.
• Credit or indirect. Intermediaries take part in its implementation. They are the ones who search for clients, and only through them is the leasing of products carried out. Basically, all transactions with investment leases are carried out through intermediaries, since not all producers want to spend their time and resources on processing and supporting transactions.

The indirect leasing scheme is as follows: the lessor buys a certain product from the seller, paying its full cost. Then he leases it to the lessor, who periodically pays a fee for its use, gradually paying the full cost. This leasing scheme requires the presence of three parties: the seller, the lessor and the lessee;

• Direct. In this case, the functions of the seller and the lessor are performed by one person. There are no intermediaries in this scheme, which simplifies, speeds up, and also reduces the cost of the operation itself. This type of leasing is usually used major manufacturers or suppliers of very expensive products - equipment or transport. In order to simplify the purchase of their products, such corporations create special departments that are directly involved in the preparation and maintenance of leasing agreements with clients.

The absence of intermediaries greatly simplifies the transaction procedure and also significantly reduces the cost of the operation itself. The advantage for the manufacturer is the fairly rapid sale of products, expansion of the sales market, and the formation of a constant cash flow.

According to other signs

There are also such forms, types and types of leasing according to its various characteristics.

Residence

Depending on the nationality of the parties to the agreement:

• internal – the parties to the transaction are subjects of the same state;
• international – the parties to the agreement are residents different countries.

Additional services

Volume additional services, which are included in the contract and without which the operation of the leased asset is quite problematic - technical inspection, repair, insurance, personnel training, adjustment - determines:

• Full leasing: all maintenance of the subject of the transaction during the term of the contract is assumed by the lessor. And this is the main advantage of full leasing for the lessee.
• Net (net): costs associated with installation, adjustment, startup and other maintenance of the leased asset fall on the shoulders of the lessee. They are not included in lease payments. This type of financing is suitable for those companies that want to save money and have experience working with these products.

Property type

There is an obvious division according to the type of subject of the transaction: there is leasing for movable property (transport, machinery, equipment) and leasing for real estate (buildings, workshops, structures, as well as ships and aircraft).

The use of investment leases provides the following benefits to the parties to the transaction:

• no need to accumulate significant amounts to make a purchase;
• The payment schedule is drawn up so that they begin during the period when the lessee is already fully using the leased asset in his production and begins to benefit from it. As a rule, payments do not begin until the subject of the contract is put into operation;
• the leased item can be recorded on the balance sheet of the lessor or the lessee;
• the use of leasing allows you to reduce taxes (VAT, income tax, property tax);
• The leased object is depreciated using a coefficient of up to 3. This means that its book value decreases three times faster, and as a result, the amount of property tax decreases;
• after the expiration of the contract, the lessee can receive the subject of the transaction at zero cost;
• the duration of the contract, as a rule, is equal to or exceeds the payback period of the leased asset;
• absence of collateral when carrying out the operation.

Today, leasing is a good alternative to bank lending: the correct use of this financial service allows you to quickly update the company’s fixed assets, gain access to innovative technologies, expand production.

In practice, there are several types of leasing relationships, which are determined depending on the type of leased property, forms of financing, the owner of the property, the composition of participants, the scope of responsibilities of the parties, the degree of payback of the leased property and the payment of lease payments.

Previously, before the changes made to the Law “On Leasing” in January 2002, the forms, types and types of leasing were legally defined.

By form, leasing was divided into domestic and international.

Depending on the period of provision of property for leasing, three types of leasing were distinguished: long-term, medium-term, short-term.

By type, leasing was divided into financial, repayable and operational.

IN current legislation about leasing, only two main ones are highlighted forms of leasing - domestic and international.

But, despite the fact that the new law does not clearly define the types and types of leasing relations, they can be distinguished by various signs, which, in particular, are indicated in the terms of the contract.

About Combining various classification criteria, we can distinguish the following types of leasing, shown in Table 1.

Table 1

Classification of leasing types

Let us consider in more detail the given classification of leasing legal relations.

1. By type of operation:

Financial leasing– the most common type of 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 for 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 lease agreement or before its expiration, subject to payment by the lessee of the full amount, provided for by the contract leasing, unless otherwise provided by the leasing agreement.

Operating (operational) leasing(it is also called leasing with incomplete depreciation) - this type of leasing assumes the ability of the lessor to rent out his property, which he purchases “at his own peril and risk,” repeatedly during the standard period of its service. As a rule, with operational leasing, the obligations for maintenance, repairs, insurance, as well as the risk of accidental destruction (loss, damage) of property lies with the lessor. Upon expiration of the lease agreement and subject to payment by the lessee of the full amount stipulated by the agreement, the leased asset is returned to the lessor, while the lessee has no right to demand the transfer of ownership of the leased asset. Typically, operational leasing is used for transport, construction equipment used to perform seasonal, one-time work, as well as equipment that quickly becomes obsolete.

2. Depending on the country of residence of the lessee and the lessor leasing is divided into domestic and international.

Internal leasing is a type of leasing in which the lessee and the lessor are residents of the same state.

International leasing– when the lessor and the lessee are residents of different states.

3. Depending on the composition of participants in leasing relations, equipment conducting operations Leasing is divided into direct, indirect, returnable, subleasing, and “Leverage leasing.”

Direct leasing - the lessor is the supplier himself.

The advantage of this type of relationship for entrepreneurs who have chosen certain equipment from a certain supplier in order to lease it is the reduction of additional time spent searching for a leasing company that will purchase this equipment for him, and in general, the simplification of the transaction itself in many details, explained, in particular, by the absence of intermediaries.

Indirect leasing- the transfer of property is carried out through an intermediary (leasing company), i.e. There are at least three parties involved in a leasing scheme: the supplier, the leasing company and the lessee.

The basis of most leasing transactions is the process 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.

Leaseback is a type of financial leasing in which the supplier (property owner) of the leased asset simultaneously acts as a lessee.

The lessee (supplier) sells his property (fixed asset) to the lessor and at the same time leases it, thereby obtaining the right to own and use it. In essence, nothing changes in the use of the property; the transfer of ownership occurs only through documentation. 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.

Subleasing is a type of leasing in which the lessee, under a leasing agreement, transfers property to third parties (lessees under a subleasing agreement) for possession and use for a fee and for a certain period. That is, the Lessor leases the property not directly, but through an intermediary - the primary lessee, who accumulates lease payments and transfers them to the main lessor. When transferring property into subleasing, the right of claim against the seller passes to the lessee under a subleasing agreement. And also when transferring the leased asset into subleasing, the consent of the lessor in writing is required.

Leverage lease (partially financed by the lessor) – also called “credit”, “share” or “equity”. The meaning of leverage leasing is to combine several credit institutions for financing large leasing projects. It involves the lessor obtaining a long-term loan from one or two (simple option) or several (complex option) creditors in the amount of up to 70–80% of the value of the leased asset. The lessor delegates part of the rights under the leasing agreement to the creditors, that is, transfers to them its rights to payments, and then the lessee makes payments for the used object directly to the creditors. A pledge for the loan is also issued in their favor. In such a transaction, in addition to ordinary income, the lessor also receives remuneration for arranging financing, and the main risk in the transaction is borne by the creditors.

4. By the volume of additional services:

“Wet” and “clean” leasing differ in the scope of additional services that are prescribed in the contract, without which it is impossible to use the leased asset (maintenance, repairs, insurance of the leased asset, preparation qualified personnel lessee, marketing, advertising, etc.).

“Pure” (net) leasing - all additional costs are borne by the lessee and they are not included in lease payments. With pure leasing, the lessor only transfers the property to the lessee, and all problems associated with its operation, adjustment, repair, and insurance fall on the shoulders of the lessee. This type of leasing is preferable for the lessee from the point of view of lower costs, but from the point of view of service, all problems that arise will have to be solved himself.

« Wet (full) leasing– leasing with full or a comprehensive set services provided by the lessor during the entire leasing period. This is a form of contractual leasing relationship in which the lessor undertakes any contractual obligations involving the maintenance of the leased property, its repair, as well as training or internship of the lessee’s personnel, insurance and other aspects economic activity. When leasing with additional obligations, the lessee company does not need to put its efforts into all legal formalities. All this work will be performed by the leasing company.

The main advantage of “wet” leasing in comparison with its other types and conventional forms of economic relations is precisely the provision of a wide range of related highly professional services provided to the user by the lessor with the possible participation of the property manufacturer himself.

Unlike ordinary buying and selling, service equipment under full leasing is provided for throughout the entire period of validity of the leasing agreement.

There is leasing with a partial set of services, which involves a pre-agreed division of functions for property maintenance between the parties to the contract. For example, the lessee assumes responsibility for compliance established standards operation of the property and its ongoing maintenance, and the lessor pays the costs of maintaining the leased property in good condition.

5. By type of property there are: leasing of movable property (equipment, machinery, cars), including new and used, and leasing of real estate (buildings, structures, ships, aircraft).

6. By the nature of lease payments There are: cash, compensation and combined leasing. In this case, cash leasing takes place if all payments are made in cash; compensatory provides for payments in the form finished products produced on leased equipment, or the provision of counter services; combined is based on a combination of cash and compensation payments, i.e. payment of obligations by the lessee can be carried out partially in cash and in the form of goods and counter services.

7. Under the terms of replacement of property leasing is divided into fixed-term and renewable (revolving).

With term leasing, there is a one-time rental of property.

With renewable within the framework of one leasing agreement, the lessee upon expiration certain period, depending on wear and tear, has the right to exchange the leased item for another more modern and advanced one. The number of leased objects and the terms of their use under a renewable lease may not be specified in advance. When replacing equipment with another, all costs are borne by the lessee. The need for this type of leasing arises, for example, when the lessee consistently requires various equipment based on technology.

A type of renewable leasing is general leasing- provision of a leasing line through which the lessee can take additional equipment without concluding a new contract each time. This is very important for enterprises that carry out a continuous production cycle. General leasing is becoming an ideal option for solving problems that may arise with the urgent delivery or replacement of equipment already received under lease, since, as always, there is no time to work out and conclude a new leasing contract.

8. Depending on the timing Leasing transactions can be divided into short-term, medium-term and long-term. Since the gradation by terms is not established in the current legislation, we present the scale established in the old law, although you may encounter other criteria in various sources. But this fact is not so significant.

long-term leasing - leasing carried out for three or more years;

medium-term leasing - leasing carried out for a period of one and a half to three years;

short-term leasing - leasing carried out for less than one and a half years.

In business, you may come across such a concept as fictitious leasing. A fictitious or feigned transaction is a transaction that is made to cover up another transaction. In the example of leasing, this could be a cover for a purchase and sale agreement with installment payment for the purpose of using tax benefits provided for by law in leasing transactions by both the lessor (seller) and the lessee (buyer). If the fictitiousness of the leasing agreement is revealed, the transaction will be considered void.

From the considered diversity of leasing characteristics, it becomes obvious how multifaceted and complex leasing relationships are, which predetermines the possibilities of using leasing, taking into account the characteristics and needs specific enterprise and promotes optimization financial flows and increasing the efficiency of the production process.

Do you have any questions? Contact our experts at the following contacts who will help you understand all the nuances of leasing, correctly select and arrange the type of leasing that is right for you, based on your needs, capabilities and wishes.

You can also submit Application, indicating in the note your wishes for leasing and additional services, or indicating the desired type of leasing.

The classification of rental and leasing has received justification both in foreign and domestic theory and practice. This classification is based on the description of leasing made in recent works. In order to summarize the material and take into account recent changes, this classification has been compiled. As in previous classifications, the basis will be “rent” and “leasing”. When determining the types of leasing, we will proceed from the classification criteria. With the continuous division of some types (species concepts) of the classified object into subclasses, as well as in the main classification, for each subclass I will indicate the characteristics of the classification. The volume of classification members (species concepts) in each class and (or) subclass is exactly equal to the volume of the class classified according to the corresponding attribute. Each species (species concept) is indicated in only one class (subclass). Members of the classification based on one characteristic are mutually exclusive. Classifications on different grounds were applied to the same class of phenomena. The general principle of constructing the classification is presented in Scheme 1.

Lease relationships are classified according to content (diagram 2 (a) ):

Operating lease- implying the transfer of reusable property for use for a period of time significantly shorter than its service life. It is characterized by a short contract duration and incomplete depreciation of equipment.

Contract hire- mixed type of lease, combining elements of long-term and operating lease. In a contract hire, the leased asset is returned to the owner at the end of the agreed hire period, which is typically shorter than the service life of the asset.

Rent with subsequent purchase- a type of lease that involves the purchase by the tenant of the property at the end of the lease term. Rent with subsequent purchase can be long-term or short-term.

Financial lease (leasing)- characterized by a long contract term and depreciation of all or most of the cost of the leased property. In fact, a finance lease is a form of long-term purchase financing. Upon expiration of the financial lease, the lessee can return the leased asset, extend the agreement or enter into a new one, or purchase the leased asset at its residual value. In practice, due to the use of accelerated depreciation and the resulting large difference between the residual value of the leased property on the balance sheet and its real (market) price, the amount paid by the lessee at the end of the financial lease term can be very significant.

The leasing classification contains 14 main classification features, some of which have subclasses ( scheme 2 (b) ).

It is advisable to classify leasing according to the following criteria: by composition of participants, by type of leased assets, by degree of payback, by depreciation conditions, by volume of service, by market sector, by intended purpose, by organizational forms management, by payments, by the intentions of the participants, by the method of financing, by the degree of recoupment, by duration, by the nature of the interaction of participants and by accounting.

Based on the method of financing, the following types of leasing are distinguished (diagram 2 (c) ):

Leasing financed from the lessor's own funds.

Leasing financed by borrowed funds (investor funds).

A split-financed lease that is partially financed by the lessor.

Leasing is distinguished by the volume of servicing of the property leased (scheme 2 (d) ):

Net leasing, if all maintenance of the leased property is assumed by the lessee.

Full service leasing when the lessor is entrusted with full service rental property.

Leasing with a partial set of services when the lessor is charged only with individual functions for property maintenance.

Leasing is differentiated by duration (fromChema 2 (e) ):

Short leasing for up to 1 year.

Medium term leasing, for a period of 1 to 3 years.

Long term leasing for a period of more than 3 years.

Leasing is classified according to its intended purpose (scheme 2 (f) ):

Valid leasing

Fictitious leasing The goal is to obtain more profit due to tax and depreciation benefits.

Leasing operations are distinguished depending on depreciation conditions (scheme 2 (g) ):

Leasing with full depreciation and, accordingly, with payment of the full cost of the leased object.

Leasing with incomplete depreciation, and, consequently, with incomplete payment of the cost of the leased property by the tenant.

Leasing is differentiated according to the degree of recoupment (scheme 2 (h) ):

Leasing with full payback, in which during the term of one contract the full payment to the lessor of the value of the leased property occurs.

Leasing with incomplete payback when during the leasing period only part of the leased property is paid off.

Leasing is classified according to the nature of interaction between participants (scheme 2 (i) ):

Classical leasing is a tripartite leasing operation (supplier - lessor - lessee).

Returnable leasing At leaseback, faced with the problem of lack financial assets, the lessee can transfer the ownership of fixed assets to the lessor with their subsequent lease. In this case, the tenant returns part of the money previously spent on the purchase of capital goods and at the same time continues to use them, while paying the appropriate rent, which includes the cost of the leasing operation and part of the tax benefits received during it.

Subleasing, in which a large (share by value) of the leased asset is leased from a third party (investor).

Leasing is distinguished according to the intentions of the participants (scheme 2 (j) ):

Urgent leasing - one-time (for one term) leasing.

Renewable leasing - renewable after the first term of the contract.

Leasing is distinguished by the composition of its participants (scheme 2 (k) ):

Direct leasing, in which the owner of the property independently leases it. Direct leasing can only be bilateral and is organized by two participants: the lessor and the tenant, however, in most cases, leasing operations are multilateral relationships.

Indirect leasing - when in addition to the lessor and the lessee, other economic entities participate in the leasing operation. Indirect leasing can be classified as:

• trilateral leasing; A classic, tripartite leasing operation (supplier - lessor - lessee) is represented as the transfer of the leased asset to the lessee occurs through an intermediary - the lessor. Therefore, there are three main participants: the lessor, the lessee and the seller of the leased assets. The lessor purchases the leased asset and leases it to the lessee. The organization of the leasing operation is, to a greater extent, subordinate to the implementation of the actions of the lessor. At the same time, the seller sells to the lessor the assets that the lessee receives from the lessor for rent.

  multilateral leasing - with the number of participants from 4 to 7 or more (leasing with the participation of external investors, subtenants, etc.) In multilateral leasing there are secondary participants servicing the leasing relationship: a bank that provides credit for the acquisition of leased items by the lessor and services the leasing operation; insurance company, insuring rental property; "external investors" financing leasing; intermediaries (including financial ones) providing additional services in the preparation and conduct of leasing operations. All of them ensure stability in the preparation and conduct of leasing operations.

Leasing is classified according to organizational forms of management (scheme 2 (l) ):

Depending on the composition of leasing participants, they are divided into:

Direct leasing management.

Indirect leasing management.

Depending on the number of managed participants, similar to the classification by the number of participants, there are:

in direct leasing: management of two-way leasing only;

in indirect leasing: management of tripartite leasing; management of multilateral lysine.

In addition, depending on the composition of leasing participants and the number of participants managed in leasing, forms of leasing management can be classified according to management organizers:

in direct leasing:

for two-way leasing (lessors only): financial leasing company; trade organization; rental corporation; wholesale distribution company. enterprise (firm);

in indirect leasing:

• for tripartite leasing (lessors only): commercial bank; other financial and credit institution (not a bank); financial leasing company; specialized leasing company;

  for multilateral leasing (lessors and other participants): brokerage leasing company; trust corporation; financial institutions financing the transaction.

Leasing is distinguished by payments (scheme 2 (m) ):

All payments made during the leasing operation can be divided into actual leasing payments and non-leasing (minor) payments. Leasing payments are payments made by the tenant to the lessor for the leased property. All leasing payments can be classified according to 4 criteria.

By form of payment:

monetary payments when payments are made using cash, compensation payments when payments are made either in goods or by providing a counter service to the lessor;

mixed payments when, along with cash payments, payments in goods or services are allowed.

Depending on the method used for calculating lease payments, the following are distinguished:

• payments with financed total amount. The rent in this case includes depreciation deductions from the cost of the leased equipment, fees for the use of borrowed funds, the amount of commission to the lessor for organizing the leasing operation and fees for additional services provided by him related to the technical maintenance of the leased asset;

  payments with advance (deposit), when the lessee first provides the lessor with an advance, before or at the time of signing the leasing agreement, in the established amount, and then, after signing the act of acceptance and transfer of the leased asset into operation, pays, through periodic contributions in favor of the lessor, the total amount of the lease payment minus advance (deposit) amounts;

  minimum leasing payments representing the sum of all lease payments that the Lessee must make for the entire leasing period, as well as the amount that he must pay if he intends to acquire ownership after the end of the leasing period;

  uncertain payments, the calculation of which is based on a certain level of the interest rate established in the agreement, determined on some basis. The calculations may be based on the refinancing rate, the amount of profit received from the sale of products produced on leased equipment, the interest rate on the loan associated with the leasing, and other parameters.

According to the frequency of payments there are:

• periodic payments(annual, quarterly, monthly), paid according to the schedule agreed by the parties, which is attached to the leasing agreement;

  one-time payments, used in combination with periodic installments, if an advance payment to the lessor is provided.

According to the method of payment of leasing payments, they are distinguished:

• equal payments, providing for payments of the same size by the tenant to the lessor throughout the entire period of the leasing operation;

  increasing payments, used mainly by lessors, with stable financial situation when on initial stage In leasing, it is more convenient for the lessee to pay rent in small installments, and then, as the equipment is mastered and the rate of production of products produced on it increases, increase the size of one-time commissions throughout the entire leasing operation;

  decreasing payments(accelerated payments) used by tenants with a strong financial position when initial period In leasing, the tenant chooses to pay off most of its debt. Taking into account financial condition and the payment capabilities of the lessee, the agreement may establish various methods of paying lease payments.

Leasing is distinguished by the market sectors where it is carried out (scheme 2 (n) ):

Interior leasing, when all participants in the leasing operation are residents of the same country.

External (international) leasing International leasing includes those operations in which at least one of its participants is not a resident of the country in which the leasing operation is carried out, or all leasing participants represent different countries. This type of leasing also includes operations carried out by lessors and tenants of the same country, if at least one of the parties operates with joint capital with foreign partners. External leasing, in turn, is divided into: export leasing; in case of export leasing, the foreign party is the lessee and the equipment intended for leasing is exported from the country under the terms of the export contract;

import leasing; in case of import leasing, the foreign party is the lessor, and the equipment is supplied to the lessee’s country under the terms of the import contract;

transit leasing, in which all participants are located in different countries.

Leasing is distinguished by the type of leased assets (scheme 2 (o) ):

Leasing of physical (real) assets, which includes:

1. leasing of movable property (machine and technical leasing);

   leasing real estate(long-term lease of buildings and structures) in which, regarding the types of real estate, the following are distinguished:

leasing of real estate for industrial purposes;

leasing of real estate for non-production purposes.

In accounting, leasing is divided into financial and operational.

According to the composition of the participants in the transaction

• indirect

  • trilateral

    multilateral

By property type

real estate leasing

movable leasing

By degree of payback

with full payback

with incomplete payback

According to depreciation terms

with full depreciation

with incomplete depreciation

By volume of service

• with a full range of services

  with an incomplete range of services

By market sector

interior

• import

  export

In relation to tax and depreciation benefits

effective

fictitious

By the nature of the lease payment

monetary

compensatory

Leasing is a unique form investment activities, in which one person - the lessor - transfers to another person - the lessee certain property (vehicles, real estate, equipment, etc.) on agreed terms.

One of the main terms of the leasing agreement is the right to purchase the leased property by the lessee after the expiration of the contract, and the purchase of the property is made at the residual value.

Classification

Leasing in Russian Federation regulated by:

• Civil Code;

Classification of leasing types is carried out according to two criteria:

1. Type of deal.
2. Affiliation of companies with states.

According to the form of the transaction, leasing is divided into:

• financial;
• operational;
• returnable

In turn, financial leasing is divided into:

• transactions with full recoupment of leased property;
• transactions with partial recoupment of leased property.

Depending on the ownership of the companies participating in the transaction, leasing is:

• internal (all parties to the agreement are residents of the same state);
• international (the parties to the agreement are residents of different states).

Currently, all forms of leasing are represented in Russia.

Features and Specifications

Main types and their characteristics:

• financial leasing is a transaction in which the lessor undertakes to purchase a certain vehicle from a third party and transfer it to the lessee under the conditions specified in the contract. Upon expiration of the contract, the lessee is obliged to purchase the specified vehicle ownership:
  • financial leasing with full payback implies that during the contract period the owner vehicle paid full cost property;
  • financial leasing with partial payback implies that during the term of the contract the owner is paid a partial cost of the leased property.

To purchase a vehicle after the expiration of the contract, it is necessary to pay an additional residual value taking into account the depreciation percentage of the vehicle.

• operational leasing differs from financial leasing in that the leased property after the end of the contract does not become the property of the lessee, but is returned to the lessor;
• In case of leaseback, the seller of the vehicle is also the lessee, that is, in order to obtain additional profit and reduce taxation of companies, he sells the available vehicle to the lessor and subsequently acquires the same property on lease.

Currently, financial and operational leasing are widespread in Russia, and the return form is practically not used.

Features of financial leasing are:

• participation in the agreement of a third party, which is the seller of the property leased by the lessee. The vehicle leased is purchased by the leasing company at the order of the lessee, which is reflected in the terms of the contract;
• impossibility of early termination of the contract without payment of expenses incurred by the leasing company;
• The lessee is obliged to receive the vehicle purchased for him.

The lessee is also obliged to bear the costs associated with servicing the car or specialized equipment and the risks associated with the complete or partial loss of the leased property.

• At the end of the contract, the lessee has the right to independently dispose of the received property.

Features of operational leasing are:

• the vehicle is definitely returned to the leasing company after the end of the contract;
• the costs of repairs and maintenance of the vehicle are borne by the lessor, as well as the risk of accidental loss of property;
• The leasing company is not obliged to purchase property at the request of the lessee. The lessee selects a vehicle from what the lessor has available;
• In the event of complete or partial loss of the vehicle, the lessee has the right to terminate the contract early.

Significant differences between operational and financial leasing are:

• the rate for renting property. When operating leasing, a significantly higher rate is applied, since the company needs to justify the costs of purchasing vehicles;
• term of the contract. With financial leasing, the term of the contract is comparable to the service life of the vehicle, and with operational leasing, the term of the contract is less than the period of operation of the vehicle.

Types of leasing companies

Leasing of vehicles and other specialized equipment is carried out by leasing companies.

Currently, all leasing companies are divided into the following types:

1. Companies that are subsidiaries of the largest banks. The activities of such organizations are financed by own funds banks. Clients are subject to fairly stringent requirements for concluding a contract. Examples are: RG-Leasing CJSC (a company of Sberbank of the Russian Federation), Inkom-Leasing (INCOM-BANK), VTB Leasing OJSC (from VTB Bank).
2. Semi-commercial companies, which are financed in whole or in part from federal or regional budgets.
   

   Semi-commercial organizations offer preferential terms to clients, but the range of potential clients is very limited. In most cases, funds are provided for the development of small businesses or large urban organizations in the region. For example, CJSC Moscow Leasing Company (founder - Entrepreneurship Support Fund), CJSC Siberian Leasing Company.

3. Commercial leasing companies created specifically for specific industries. For example, Rosagrosnab, Lukoil-Leasing CJSC, Ural-Aviation Leasing LLC.
4. Companies created with the support largest enterprises. The activities are financed from the funds of the main organization. Such companies do not have direct connections with banks and government agencies. The main activity is leasing, which brings additional profit to the parent organization. Examples: Kamaz-Leasing, Scania-Leasing LLC.
5. Leasing companies that are residents of other states. Investing money in Russian business attracts large number foreign companies, and the leasing industry is no exception. Features of leasing from foreign organization is the need to obtain bank guarantee, which will cover the lessor's expenses in the event of early termination of the contract, loss or destruction of the leased vehicle.
6. International companies financed by several organizations resident in different countries. Such companies are able to enter into leasing agreements on more preferential terms, but a limited number of people can become clients. Examples: JV "Rybkomflot" (Russia, Britain), "RG - Leasing" (Russia, Germany).

What types of operations are there?

Leasing operations differ not only in the types presented above, but also in other ways:

• depending on the number of parties to the leasing agreement:
  • direct leasing. The manufacturer of the product acts as the lessor;
  • indirect leasing. The property being leased is purchased by the leasing company from the manufacturer for the purpose of further transfer to the lessee;
  • subleasing. The lessee company transfers the leased vehicles to a third company under another lease agreement. In this case, leasing payments are initially credited to the lessee’s account and then transferred to the lessor;
  • leverage – leasing. The leasing company attracts funds from other organizations to purchase expensive equipment for the lessee. In this situation, lease payments are distributed among all creditors in proportion to the invested funds.
• depending on the volume of additional services provided by the lessor:
  • "clean" leasing. Under the agreement, a specific vehicle is transferred to the lessee. In this case, all costs for maintenance, repairs, and so on are borne by the lessee;
  • “wet” or full leasing. The agreement provides not only for the transfer of the vehicle to the lessee, but also for full maintenance of the vehicle at the expense of the lessor;
  • partial leasing provides for the division of responsibilities between the parties. For example, the lessor undertakes to carry out technical maintenance of vehicles at his own expense, and the lessee – current repairs.
• depending on the form of lease payments:
  • monetary transaction. Payments are made in cash;
  • compensation operation. Payments are made in products produced through the operation of the leased vehicle;
  • combined operation. Payment under a leasing agreement can be made either in cash or in finished products.
• depending on the conditions of vehicle replacement:
  • term leasing – a one-time transaction for a specific vehicle;
  • renewable leasing – within the framework of one contract, a vehicle can be replaced with more new model. The service life of one vehicle is regulated by the terms of the contract.
• depending on the term of the contract:
  • short-term operations (less than 1.5 years);
  • medium-term operations (1.5 – 3 years);
  • long-term operations (more than 3 years).

Treaty

All conditions of leasing operations are regulated by the contract. The main parameters of the agreement are:

• parties to the contract depending on the type of transaction being concluded;
• subject of leasing - a specific car that is transferred by the lessor to the lessee;
• conditions for the transfer and return of vehicles;
• size, terms and methods of payment of leasing payments;
• the full cost of the contract, which is made up of the amount of leasing payments and the leasing company’s premium;
• validity period;
• conditions for early termination;
• rights and obligations of the parties regarding the maintenance of the vehicle;
• rules for resolving disagreements;
• responsibility of the parties.

Leasing is a more acceptable means of purchasing vehicles than a car loan. The reasons are more short terms receipt, accessibility for individuals and legal entities, availability of tax benefits.

Video: Secrets of leasing for entrepreneurs: what you need to know about leasing in order to use it effectively

Classification of leasing transactions

In practice there are various types leasing transactions, and they can be classified according to a number of characteristics (Table 13.1).

Direct leasing assumes that the manufacturer or owner, without resorting to the services of intermediaries, rents out the object himself. Working without intermediaries has undeniable advantages for the equipment manufacturer, since it not only allows you to increase sales and receive additional income, but also as a result of the availability of direct feedback with the tenant to promptly receive information about the quality and reliability of products. To organize leasing, the manufacturer creates a special structural unit, which is usually organizationally included in the marketing service.

Indirect leasing implies the participation of at least three parties in the leasing transaction, i.e. the equipment manufacturer or dealer, the intermediary (lessor) and the lessee, although more are possible. The intermediary is supposed to purchase the equipment from the manufacturer or dealer and then lease it to the lessee, receiving periodic lease payments from the lessee. In this case we are talking about a classic leasing transaction. Multi-party leasing is used to finance large-scale projects and involves several leasing, finance and insurance companies and banks, which is why it is called group or joint-stock leasing.

Table 13.1. Classification of main types of leasing

Leaseback consists in the fact that the owner of the property sells it to the future lessor and leases the same property from him. The process can be similar to a home equity loan. This form of leasing is often resorted to by enterprises experiencing serious financial problems, because most recommendations for the reorganization of enterprises contain a recommendation to sell the equipment and rent it. Obviously, such an enterprise cannot count on receiving a bank loan. By selling equipment, an enterprise that finds itself on the verge of bankruptcy receives significant financial resources, which it can use at its own discretion, and having issued a lease, it does not cease its activities.

Leasing to supplier has some differences from the return one. The owner of the equipment, having sold it to a leasing company and immediately rented it, does not intend to use the equipment himself, but rents it out to subleasing to a third party. This scheme is often used by equipment manufacturers who independently engage in financial leasing without the participation of intermediaries.

Financial leasing is the most common type of leasing. In this case, equipment is rented for a long period of time, allowing full or almost full reimbursement of its cost during the rental period. The usual lease term is from 5 to 10 years. Financial leasing does not provide for any maintenance of the leased equipment by the lessor and does not allow early termination of the lease. Fak-

Technically, in this case we are talking about a long-term loan in the form of functioning capital. At the end of the lease period, the lessee has the option to purchase the equipment, extend the rental contract, or return it.

Operating leasing provides for a wide range of relationships between its subjects in the field of financing, as well as setup, repair and maintenance of leased equipment. This type leasing usually implies the transfer of equipment for a period of less than the period of physical wear and tear, which does not ensure its full depreciation. Typically, a leasing contract is concluded for a period of 3-5 years. An important feature of operational leasing is that the lessee has the right to terminate the lease early, and in the event of obsolescence of the leased equipment, they use this right to the fullest.

It is necessary to distinguish from operational leasing medium-term lease for a period of one to three years, or hiring, and short-term lease for a period of one day to one year, or rating. They do not provide the possibility of purchasing equipment.

A net lease imposes an obligation on the lessee to maintain the leased equipment in good condition and, at the end of the lease period, in the same condition, taking into account normal wear and tear, to return it to the lessor. All costs for repairs and operation of equipment are borne by the lessee and are not included in lease payments.

Unlike pure leasing, full-service leasing provides for close cooperation between the lessor and the lessee throughout the entire lease term. In this case, the leasing contract stipulates complex system equipment maintenance and repair. Moreover, training of qualified personnel and even advertising of products produced by the tenant may be provided.

Limited service leasing involves the division of maintenance responsibilities for the leased equipment between the parties. One of possible options consists in the fact that the lessee maintains the equipment in operating condition, and the lessor pays the associated costs.

General leasing involves the conclusion of a general agreement between the parties under which leasing line. This form of agreement usually has a month

then with long-term and proven cooperation between the tenant and the leasing company, and it implies the opportunity to lease additional equipment without concluding a new contract in each specific case.

Internal leasing occurs when all parties to the leasing contract represent one country, and external leasing- when participants present various countries or one of them has joint capital with a foreign company.

When implementing international leasing transactions, the unification of legal leasing relations is important, therefore, on May 28, 1988, the UNIDROIT Convention(International Institute for the Unification of Private Law) on international leasing (international financial lease of equipment). The Convention is aimed at regulating leasing operations of an international nature only and allows, with some restrictions, deviations from the norms established in it. This Convention establishes uniformity in the regulation of leasing relations and uniform terminology. The first chapter of the Convention contains general provisions, determines the scope of its application and the subjects of leasing operations; the second chapter formulates the rights and obligations of participants in leasing relations; the third chapter contains the final provisions.