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Leasing [] (of English tons lease = "rent, lease ") is a financing form, with which the leasing property will leave to the lessee of a leasing payment agreed upon by the leasing giver against payment for use. Leasing contracts have a similar character as leases. From the rent leasing differs by the fact that rent-contractually owed maintenance and repair achievement and/or warranty claim on the lessee are over-rolled. This happens in the exchange against the transfer of the purchase rights on the part of the leasing giver and the financing function (full amortization) with the leasing. The leasing giver carries here the special and price danger. Leasing contracts are thus "atypical" leases.
With the leasing one differentiates Finance leasing and the Operate leasing.
After end of the leasing contract the leasing property decreases/goes back to the leasing giver or to the lessee or third is sold.
Clientele of leasing companies consists mainly of manufacturing ones, an expansion on private customers is however to observe - particularly in the range of the paragraph leasing (v.a. KFZ leasing).
For the lessee leasing offers the following advantages:
- The liquidity is preserved (it takes place however a continuous liquidity discharge)
- The leasing installments are for taxation fully removable as operatings expenditure. A condition: fiscal addition as per "ยง39 AO of the leasing object on the leasing giver with consideration of the leasing decrees of the BFH. Leasing is accepted only fiscal, if no automatic acquisition of property of the lessee takes place, otherwise rates the tax office the leasing as hidden hire-purchase.
- Leasing is meaningful for a recent enterprise only if it gains profit, so that it can reduce its fiscal charges. A loss brought forward from previous account is possible, disburses itself however only if the enterprise reaches the profit area. Leasing is unfavorable, if a recent enterprise goes to the profit area before reaching into insolvency.
- Leasing is balance neutral (comes the credit-worthiness of the enterprise to property): According to tax law perfect, i.e. according to the leasing issuing of arranged leasing contracts, with the right of the activation with the leasing giver, is in principle balance neutral and does not appear thus not in the balance of the lessee, which books only the leasing and/or renting expenditures in its profit and loss calculation as operatings expenditure. The leasing giver activates the leasing articles as plant and/or renting ability and copies her in accordance with the depr. times.
- The leasing costs are periodically returning payments, which result parallel to the use of the leasing object. Financial payments in advance are not necessary, since the object finances itself constantly ("pay as you earn" - effect/cost congruence)
- The periodic leasing payments serve in-plant planning as safe calculation basis
- The advantages of leasing create possibilities for operational innovations and rationalizations
- A disposal with contract end by the lessee is void - the leasing object is returned at expiration of the leasing time to the leasing giver
Opposite the following disadvantages stand:
- The lessee does not acquire property at the leasing property and has thus no possibilities for a possible sales with Nichtnutzung.
- The total costs leasing are, regard one the entire period of use, i.d.R. more highly than with a foreignfinanced purchase of the object, because the leasing giver must calculate the loss risk and also a profit expected.
- Connection to the contract running time - enterprise must pay the leasing installments also with Nichtnutzung further.
Kinds of leasing
After the leasing giver
- Direct leasing/manufacturer leasing: The manufacturer of the leasing property is the leasing giver. This constellation applies however in practice so no. Usually manufacturers maintain own leasing companies as subsidiary companies. Over these a kind "manufacturer leasing" is realized. A typical example for this are the leasing companies of the large car manufacturers.
- Indirect leasing: The leasing giver is not the manufacturer of the leasing property. It is a legally independent leasing company, which leaves a certain leasing object to a lessee for use (triangle relationship). The leasing giver finances the leasing object and refers from the financing its profit.
After the lessee
- Private leasing:
Since private people cannot make the leasing installments for taxation valid, within the private sector different ways of financing are usually selected. In particular a bank credit is normally economically more meaningful. However straight manufacturer leasing companies in the private leasing see an interesting marketing possibility. A liquidity-careful vehicle procurement is promised by applying a low leasing installment sometimes in addition, only to the potential customer (vorgegaukelt). According to opinion of some experts private leasing is reasonable only if the lessee plans the return of the leasing property from the beginning to the contract end. Leasing can be interesting for private individuals in addition, if the offer of a manufacturer leasing company contains marketing measures, which would not be available with a cash payment or a financing. Which offer for the private customer is the most favorable (leasing, financing manufacturer bank, financing house bank, cash purchase), leaves itself due to the missing fiscal aspects relatively easily by summing the costs (pre-payment, sum of the rates, if necessary final payment) to determine. Particularly problematic for private individuals is leasing because of the usual remainder maturity clause in KFZ leasing contracts if the Privatmann does not cover an accident imprisonment for debt caused (e.g. by alcohol to tax), and the insurance against all risks the damage. The lessee must the sum the entire still due sum prematurely at one blow pay and cannot not by the sales of the destroyed vehicle cover. - Commercial leasing:
- Advantages:
- A. qualitatively: Balance neutrality (no change of the own capital funds ratio), "Pay as you earn" - effect, clear and transparent calculation basis, with KFZ/EDV/Maschinen: always new models
- b. quantitatively: Liquidity indulgence and/or - increase, own capital funds indulgence, 100%-ige outside financing, smaller administration expense --> all of this before the background Basel II
- Special leasing: The leasing object can be used only by the lessee meaningfully.
- Sale and leases bakes: The enterprise sells the objects to a leasing company and leases it then back. Thus the enterprise at liquidity wins.
After the leasing duration
- Operate leasing: usually short term contracts
- Finance leasing/Capital leases: usually central or long-term contracts
Other
- Zero-leasing: The leasing installments do not contain expenditure for interest and running costs. This kind of leasing is used in the motorring industry as an instrument of the sales promotion. The not covered costs are taken over by dealers and/or manufacturers.
Allocation relating to the balance
Contrary to the HGB where either the leasing giver Capital and thus the lessee operating leases (or accordingly turned around) compellingly prove must, is under IFRS, as well as under US-GAAP the allocations relating to the balance of leasing giver and lessee completely independently. In the IFRS the standard IAS 17 regulates the leasing representation.
Noticing set: For a successful enterprise not the property of an article, but its use is crucial.
See also
- CROSS on-board he leasing
- Wet leasing/Dry leasing
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