LENARD AUTOLEASE PVT LTD

03/05/2021

29/04/2020

खबर थी कि आज एक सितारा आसमाँ से टूट कर धरा से टकराएगा, पर किसे खबर थी कि एक आज सितारा धरा से टूट के आसमाँ में चला जाएगा 😔

25/01/2020

Let us take a pledge that we would not let the efforts of our brave freedom fighters go in vain. We would strive to make our country the best in the world. Happy Republic Day 2020 ! 🇮🇳

31/03/2019

Implied warranties and conditions to protect the hirer...

The extent to which buyers are protected varies from jurisdiction to jurisdiction, but the following are usually present:

1. the hirer will be allowed to enjoy quiet possession of the goods, i.e. no-one will interfere with the hirer's possession during the term of this contract

2. the owner will be able to pass title to, or ownership of, the goods when the contract requires it.

3. that the goods are of merchantable quality and fit for their purpose, save that exclusion clauses may, to a greater or lesser extent, limit the Finance Company's liability

4. where the goods are let by reference to a description or to a sample, what is actually supplied must correspond with the description and the sample.

31/03/2019

seller and the owner...

If the seller has the resources and the legal right to sell the goods on credit (which usually depends on a licensing system in most countries), the seller and the owner will be the same person. But most sellers prefer to receive a cash payment immediately. To achieve this, the seller transfers ownership of the goods to a Finance Company, usually at a discounted price, and it is this company that hires and sells the goods to the buyer. This introduction of a third party complicates the transaction. Suppose that the seller makes false claims as to the quality and reliability of the goods that induce the buyer to "buy". In a conventional contract of sale, the seller will be liable to the buyer if these representations prove false. But, in this instance, the seller who makes the representation is not the owner who sells the goods to the buyer only after all the installments have been paid. To combat this, some jurisdictions, make the seller and the finance house jointly and severally liable to answer for breaches of the purchase contract.

31/03/2019

A hire purchase (HP), known as installment plan in India, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g. 40% of the total) and repays the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own.

The hire purchase agreement was developed in the United Kingdom in the 19th century to allow customers with a cash shortage to make an expensive purchase they otherwise would have to delay or forgo. For example, in cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a monthly rent. When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum) or return the goods to the owner.

If the buyer defaults in paying the installments, the owner may repossess the goods, a vendor protection not available with unsecured-consumer-credit systems. HP is frequently advantageous to consumers because it spreads the cost of expensive items over an extended time period. Business consumers may find the different balance sheet and taxation treatment of hire-purchased goods beneficial to their taxable income. The need for HP is reduced when consumers have collateral or other forms of credit readily available.

These contracts are most commonly used for items such as car and high value electrical goods where the purchasers are unable to pay for the goods directly.

31/03/2019

Overview...

In the India the leasing market has historically been dominated by businesses and fleet customers. In recent years however the market has shifted and now personal contracts have the biggest market share. This is largely influenced by increasing company car tax for drivers (BIK) and taxable allowances for businesses being affected by vehicle emissions. For company car users who opt out, a personal lease contract allows them to have a fixed monthly payment that's subsidised by their employer, but also allows for a more flexible choice of vehicles than a rigid company car policy.

31/03/2019

India Leasing..

Similarly to the India automotive market, leasing a vehicle enables you to have access to a vehicle that you might otherwise be unable to afford if you were to finance the full value. Compared to a P*P method of finance, leasing is far more benefical if you plan on changing your vehicle at the end of the initial contract, rather than taking ownership.

31/03/2019

Lease agreement

Lease agreements typically stipulate an early termination fee and limit the number of miles a lessee can drive (for passenger cars, a common number is 10,000 miles per annum though the amount can be stipulated by the customer and can be 12,000 to 15,000 miles per year). If the mileage allowance is exceeded, fees may apply. Dealers will typically allow a lessee to negotiate a higher mileage allowance, for a higher lease payment. Lease agreements usually specify how much wear on the vehicle is allowable, and the lessee may face a fee if that amount of wear has been exceeded.A lease with maintenance (commonly known in the India as Contract Hire) can include all vehicle running costs excluding fuel and insurance.

The actual lease payments are calculated in a very similar way to loan payments, but instead of an APR, the company uses something called the money factor.

At the end of a lease's term, the lessee must either return the vehicle to or buy it from the owner. The end of lease price is usually agreed upon when the lease is signed.

Typically a leasing company will have a minimum length of lease such as 24 months up-to 60 months. Recently a new view on leasing is that the market has grown for short term lease called 'flexi-lease'. Flexi-lease is when a person can lease a new vehicle for 3 months and then choose to hand the car/van/motorcycle back or indeed extend the lease for another period. This is almost the same as van hire but typically involves the finance or leasing company maintaining and being ultimately responsible for the vehicle.

31/03/2019

Vehicle leasing offers advantages to both buyers and sellers. For the buyer, lease payments will usually be lower than payments on a car loan would be. Any sales tax is due only on each monthly payment, rather than immediately on the entire purchase price as in the case of a loan. Some consumers may prefer leasing as it allows them to simply return a car and select a new model when the lease expires, allowing a consumer to drive a new vehicle every few years without the responsibility of selling the old vehicle, or possible repair costs after expiry of the manufacturer's warranty. A lessee does not have to worry about the future value of the vehicle, while a vehicle owner does. For a business lessor there are tax advantages to be considered.

For the seller, leasing generates income from a vehicle the seller (or manufacturing corporation) still owns and will be able to lease again or sell through vehicle remarketing once the original (or primary) lease has expired. As consumers will typically use a leased vehicle for a shorter period of time than one they buy outright, leasing may generate repeat customers more quickly, which may fit into various aspects of a dealer's business model.