According to Russian legislation There are two main forms of leasing: domestic and international.

Leasing is considered domestic when the lessor, lessee and seller (supplier) are residents of the Russian Federation. Domestic leasing is regulated by the legislation of the Russian Federation.

In international leasing, one of the parties to the transaction, the lessor or the lessee, is a non-resident of the Russian Federation.

If the lessor is a resident of the Russian Federation, that is, the leased asset is owned by a resident of the Russian Federation, the international leasing agreement is governed by the legislation of the Russian Federation.

If the lessor is a non-resident of the Russian Federation, that is, the leased asset is owned by a non-resident of the Russian Federation, then the international leasing agreement is regulated by federal laws in the field of foreign economic activity.

In addition, the Federal Law "On Leasing" regulates three main types of leasing:

• 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.

Currently, in the economic practice of developed countries, various types of leasing are used, each of which is characterized by its own specific features. The most common are:

• - operational (service) leasing (operating lease);
• - financial (capital) leasing (Financial lease);
• - sale and lease back;
• - shared leasing (with the participation of a third party) (leveraged lease);
• - direct lease;
• - sub-leasing.

All existing types of such agreements are types of two basic forms of leasing - operational or financial. In Russia, the Federal Law “On Leasing” regulates three main types of leasing: operational, financial and returnable (in fact, it is a type of financial leasing). But, nevertheless, let's consider the most common types of leasing in more detail.

Operating (service) leasing is an agreement on the current lease. The term of such an agreement is less than the full depreciation period of the leased asset. Thus, the rent provided for in the contract does not cover the full cost of the asset, which necessitates the need to lease it several times.

The most important distinctive feature of operational leasing is the right of the lessee (tenant) to terminate the contract early. Such agreements may also specify various installation and ongoing maintenance services for the rental equipment. Hence the second, often used name for this form of leasing - service. In this case, the cost of the services provided is included in the rent or paid separately.

Operating leasing is characterized by the following main features:

• - the lessor does not expect to recover all of its costs by receiving leasing payments from one lessee
• - a leasing agreement is concluded, as a rule, for 2 - 5 years, which is significantly less than the period of physical wear and tear of equipment, and can be terminated by the lessee at any time
• - the risk of damage or loss of the object lies mainly with the lessor. The leasing agreement may provide for a certain liability of the lessee for damage to the property transferred to him, but its amount is significantly less than the original price of the property
• - the rate of leasing payments is usually higher than for financial leasing. This is due to the fact that the lessor, without a full guarantee of cost recovery, is forced to take into account various commercial risks (the risk of not finding a tenant for the entire volume of available equipment, the risk of breakdown of the object of the transaction, the risk of early termination of the contract) by increasing the price of its services
• - the object of the transaction are the most popular types of machinery and equipment.

The main objects of operational leasing include quickly obsolete types of equipment (computers, copying and duplicating equipment, various types of office equipment, etc.) and technically complex ones that require constant maintenance (trucks and cars, airliners, railway and sea transport).

It is easy to see that, in general, the terms of operating leasing are more favorable for the lessee. In particular, the possibility of early termination of the lease allows you to promptly get rid of obsolete equipment and replace it with more high-tech and competitive ones. In addition, if unfavorable circumstances arise, the lessee can quickly stop this type of activity by returning the relevant equipment to the owner ahead of schedule, and significantly reduce the costs associated with the liquidation or reorganization of production.

In the case of one-time projects or orders, operational leasing frees you from the need to purchase and subsequently maintain equipment that will not be needed in the future.

The use of various services provided by the lessor or equipment manufacturer often reduces the cost of ongoing maintenance and the maintenance of relevant personnel. rental transaction leasing

Disadvantages of operational leasing: higher rent than other forms of leasing; requirements for advances and prepayments; the presence in contracts of clauses on the payment of penalties in case of early termination of the lease; other conditions designed to reduce and partially compensate for the risk of property owners.

Financial (capital) leasing is a long-term agreement that provides for full depreciation of the leased equipment at the expense of a fee paid by the lessee. Since such agreements do not allow for the possibility of early termination of the lease, the correct determination of the amount of the periodic fee ensures that the owner is fully reimbursed for the costs incurred to purchase and maintain the equipment, as well as the required rate of return. With this form of leasing, all costs for installation and ongoing maintenance of the property are usually borne by the lessee. Often, such agreements provide for the tenant's right to purchase the property upon expiration of the contract at a preferential or residual value (this value can be purely symbolic, for example, 1 dollar). Unlike operational leasing, financial leasing significantly reduces the risk of the property owner. In fact, its terms are largely identical to agreements concluded when obtaining long-term bank loans, since they provide for full repayment of the cost of the equipment (loan); making a periodic fee, including the cost of the equipment and the owner’s income (loan payment - principal and interest); the right to declare the tenant bankrupt if he is unable to fulfill the agreement, etc.

Objects of financial leasing include real estate (land, buildings and structures), as well as long-term means of production.

Financial leasing is characterized by the following main features:

• - participation of a third party (manufacturer or supplier of the transaction object)
• - impossibility of terminating the contract during the so-called main lease period, i.e. the period required to reimburse the lessor's expenses. However, in practice this sometimes happens, which is stipulated in the leasing agreement, but in this case the cost of the operation increases significantly
• - longer term of the leasing agreement (usually close to the service life of the transaction object)
• - objects of transactions, as a rule, are of high value.

After the end of the contract, the lessee can

• - buy the object of the transaction, but at the residual value
• - conclude a new contract for a shorter period and at a reduced rate
• - return the object of the transaction to the leasing company.

Financial leasing serves as the basis for the formation of two other forms of long-term lease - returnable and shared (with the participation of a third party).

Leaseback is a system of two agreements in which the owner sells the ownership of equipment to another party and simultaneously enters into a long-term lease agreement with the buyer. The buyer here is usually commercial banks, investment, insurance or leasing companies. As a result of such an operation, only the owner of the equipment changes, and its user remains the same, having received additional funds at his disposal. The investor, in essence, lends to the former owner, receiving ownership rights to his property as security. Such operations are often carried out during a business downturn in order to stabilize the financial position of enterprises. (Appendix A)

Share leasing is another type of financial leasing that involves the participation of a third party in the transaction - an investor, who is usually a bank, insurance or investment company. In this case, the leasing company, having previously concluded a contract for the long-term lease of some equipment, acquires its ownership, paying part of the cost using borrowed funds. The acquired property (as a rule, a mortgage is issued on it) and future rental payments are used as collateral for the loan received, the corresponding part of which can be paid by the tenant directly to the investor. At the same time, the leasing company takes advantage of the tax shield that arises in the process of depreciation of equipment and repayment of debt obligations. The main objects of this form of leasing are expensive assets, such as mineral deposits, equipment for the extractive industries, etc.

In direct leasing, the tenant enters into an agreement with the leasing company to purchase the required equipment and then lease it to him. Often, a lease agreement can be concluded directly with the manufacturer (i.e., directly). The largest manufacturers providing their products on leasing terms are such well-known companies as IBM, Xerox, GATX, as well as many aviation, shipbuilding and automotive companies. For example, the leaders of the global automobile market - the Daimler-Chrysler and BMW concerns - are the founders of a number of leading leasing companies, through which they sell their products in many countries around the world.

Subleasing

Subleasing is a special type of relationship that arises 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. According to the Federal Law "On Leasing", the assignment by the lessee to a third party of its obligations to pay lease payments to a third party is not allowed.

When transferring the leased asset for subleasing, the consent of the lessor in writing must be required.

International subleasing, which is a type of international leasing, is also regulated by this Federal Law. A distinctive feature of international subleasing is the movement of the leased asset across the customs border of the Russian Federation only for the duration of the subleasing agreement.

When subleasing, the main lessor receives a priority right to receive rental payments. The agreement usually stipulates that in the event of bankruptcy of the third party, the rent goes to the main lessor.

Being the most important responsibility of the lessee, leasing payments represent payment for the normal production use of the object of the transaction (use in a broader sense requires the conclusion of separate agreements).

The issue of justifying the structure and size of leasing payments is a fundamental issue, and often a key point in most leasing transactions. Here, as noted, the performance of all parties involved in the transaction and the rationality of their use of available resources are assessed.

It is no coincidence that the attention that was paid to leasing payments in the key regulatory document of the first years - the Temporary Regulations on Leasing. April 16, 1996 The Ministry of Economy of the Russian Federation approved (after agreement with the Ministry of Finance of the Russian Federation) Methodological recommendations for calculating leasing payments.

According to these recommendations, leasing payments are understood as payments to the lessor made by the lessee for the right granted to him to use the leased property - the subject of the lease. Leasing payments are the mechanism by which the lessor reimburses his financial expenses to purchase property and receive the desired profit. Based on this, the total amount of lease payments for the entire leasing period should include:

• - the amount that reimburses (depreciates) for the entire term of the contract the full (or close to it) cost of the leased property;
• - the amount paid to the lessor as compensation for the borrowed funds used by him, for the credit resources used by him to acquire property under a leasing agreement;
• - remuneration to the lessor;
• - amounts paid for additional services of the lessor, for example, for insurance of leased property, if it was insured by the lessor;
• - other costs of the lessor provided for by the leasing agreement, for example, personnel training, maintenance of the leased property, its overhaul, etc.;
• - the cost of the property being redeemed, if the contract provides for redemption and the procedure for its implementation.

In addition, leasing payments should take into account the property tax that the lessor will have to pay in cases where the property will be listed on his balance sheet, as well as the tax on the purchase of a car Vehicle, if vehicles will be leased.

In order not to complicate payment calculations, property tax is often taken into account in the lessor's remuneration, and tax on the purchase of vehicles is included in the cost of the property.

The size, method, form and frequency of payment, as well as the method for determining the total amount of lease payments, as already noted, are established in the leasing agreement by agreement of the parties.

Due to the fact that determining the amount of payment and methods for calculating it is indeed the prerogative of the contracting parties themselves, and the methodological materials used in this case (including the methodological recommendations of the Ministry of Economy of the Russian Federation given here) are not mandatory, but advisory in nature, the question of justification of leasing payments is currently debatable.

In particular, the concept of “lessor's costs” is interpreted somewhat differently (or rather, more broadly) than in the specified recommendations by the law “On Leasing,” as well as in the special literature on this issue.

It seems more reasonable to include the concepts of “investment costs” and “current costs” in the structure of leasing payments.

So, for example, according to the Law “On Leasing”, investment costs (expenses) should be understood as the costs and expenses (expenses) of the lessor associated with the acquisition and use of the leased asset by the lessee.

Due to the peculiarities of leasing operations, which often involve the use of borrowed funds (loans), loan servicing costs are especially important as part of investment costs. The lessor's expenses for servicing the loan used to purchase the property consist of:

• - repayment of the principal amount of debt;
• - payment of interest on the loan.

Current expenses mean the lessor's expenses during the term of the leasing agreement associated with the implementation of this agreement. These costs are determined by the functioning of the lessor as an entity economic activity leasing and include the costs of paying for goods, works and services.

In the literature on leasing and in legislation, the above-mentioned expenses of the lessor are referred to as his remuneration.

The lessor's remuneration is the amount of money provided for in the leasing agreement in addition to the reimbursement of leasing costs.

Reward includes:

• - payment for organizing a leasing transaction;
• - percentage for use own funds of the lessor, aimed at purchasing the leased asset and/or performing additional services (in case of complex leasing).

Based on the typification of leasing according to the forms of leasing payments, these payments can be made:

• - cash (monetary form);
• - products and (or) services of the lessee (compensation form);
• - cash in combination with the supply of products and (or) provision of services by the lessee (mixed form).

Methods for making leasing payments are established in the contract. Payments can be one-time or periodic. A one-time payment is usually made after the parties sign the acceptance certificate and provides for financing the transaction only during the period of execution by the supplier of the purchase and sale agreement.

The frequency of leasing payments can be set based on any period (year, quarter, month).

The leasing payment schedule indicating specific payment dates is an integral part of the leasing agreement.

The specified periodic payments are:

• - equal in size throughout the entire rental period;
• - with increasing amounts of contributions;
• - with decreasing contributions;
• - with a certain down payment (advance or deposit);
• - with accelerated payments: the lessee pays off his debt for the most part in the first years of operation of the equipment, when the costs of maintaining the equipment are lower.

The last two types of payments are possible if the lessor (in the first case) or the lessee (in the second case) has a difficult financial situation and it is more profitable for one of them to transfer the largest possible part of the payments either to the earliest possible date, or, conversely, to a later period . And the first payment methods are also dictated by the solvency of the parties. During the period of development by the lessee of the leased property and his lack of sufficient funds, reduced amounts of leasing payments may be provided with their subsequent increase by the end of the leasing agreement. And vice versa, if the financial position of the lessee is stable, he can repay a large part of the total amount of lease payments due to him, by making, for example, an advance.

Small and medium-sized businesses are the key to a healthy economy. But to start any business you need start-up capital. There are a number of financial instruments for attracting these funds to a business, one of which is leasing. What is leasing in simple terms and how does it differ from a regular loan?

Main differences between leasing and credit

When starting any business, one of the biggest challenges is sometimes the lack of financial resources. Regardless of the form of ownership and size of companies, owners may experience a shortage of equipment, special equipment, etc. There are many ways to solve these problems - attracting investors, renting, a bank loan, etc. But one of the most relevant and popular ways is leasing.

Leasing is one of the forms of financial services that can be provided to both legal and individuals. Using this service, the necessary equipment, transport, machinery, etc. are purchased. In simple terms, this is a long-term lease with the right to buy.

Leasing literally means “rent” in English, which explains the erroneous opinion of many that taking a lease means entering into a rental agreement.

These are not synonyms and are completely two different financial instruments.

Leasing is a type of financial service that involves taking property for use for a certain period of time with subsequent redemption.

In the West, this form of credit has long been very popular. In Russia, many entrepreneurs approach leasing with some skepticism, not fully understanding the essence of the service and its legal aspects.

According to statistics, about 30% of all cars in Europe are purchased on lease, about 30-40% on credit and only 40% are purchased with cash. What is the reason for such popularity of leasing?

Thus, we can highlight the main differences between a loan and leasing:

• different rights of the parties to property;
• the property on credit can be used by the borrower at his own discretion (with the exception of a secured loan). When leasing, the client is obliged to use the property strictly for its intended purpose.
• property purchased on credit must be noted on the balance sheet and is considered as an investment;
• property leased is listed on the lessor’s balance sheet, which means no tax is paid on it.

The widespread use of leasing lies in its tangible advantages in terms of paying taxes. In this regard, a distinction is made between fictitious and real leasing. At the same time, all parties to the transaction receive these benefits: the Buyer, the leasing company, and the Seller of the goods.

Video. Leasing or loan?

Technical features of leasing

Typically, three parties act as leasing subjects:

• The party who sells the property (Seller).
• Recipient of property.
• A leasing company that secures the transaction and to whose benefit the property will be transferred in the event of non-payment.

The Lessor acts as an intermediary in this financial chain.

This company is the owner of the leasing agreement, and it is the company that buys the property from the Seller, transferring it to the Buyer.

Of course, such a company must have impressive

financial resources and often leasing companies are subsidiaries of large Sellers (automobile factories, equipment manufacturing companies, etc.).

Also, in some cases, leasing companies may be subsidiaries of large well-known banks, only with a narrower specialization.

The key point in the entire leasing scheme is the fact that the property transferred to the lessee (Buyer) is not completely his property. It becomes his full property only if the loan is fully repaid.

In general, leasing is a rather complex economic concept. Since it includes a whole set of processes for investing financial resources.

The process of transferring property is carried out through a transaction, which consists of a number of agreements between the three parties to the process.

The subject of the contract can be a building, a car, agricultural machinery, an enterprise, etc. Also, the object of the transaction may be a land plot and other Natural resources, if it does not violate legal regulations.

The leasing company is a key player, on whose actions the economic situation in the market often depends.

These players include various leasing companies conducting similar operations. All companies can be divided into 2 groups:

• highly specialized;
• universal.

Highly specialized leasing companies, as a rule, work with one type of property or a group of related goods. They can only cooperate with private businesses purchasing agricultural or construction equipment.

But larger universal players carry out leasing operations with any type of property.

Along with leasing operations, they can provide additional services:

• consulting;
• advertising;
• marketing;
• intermediary, etc.

What makes leasing companies so popular? Leasing or credit?

Instability financial market and the country's low economic level limits access to credit for many entrepreneurs. This, in turn, further worsens the economic situation of the country, as there is an outflow of capital and a decrease in the investment attractiveness of some areas of business.

For a healthy economy of the country, it is necessary to constantly operate enterprises and attract new companies to various sectors of the economy. And it is the leasing companies that in this case bear a great responsibility in terms of stabilizing the economic situation.

In an unstable economic situation, leasing is becoming one of the key technologies for business development.

Such long-term lease with the possibility of subsequent purchase allows not only to purchase the necessary equipment or premises for production, but also to modernize the production capacity of the enterprise, expand the branch of companies, etc.

In this regard, leasing can be called a driving tool for economic development. Leasing, as a service, combines the attractiveness of long-term lease and credit.

Scheme of leasing transaction

Despite all the legal subtleties and complexities of the procedure, the process of leasing property is quite simple.

1. The user (lessee) applies to the leasing company with an application to purchase a certain type of property.
2. The leasing company reviews all the necessary documents and assesses the liquidity of the property.
3. If the assessment and decision are positive, the leasing company purchases the property from the manufacturer (Seller).
4. The leasing company signs an agreement with the leasing recipient, according to which the user takes the goods for a long-term lease, gradually paying the company for it.

Forms of leasing

Depending on the number of participants in the scheme, there are:

• direct leasing;
• indirect.

With direct leasing, the transaction is bilateral in nature and the lessor (Lender) is simultaneously the supplier of the goods.

Accordingly, with indirect leasing, several intermediaries are involved in the transaction. As a standard, three parties are involved in the process. But in some cases, 4-5 parties can take part in a transaction, and multilateral agreements are concluded between them.

As mentioned above, with direct leasing, the Lender himself also acts as the Seller of the goods (sale and leaseback). In this case, the Seller transfers his property for long-term lease with subsequent purchase.

Separate leasing is also distinguished, which is a more complex form of indirect leasing.

As a rule, several parties are involved in the scheme of such projects, and we are talking about the implementation of large expensive objects. This could be expensive equipment for a factory, satellite stations, ships, etc.

The peculiarity of this form of leasing is that the lessor pays for only part of the property. For the rest (this may be 2/3 of the value of the property) he takes a loan from Lenders.

Thus, one agreement is concluded between the Lessor and the Lender.

And between the Lessee and the Lessor there is another, already about the transfer of property for temporary use with subsequent redemption.

With this form of transaction, the leasing company enjoys all tax benefits, which are calculated based on the full value of the property, but the borrower (in this case, the leasing company) is not responsible to the Lender for repayment of the loan.

That part of the amount that he takes from the Lenders is collateral, while the leasing company cedes to the Lender the right to receive part of the payments from the transaction to repay the loan.

Thus, the main part of the financial risks from the transaction lies with the creditors, and the property itself serves as security for the transaction. Today, most leasing operations are carried out according to the split leasing scheme, especially when large amounts are involved.

Types of leasing operations

Leasing operations are also classified according to the type of property transferred:

• leasing of movable property;
• real estate leasing.

The first group includes equipment, transport, machinery. Real estate includes industrial buildings and structures.

Today, a new direction in leasing is emerging, which is characterized by the transfer for temporary use of equipment that was already in operation.

In this case, the supplier is factories and enterprises that have machinery or equipment that is idle, but at the same time is in full technically sound condition.

At the end of the contract, the equipment is returned to the owner. That is, in this case we see leasing only in the form of a long-term lease without the right to purchase.

For the enterprise, the benefits are obvious. It makes a profit from the operation of equipment that was idle anyway. For the recipient, this is an opportunity to receive equipment for temporary use at a price that is initially calculated not on the amount of new equipment, but on used equipment, which significantly reduces the cost of the transaction.

Classification of leasing according to the degree of cost recovery, leasing is divided into:

• transactions with full payback;
• with incomplete

Leasing with full recoupment involves receipt of all profits and compensation of all costs by the lessor during the term of the contract. Incomplete compensation, accordingly, does not compensate for all the costs for the lessor that he incurred when concluding the transaction.

Depending on the conditions of depreciation, a transaction with full and partial depreciation is distinguished. With full depreciation, we observe approximately the same duration of the contract and equipment wear and tear according to technical standards. If incomplete, the contract period is shorter than the service life of the property, and allows you to write off only part of its value.

Financial and operational leasing

Also shared:

• financial leasing;
• operational leasing.

Financial (capital) leasing is characterized by a long period of use of the property, which can be 15 years or more.

As a rule, the long term coincides with the service life standards and the period of full depreciation. At the same time, through payments, the lessor fully covers its costs for purchasing the property.

This form of contract is characterized by the transfer of the full cost of the equipment, already at its residual value at the end of the contract.

Operating leasing has a shorter contract duration and, as a rule, the contract term ends earlier than the standard service life of the equipment. Therefore, this type of transaction is resorted to when transferring equipment with a high rate of obsolescence.

The characteristic features of this form of lease are partial depreciation of the transferred property, which does not allow it to be fully repaid. In this case, the lessor is forced to repeatedly provide the goods for temporary use to various lessees in order for full recoupment to occur.

But, given the rapid obsolescence of such property, the lessor takes a certain risk. It may not be able to recoup all of its acquisition costs because demand for it may decline over time. This leads to the high cost of the transferred equipment and large payments.

The characteristic features of operational leasing are:

• multiple rentals of property;
• short term of the leasing agreement;
• the leasing company assumes all obligations for the maintenance of the property;
• excess of the standard service life over the term of the contract;
• the leasing company rents out equipment that it already has, without purchasing it specifically for the recipient;
• high payments (much higher compared to financial leasing);
• The risk of loss and damage to property lies with the lessor.

It is advisable to carry out this type of operation when the leasing company offers used property for rent.

Or if the lessee is not sure of the term of the contract and that he will be able to regularly pay rent sufficient to fully repay most of the initial cost of the property.

Classification of leasing by volume of service

According to the volume and nature of service, experts distinguish:

• wet;
• pure leasing.

With pure leasing, the company provides only leasing services, purchasing equipment and renting it out. In this case, maintenance and all costs associated with depreciation are borne exclusively by the Buyer (lessee).

With wet leasing, the company transferring the property provides the lessee with related services: insurance, repairs, etc. If we are talking about complex equipment with unique technical characteristics, then the leasing company can assume the costs and obligations for the purchase of imported raw materials, parts, personnel training, etc.

Leasing transactions can be concluded with residents of one country or different ones. In the first option, it will be internal leasing. External (international) assumes that at least one of the subjects of the transaction will be a citizen (company) of another country.

International leasing is controlled by the Law “On Leasing” and the legislation of the Russian Federation. In this case, the transfer of property under this form of leasing must take place no later than 6 months from the moment the subject of the contract passes the customs border.

In turn, external leasing is divided into import and export. In export leasing, the lessee is a resident of a foreign state, and in import leasing, the mortgagor is a resident.

Classification by type of leasing payments

According to financial transactions that are carried out within a leasing transaction, there are:

• leasing with cash payment;
• with mixed payment;
• with compensation payment.

Leasing with cash payment involves a standard payment scheme in cash equivalent. The company leases equipment on a long-term basis, and the client makes monthly payments under the contract, transferring the amount to the account.

Compensatory leasing involves payment for goods, services, raw materials, etc.

Mixed payment combines two forms: cash payment and compensation.

Classification of leasing according to the duration of the contract

Depending on the duration of the contract, there are three types:

• long-term leasing - leasing (the agreement is concluded for a period of more than three years);
• medium-term leasing - (the agreement is concluded for a period of 1.5 years - 3 years;
• short-term leasing - (the contract is concluded for less than 1.5 years).

What is leased?

Leasing objects can be divided into several groups:

• Transport group (cars, ships, railway cars, airplanes, etc.).
• Construction (cranes, scaffolding, concrete mixers, workshop equipment).
• Property for military purposes.
• Communication equipment (antennas, satellites).
• Agricultural equipment (tractors, combines).
• Real estate (buildings, workshops, warehouses).

In some cases, leasing companies may impose their own restrictions and establish their own list of property with which the company will work.

It depends on the size of the company, the scope of its activities and its own policies.

The peculiarity of the leasing agreement is that the property becomes the full property of the lessee at the end of its term. During the period of validity of the contract, the lessor remains the formal owner of the property.

But there is also a standard set of requirements that any leasing company adheres to when considering an application:

• liquidity of the leased asset;
• year of issue;
• country and brand;
• lower limit cost (set individually by each company);
• financial well-being of the lessee;
• location of activity of the lessee company.

Having received a refusal from one leasing company, it always makes sense to apply the same request to another, since this refusal can only be justified by the internal requirements of the leasing company.

Technical features of the leasing agreement

Whatever leasing option is made, the standard agreement contains the following provisions:

• accurate description (technical) of the leased item;
• scope of property rights;
• description of the procedure for transferring property;
• contract time;
• the procedure for balance sheet accounting and technical maintenance of property;
• list of additional and related services;
• settlement procedure and payment schedule;
• penalties.

Advantages and disadvantages of leasing for the consumer

Compared to a regular bank loan, leasing has a number of advantages, opening up broad prospects for business.

This agreement format allows you to purchase expensive equipment with subsequent payment. Moreover, if compared with bank loan, here, as a rule, there is no need to pay a deposit. The equipment itself already acts as collateral. At the same time, the leased asset is on the balance sheet of the lessor, which means the company does not pay tax on it.

The disadvantages of this type of agreement include high overpayments on payments (when compared with a bank loan) and the need for a down payment. This is not a requirement and some leasing companies do not require a down payment.

Leasing equipment cannot be rented out, resold, etc. until the contract expires.

Pros:

• the possibility of purchasing expensive equipment;
• the opportunity to start your own business or modernize it;
• long lease term;
• the possibility of gradually repaying the debt without a one-time withdrawal of all financial assets enterprises from business;
• reducing risk for financial assets;
• minimum package of documents;
• the opportunity to participate in preferential subsidy programs;
• reduction in property tax due to rapid depreciation of the leased asset;
• guarantee of high-quality equipment service;
• tax reduction (since property acquired through leasing is considered production costs for the lessee, which means no tax is paid on it).
• more favorable conditions for interest rate compared to a bank loan;
• lack of strict regulations on payment (the parties agree on their own);
• compared to a regular bank loan, a higher approval rate.

Minuses:

• high final cost of property;
• the need for a down payment (25-30% of the total cost of the leased asset);
• Additional insurance and security deposit required;
• legal complex transaction.

Video. Advantages and disadvantages of leasing

Conclusion

Having compared all the advantages and disadvantages of leasing, we can say that this form of financial relationship is quite beneficial for all parties to the transaction. Leasing allows you to start your own business without starting capital and at the same time gradually buy out the equipment.

But, given the many subtleties and nuances of the leasing agreement, you should carefully compare the terms of the leasing agreement with a bank loan. In addition to the total amount of overpayment, you need to pay attention to additional nuances (insurance payment, ownership of property, conditions for transferring it into full ownership, etc.).

Video. Leasing secrets for entrepreneurs

Leasing is a financial service that is the rental of equipment, transport or real estate with the possibility of further purchase. This is a unique form of lending that allows organizations to update fixed assets, and individuals to purchase expensive goods.

Basic concepts of leasing and its types

It is important to understand the nature and types of leasing. Among the main concepts are:

• - subject of leasing - movable and immovable property that is leased (this does not include land, natural objects and property owned by the state or those for which there are restrictions on circulation) and belongs to the lessor;
• - lessor - the owner of the leased asset, who leases it for a certain fee;
• - lessee - individual or entity, which takes the leased asset for use on specific terms with mandatory monthly payment and the possibility of subsequent repurchase.

There is such a classification of leasing types:

• Financial. At the end of the contract, the lessee (tenant) has the right to buy the object. Its residual value is quite low, since depreciation is taken into account over a long period of use. In some cases, the object becomes the property of the lessee even without additional payment;
• Operational. Often called operating room. This type of leasing does not provide for the subsequent repurchase of the property, and the contract term is much shorter. At the end of the contract, the property can be re-rented. The rate is higher compared to financial leasing;
• Returnable. Very rare. The seller of the property is also its lessee. This is a special form of loan secured by your own production assets. At the same time, the legal entity also receives an economic benefit due to tax simplification.

There are different types of financial leasing depending on the terms of the agreement:

• With full payback. The object is fully paid for during the term of the contract;
• With incomplete payback. The facility only partially pays for itself over the term of the contract.

You can find out how to lease a car by reading the article:
You may be interested in the conditions for purchasing trucks on lease:
The benefits that a car leasing program provides an entrepreneur are described

Basic forms of leasing.

There are also specific types of leasing agreements, called forms:

• Clean. All expenses are borne by the lessor;
• Partial. The lessor bears only the costs of maintaining the property;
• Full. All expenses are borne by the lessee;
• Urgent. One-time rental of objects;
• Renewable. Possibility of repeated rental period upon expiration of the first contract;
• General. Possibility of renting additional equipment without concluding a new contract;
• Straight. The owner of the property independently leases it;
• Indirect. The property is transferred through an intermediary;
• Separated. Several manufacturing companies, lessors, banks and insurers participate in leasing;
• Interior. Within the borders of one country. International or external. One of the participants is in another country.

Watch the video: Money. Leasing. Business center – Conversation PRO

Leasing as a type of investment activity.

You can consider leasing, the types and advantages of which were described above, as an investment activity. After all, this is a kind of investment by the lessor of its own available funds in the development and economy of the lessee.

A leasing company can purchase equipment and lease it under certain conditions. Such investments are always profitable because they pay off and protect the investor from the depreciation of free currency.

Taking into account the types of leasing, the scheme should be developed depending on the interests of the investor. To get more profit, you can rent out equipment without a further right to buy it out (operational leasing).

If the goal is to sell property and purchase a new one, then in such a situation it is better to choose financial leasing.

The lessee's investments in transport and equipment taken for use are also investments. An individual or legal entity invests available funds in objects that can be used for personal or industrial purposes.

This way you can earn money, replenish your vehicle fleet and protect yourself from inflation. Such capital injections are always profitable.

The problem of new investment in the real sector of the economy is very acute in many countries. Purchasing equipment by enterprises is difficult or simply impossible. Due to their lack of financial resources, obtaining a loan is also problematic, since it requires start-up capital (as a rule, at least 20 percent of the cost of equipment will have to be paid from your own funds), and the loan terms are short - do not exceed 1 - 2 years.

The way out of this situation lies in the widespread use of new financial instruments for productive investment, one of which is leasing.

The word "leasing" is a Russian transcription of the English term , or , which translated means “rent,” which is well known in our country. However, the use of the new term was caused by the desire to highlight a new type of lease - financial, which we had not used before. Therefore, it is no coincidence that all actions of the legislative and executive authorities related to the development of leasing relations relate to financial leasing, when an intermediary (in the good sense of the word) arises between the producer of the property and its user, who undertakes to finance the transaction.

Leasing is a complex of economic relations arising in connection with the acquisition V ownership of the property and its subsequent rental for temporary possession and use for a certain fee. A potential lessee approaches the leasing company with a business proposal to conclude a transaction. According to it, he selects a seller who has the required property, and the lessor acquires ownership of it and transfers it to the lessee for temporary possession and use for the fee specified in the contract. At the end of the contract, depending on the conditions, the property is returned to the lessor or becomes the property of the lessee. It is important to note that throughout the entire leasing agreement, the owner of the property is the lessor.

Classic leasing involves the participation of three parties: the lessor, the lessee, and the seller (supplier) of the property. But it is possible that the seller and the lessor or the seller and the lessee are the same person. For expensive projects, the number of participants in the transaction, as a rule, increases due to the lessor attracting new sources of financing (banks, insurance companies, investment funds, etc.)

It is important to note that all elements of the leasing process are closely interconnected. Thus, relations for the temporary use of property (leasing agreement) arise only after the implementation of the purchase and sale agreement. It turns out that the execution of one contract gives impetus to the emergence of the next transaction, and the participants in the leasing process closely interact with each other at different stages.

In some countries, for example, in Russia, according to the law, in order to recognize a leasing transaction, it is necessary to carry out a property purchase operation. Therefore, combining the seller and the lessor in one person is impossible in relation to Russia. At the first stage, the equipment manufacturer and the future lessor, concluding a purchase and sale agreement, act as seller and buyer. At the same time, the user of the property, without legally participating in the purchase and sale agreement, is an active participant in this transaction, choosing equipment and a specific supplier. All technical issues related to the implementation of the purchase and sale agreement (completeness, terms and place of delivery, warranty obligations, acceptance procedure, etc.) are resolved between the manufacturer (supplier) and the lessee; the lessor is responsible for financial support of the transaction.

At the second stage, the buyer of the property rents it out for temporary use, acting as a lessor. However, the relationship under the second agreement is not limited to between the user and the lessor. The seller of the property, although he entered into a purchase and sale agreement with the lessor, is responsible to the user for the quality of the equipment.

The main types of leasing recognized throughout the world are financial leasing (finance lease) and operational leasing (operating lease). The main criteria for such differentiation are the period of use of the equipment and the volume of distribution of risks associated with accidental death or damage to the leased property.

Operating leasing characterized by the fact that the term of the leasing agreement is significantly shorter than the standard service life of the property, and leasing payments do not cover the full cost of the property. Therefore, the lessor is forced to rent it out for temporary use several times, and for him the risk of recovering the residual value of the leased asset will increase in the absence of demand for it. IN Therefore, all other things being equal, the size of lease payments for operational leasing is much higher than for financial leasing. The risk of accidental loss or damage to the leased property is borne by the lessor.

For financial leasing characterized by a long lease term and depreciation of all or most of the value of the property. During the term of the contract, the lessor, through leasing payments, returns the value of the property and receives profit from the leasing transaction. As a rule, the risk of accidental loss or damage to property leased passes to the lessee after acceptance of the property.

Financial leasing has several types, which have received their own names.

Leaseback(sale and leaseback) is a type of bilateral leasing transaction. Its idea is V next. An enterprise that has equipment, but lacks funds for production activities, sells its property to a leasing company, which, in turn, leases it to the same enterprise. Thus, the enterprise has cash, which it can use, for example, to replenish working capital. The contract is drawn up in such a way that after its expiration, the company has the right to buy out the equipment, restoring ownership of it.

Leverage(credit, share, separate) leasing (leveraged lease), or leasing with additional attraction of funds, is the most complex, as it is associated with multi-channel financing and is used, as a rule, to implement expensive projects.

A distinctive feature here is that the lessor, when purchasing equipment, does not pay from his own funds the entire amount, but only a part. He borrows the rest from one or more lenders. At the same time, the leasing company continues to enjoy all tax benefits, which are calculated from the full value of the property. In some countries, such as the USA or Azerbaijan, the lessor must use part of its own funds to purchase equipment. But in Russia there is no such strict requirement and 100% of credit funds can be used to complete a transaction.

Sales assistance (sales-aid leasing) - sales using leasing on the basis of a special agreement concluded between the supplier (seller) of the property and the leasing company. These agreements take different forms. In the simplest case, the name of the leasing company, its address, telephone And the main leasing conditions are indicated in the supplier’s promotional materials, and all issues related to leasing property with a potential user are directly resolved by the leasing company. The pinnacle of such transactions is an agreement between the equipment manufacturer and the leasing company, according to which the manufacturer, on behalf of the latter, offers customers financing for the supply of its products through leasing. At the same time, the agreement between the manufacturer and the leasing company, as a rule, stipulates WhatV In case of insolvency of the lessee, the manufacturer is obliged to buy the property from the leasing company

The legal basis for regulating leasing is Chapter 34 of the Civil Code of the Russian Federation “financial lease” (leasing), as well as Federal Law No. 164 of October 29, 1998 “on financial lease” (leasing). The Civil Code of the Russian Federation formulates the basic provisions on leasing, and Federal Law No. 164 reveals in detail the essence of the leasing relationship, sets out special rules that make it possible to distinguish leasing from other rental relationships, and lists the rights and obligations of the parties under the leasing agreement.

Leasing is one of the forms of long-term financing of the fixed capital of an enterprise (equipment, machinery, buildings and structures), which is not its property. The word leasing comes from the English verb to laze, which means to rent out and rent property. Since 1998, Russia has been a member of UNIDROIT (the international institute for the unification of private law in Rome, the organization has adopted a number of conventions). The UNIDROIT Convention on International Financial Leasing was adopted in Atawa (Canada) in May 1988, Russia joined them in 1998 in accordance with Federal Law No. 16 “on the accession of the Russian Federation to the UNIDROIT Convention on International Financial Leasing.”

Leasing is the rental of various technical equipment, buildings and structures, mainly for the medium and long term. Classic leasing is carried out within the framework of a tripartite transaction. The leasing company (lessor) purchases from the manufacturer (owner and seller) property of the choice of the client (lessee), which is transferred to the disposal (rent) of the latter (lessee). A two-way transaction is when the owner sells and then leases the sold property. In any form of leasing, the relationship is secured by a leasing agreement.

Financial leasing is a lease with the right to purchase property, which is leased at its residual value. In general, leasing is an agreement according to which one party (the lessor), the owner, transfers to the other party the lessee the rights to use some property for a certain period and on specified terms; Typically, such an agreement provides for the payment of regular payments for the equipment used throughout the entire service life. At the end of the contract or in the event of its early termination, the property is returned to the owner; however, more often, leasing contracts imply the tenant’s right to purchase the property at a preferential or residual value or to conclude a new leasing agreement.

Currently, in different countries, various forms and types of leasing are used in economic practice, each of which is characterized by its own specifics.

The most common are:

1) Operating (service) leasing is sometimes called operational

2) Financial (capital) leasing

3) Leaseback

4) With the participation of a third party (equity)

5) Direct leasing

An operating lease is an ongoing lease agreement whose term is typically less than the full depreciation period of the leased asset. The rent provided for in the contract does not cover the full cost of the asset, which necessitates the need to lease it several times. The most important feature of this leasing is the right of the lessee to terminate the agreement or contract early. The agreement usually provides for the provision of installation and ongoing maintenance services for the leased equipment.

The main objects of operational leasing include rapidly aging types of equipment and technically complex ones requiring constant maintenance. This type of leasing is more beneficial to the tenant because the possibility of early termination of the lease allows you to get rid of obsolete equipment and replace it with more competitive one; in addition, if the market situation is unfavorable, the lessee can stop this type of activity by returning the equipment to the owner and reducing costs associated with the liquidation or reorganization of production.

There are higher risks for the landlord. Such leasing implies a higher fee, requirements for an advance payment or prepayment, penalties and other conditions designed to reduce the risk of property owners.

Financial leasing is a long-term agreement that provides for full depreciation of the leased property at the expense of a fee paid by the lessee. Unlike operational leasing, it significantly reduces the owner’s risk. In essence, the terms of the agreement are identical to agreements for obtaining long-term bank loans because provide for full repayment of the cost of equipment (loans) and payment of a periodic fee, including the cost of the equipment and the owner’s income (loan payments - principal and interest); the right to declare the tenant bankrupt if he is unable to fulfill the agreement, etc. The objects of this type of leasing include real estate, as well as long-term means of production

Financial leasing serves as the basis for other forms of long-term leaseback and shared lease.

Leaseback is a system of two agreements in which the owner sells equipment into the ownership of another party while simultaneously concluding a long-term lease agreement with the buyer. The buyers are usually commercial banks, investment, insurance, and leasing companies.

Such transactions are often carried out during a business downturn in order to stabilize the financial position of the enterprise.

Share leasing(with the participation of a third party) - provides for the participation in the transaction of a third party - an investor, which is usually a bank, insurance or investment company; in this case, a leasing company, having previously concluded a contract for the long-term lease of some equipment, acquires its property, paying part of the cost using borrowed funds funds (mortgage registration).

Lease payments, part of which is paid by the tenant, directly to the investor can also serve as collateral for borrowed funds. At the same time, the leasing company takes advantage of the tax shield that arises in the process of depreciation of equipment and repayment of debt obligations. The target is usually high-value assets. Mineral deposits, equipment for mining industries.

Direct leasing the tenant enters into an agreement with the leasing company to purchase the required equipment and then lease it to him. Such a lease agreement is most often concluded with the manufacturer directly (manufacturers such as IBM copier BMW Mercedes work on leasing terms)

Regardless of the type or form of leasing, it should be considered only as one of the alternative sources of financing for a specific project, after the results of the investment analysis show its economic efficiency, which is calculated similarly to the efficiency investment project. Thus, to assess the efficiency of using leasing, the NPV from the project, the profitability index, and the discounted payback period are calculated.

The procedure for calculating leasing payments. Feature is:

1. The frequency and methods of payment, which are established by agreement of the parties to the leasing agreement. The frequency may be annual or quarterly. Payment can be in equal shares, in increasing or decreasing amounts. Calculation of the total amount of long-term payments

LP = JSC (Depreciation deductions) + PC (loan fee) + KV (commissions) + DU (additional services) + VAT