The essence of leasing, forms and types of leasing. What is the difference between financial leasing and operational

This type of operations in the field of finance as leasing is well known to businessmen and business owners. It is a great alternative to lending that suits both large enterprises and small businesses. There are many types and types of leasing, but there are two key options: operational or financial.

Leasing in general is an activity as a result of which a company acquires a certain property in order to transfer it to rent to another consumer. Depending on whether the client will be able to redeem it at the end, and there are different

Operational leasing - the specifics of this type of service

More than 90% of all leasing transactions relate to the Company in this way, acquire new equipment, machinery, cars or commercial real estate, significantly reducing tax pressure and reducing assets. This is a way to get away from classic lending schemes, more profitable and convenient.

Operational leasing is when the property is transferred to the client for a certain period of time, but at the end of the contract, it is returned to its owner. This option cannot be compared with lending, because the consumer never becomes the owner of the property.

Financial and operational leasing are two components of the same type of activity, but they differ significantly in the principle of operation, and are designed to satisfy different needs. If in the first case it is a way to stretch in time the acquisition of a car or equipment for the benefit of oneself, then in the second it is rather an opportunity to use the best innovations in each area of ​​technology without planning to buy them.

Operative leasing is more expensive for clients, since the level of risk for the lessee is higher in this case. On the other hand, the consumer does not need to pay full depreciation of the property for a short period, he only pays a certain part of it. This option justifies itself well when using expensive property for a short period.

When is an operating lease more appropriate?

The main area of ​​activity in this direction is now a long-term rental of presentable luxury cars, expensive machinery and equipment. One of the goals that operational leasing helps to carry out is the image component. This part of the life of the business elite has its own internal rules and procedures, and businessmen spend money on this without regret.

On the other hand, operational leasing is an opportunity to use innovative technologies in production without paying the full cost for them. For example, modern software can also be the object of this type of activity.

And, finally, it is beneficial to use operational leasing in cases where there is a need for a one-time use of a certain property. For example, for the construction of a new building, special equipment will be needed, but only for 8-9 months, the company will no longer engage in such activities.

The world of asset finance, leases and leases is not always as clear as we would like it to be. One area that is often hesitant to understand is the difference between finance and operating leases.

In Russian legislation, the legal, organizational and economic features of leasing are determined by the Federal Law of October 29, 1998 No. 164-FZ "On financial lease (leasing); leasing ". Both documents mainly describe financial leasing transactions.

Operating lease- a service that by definition differs from financial leasing. So let's start by explaining finance leasing.

What is finance lease?

Financial leasing is a way of providing financing when, in fact, the lessor (leasing company, lessor) buys the asset for the end user (lessee or lessee) and leases it for an agreed period of time.

"The right to own and use the leased asset passes to the lessee in full, unless otherwise provided by the leasing agreement." one

In general terms, this means that the lessee is in virtually the same position as if it had acquired the asset.

From a business perspective, assets are assets that can generate income. At the enterprise, these are: buildings, equipment, raw materials in warehouses, money in accounts, vehicles and much more. In the company's balance sheet, their value is indicated in the asset. In this article, we mean by an asset a vehicle (TC) or special equipment.

The leasing company (LC) receives lease (lease) payments against the remuneration for the lease of the asset in a financial lease (lease) to the lessee. The LC retains ownership, but the client receives a full right to use the asset.

The lessee will make the lease payments that will cover market value asset during the lease.

The main condition of the agreement is the monthly payment of these payments and sometimes a rather large redemption payment at the end of the lease term. When everything has been paid, title to the asset transfers from the leasing company to the lessee (lessee). Technically, a financial lease cannot be interrupted or canceled, although it is possible to complete it earlier than the date stipulated in the lease agreement in the event of early redemption of the property. An early repayment schedule is included in the contract.

Final stage of leasing

What happens at the end of the main finance lease period may vary and depends on the terms of the lease agreement. The following options are possible:

• the client buys out the leased asset at the residual value, and not the market value;
• the lessee transfers the debt under the lease to a third party.

If the client wants to lease new car, LK offers the service of selling old cars in trade-in. The funds received after the sale are set off against the fulfillment of the lessee's obligations to make an advance payment for the new transaction.

Operating lease

In contrast to a finance lease, an operating lease does not expose the lessee to either the risks or the benefits of owning an asset. Such leasing is concluded for a shorter period than the maximum working life of the property.

The residual value is projected at the start of the lease, and the lessor assumes the risk of whether the real residual value will match the lessor's calculations of the residual value of the leased asset. Therefore, operating leasing can often be seen in areas of activity and production in which assets have a long amortization period, for example: aircraft, vehicles, construction and machinery equipment. The client gets the opportunity to use the leased asset during the agreed lease term by paying rent (lease) payments in deadlines and size. Not all of the asset's value is paid over the lease term (lease) versus finance lease.

Operating leasing often includes an additional package of services in the agreement, such as Maintenance car, fuel program, tire service and others.

The ownership of the leased asset remains with the lessor, but at the end of the lease term, the asset (leased asset) is returned to the lessor. After the end of the lease term and the lessee's return of the asset (leased item), the lessor has the right to use the leased item at his own discretion, incl. can sell the leased item. The same lessee can continue to lease the asset for a fair rent, but in this case, not a lease agreement, but a lease agreement is entered into.

Generally

The classification of leases, financial or operating, is based on the risks and benefits of owning the leased asset and whether title to the leased asset is transferred at the end of the term to the lessee. The value of these factors is usually subjective, so it is important to carefully read the terms of the lease agreement.

A kind of "magic wand" for many legal entities and individual entrepreneurs - this is operational leasing. It allows you to regularly update the assets of the enterprise without attracting large financial investments.

The key terms of the transaction depend on what form of leasing will be chosen by an individual or a legal entity - from the rate of appreciation to the intricacies of taxation. Let's see how operating leasing differs from financial form, and what is the benefit of using it?

Operational (operational, operational) leasing is financial instrument, giving the lessee the right to use the property and the obligation to return it to the lessor at the end of the contract period.

Attention! The conclusion of an operating lease agreement does not entail ownership rights for the recipient - the other party only has the right to use.

Main features:

1. the agreement is concluded for a short or medium period of time not exceeding the economic life of the property,
2. usually used for the implementation of new and one-off projects (for example, to perform construction work),
3. the rate used to calculate the amount of lease payments is significantly higher than in the financial form.

The characteristic feature of the operational tool- the subject of the agreement is returned to the LC's disposal, therefore, when concluding a transaction, pay special attention to the terms and conditions of return.

How is it different from a lease?

In fact, the lessor owns the property, since all the costs and concerns are borne by him (despite the fact that they are subsequently passed on to the real user in the person of the lessee).

The differences between renting and leasing are manifested in the formation of the cost of the service. For clarity, significant differences between them are shown in the table:

Lessee's preemptive right

At the end of the term of the agreement, an individual or legal entity has a pre-emptive right:

• Foreclosure of property, but at the residual value determined by the fact of use by the lessee;
• Lease renewals, i.e. restoration of the right to use and the obligation to pay regular payments;
• Return of property leasing company, while the contract is terminated, but the possibility of its re-conclusion is not excluded.

The procedure for obtaining property using this financial instrument does not differ - you need to select a personal account, submit documents for consideration, wait for the approval of the application and sign an agreement.

The nuances of operating leasing

The contract is concluded for a period not exceeding the property amortization period. The lessor does not pay the cost of the transport, equipment or machinery transferred to him for use - he only pays a fee for enabling the operation of the property.

If during the validity of the contract the thing is lost, lost or destroyed, then all responsibility rests with the lessor, represented by an organization affiliated with a bank or a leasing company.

If the property transferred to an individual or legal entity for use is unsuitable for further exploitation, then it has the right to terminate the contract unilaterally and in its own interests.

Comparison between forms of leasing

Legal entity or individual entrepreneur when concluding a contract, it seeks to cover the cost of acquiring property as quickly as possible. Equipment, machinery and vehicles are leased to users for a certain period of time (usually this period does not exceed 3 years).

For convenience, the main differences between operating and financial leasing are shown in this table:

Benefits of operating leasing

The expediency and benefit of using leaseback is determined by a number of circumstances, including the subject of the agreement, the conditions and procedure for its use, the rights and obligations of the parties to the agreement.

Since all obligations to ensure the safety of property (technical, service and warranty maintenance) are assigned to the lessor, the use of operational leasing is beneficial when purchasing complex and constantly changing equipment, namely:

• cars,
• aviation technology,
• computers,
• office equipment and other mechanisms.

However, the use of bulky property that requires significant effort and expense during installation, assembly (disassembly) and repair, or real estate as the subject of an operating lease agreement UNFAVORABLE the fact that the share of such costs may be significant and will only increase the financial burden on the company.

Operational leasing is an excellent solution for the formation of vehicle fleets of legal entities and equipment construction companies... It is recommended to pay special attention to this financial instrument seasonal organizations.

Pros and cons

If you are a representative of a small or medium-sized business sector, then cooperation with LC will be beneficial if you have neither the desire nor the opportunity to “load” the balance sheet with non-core assets for short-term use.

Advantages:

• the ability to quickly obtain the necessary property for conducting commercial activities,
• a small set of documents and loyal requirements for lessees,
• relief from a number of complexities associated with the operation vehicle,

Flaws:

• high fees, including insurance payments, costs of additional services and accruals for accelerated depreciation;
• restrictions on the use of property - the lessor is not interested in the car or equipment being used "until it is worn out."

Attention! Remember that an operational transaction will cost you more than a financial one, as it includes a number of additional services.

According to statistics, this financial instrument was most widely used in agriculture, mining, transportation and construction industries.

Advantageous offers of LC

We suggest that you familiarize yourself with the proposals of large Russian companies:

In fact, operating leasing is a form of short-term lease that has several specific features. When choosing a leasing company, carefully study the offers large organizations to choose the most profitable option.

Video: operational car leasing.

Leasing, as a source of financing for the acquisition of property, is devoted to a large number of materials in print and electronic sources. In this article we will try to briefly talk about the essence of leasing and the possible forms and types of leasing.

Despite the fact that there is a clear definition of leasing in the legislation, often when explaining the essence of leasing, one has to resort to analogies and comparisons with other, more familiar types of activities and forms of financing. This is primarily due to the fact that Russian market leasing is very young (it began to emerge in the early 90s of the XX century) and leasing, as a form of financing, has not yet become a common instrument for investing in fixed assets.

Leasing is a type of investment activity that combines elements of lease and lending.

Leasing is related to leasing by the fact of transferring real property to the client for use, for the use of which the lessee pays lease payments. This is why leasing is also called finance lease. Leasing also has a lot in common with lending. Both when lending and when concluding a lease agreement, an analysis is carried out financial condition the client, while the methods of assessing the borrower are the same. This is due to the fact that the leasing company, similarly to the lending bank, invests cash in the acquisition of specific property at the request of the lessee and to return the funds invested in the transaction - one of the main tasks of the lessor. Leasing companies are not interested in the withdrawal of the leased property, because in this case, the problem arises of its implementation in order to repay funds aimed at financing a leasing transaction (the share of borrowed funds in the structure of sources of financing for leasing transactions is more than 70%). Leasing companies are not engaged in independent operation, leasing or other use of equipment, vehicles, special equipment.

It is customary to distinguish three main forms of leasing: financial leasing, operating leasing (or operating leasing) and leaseback.

- the most common form of leasing in Russia. In a financial lease, there are three main parties involved in a transaction: the leasing company, the lessee, and the supplier of the leased property. The leasing company buys property from a supplier and transfers this property to the lessee for use. At the end of the lease agreement, the property becomes the property of the client. Financial lease agreements are concluded for a period comparable to the full amortization period of the leased asset.

Operational leasing (otherwise it is called operational leasing) differs from financial leasing in that at the end of the lease agreement, it is not assumed that the leased asset will pass into the ownership of the lessee, but the return of the leasing company. As of today, there is essentially no operating leasing market in Russia. Operating leasing programs are offered by only a few leasing companies, while these programs involve the leasing of cars. Such a deplorable state of the operating leasing market is primarily due to the presence of contradictions between current legislation and the nature of operating leasing. When re-leasing property that was returned to the leasing company by the lessee under the operating lease agreement, one of the conditions stipulated by the leasing legislation is not fulfilled - the acquisition of leased property for leasing to a specific lessee.

You can find additional information on leasing, financing conditions and customer requirements in the section Leasing Articles

Related materials

Operating lease refers to a lease relationship during which the equipment is not fully depreciated and can be re-leased. It is used in case of conclusion of short-term contracts. Therefore, the purchase and maintenance costs of the property are not covered by payments received from one contract.

Features of operating leasing

This type of leasing has the following features:

• The duration of the lease agreement is much shorter normative term operation of the leased object. Therefore, one contract cannot cover those arising in connection with the purchase and maintenance of the property.

• must be well aware of the specifics of the equipment market. After all, he does not specifically buy property for a specific client, but transfers the available equipment. Therefore, in order to fully satisfy the needs of potential customers, it is necessary to thoroughly study both new and used equipment.

• The property is leased more than once.

• may initiate the termination of the contract if, due to certain circumstances, the property cannot be used for its intended purpose.

• The leasing company carries out equipment repair and maintenance at its own expense.

• All risks of accidental damage to property are borne by its owner.

• Rent payments are significantly higher than with financial leasing. This situation is explained by additional risks, in particular, the property may be damaged or it will no longer be possible to lease it.