Assoc . Prof. PhD Laura Vasilescu [629909]

UNIVERSITY OF CRAIOVA
FACULTY OF ECONOMICS AND BUSINESS ADMINSTRATION
SPECIALISATION FINANCE AND BANKING

BACHELORS DEGREE THESIS

Coordinator:
Assoc . Prof. PhD Laura Vasilescu

Student: [anonimizat]
2018

UNIVERSITY OF CRAIOVA
FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION
SPECIALISATION FINANCE AND BANKING

LEASING – ALTERNATIVE OF FINANCING
AND INVESTMENT

Coordinator:
Assoc . Prof. PhD Laura Vasilescu

Student: [anonimizat]
2018

CONTENT

Introduction ………………………….. ………………………….. ………………………….. ………. 4
Chapter 1 THEORETICAL FRAMEWORK OF THE LEASING …….. ……….
1.1. Concept of leasing ………………………….. ………………………….. …………………. 6
1.2. Classification of leasing operations ………………………….. …………………….. 8
1.3. Stages of leasing process ………………………….. ………………………….. ………. 10
1.3. Advantages and disadvantages of the leasing ………………………….. ……… 11

Chapter 2 EVOLUTION AND TRENDS REGARDING THE LEASING
MARKET …………………………………………………..…………. …………….
2.1. Leasing market in Europe ………………………….. ………………………….. ……. 14
2.2. Leasing market in Romania ………………………….. ………………………….. ……..
2.3. Comparison of leasing with other forms of investment ………………………..
Conclusions ………………………….. ………………………….. ………………………….. ………….
References………………………………………………………………………… ..

4

Introduction

Leasing is a market economy product resulting from the evolution of the process of
identifying new forms of financing for the sale of products and services. Leasing is therefore a
compromise solution in that you invest with the money of another by adding a small
contribution.
Leases may include real estate as well as durable movable goods in the civil circuit, with
the exception of audio and video tapes, theatre plays, manuscripts, patents and copyrights.
Leasing is a modern alternative to classic credit. T his form of financing provides the
creditor with the right of ownership as a guarantee, which gives the credit a low degree of risk.
Leasing emphasizes the modern tendency of capitalism to make dissociation between those who
hold capital and those who acti vely use this capital. It also undermines the traditional conception
of property and seriously affects the myth of property in the sphere of economic doctrines.
We can say that leasing is a means of vitalizing economies without capital.
Thus, leasing can b e a win -win solution for some economic agents who have financial
resources, a way to place economies and multiply them by setting up leasing companies. Leasing
is a winner both for the financier and for the users, the latter satisfying a need for which the y
have no financing.
For companies, financial leasing can be a modern and advantageous financing system for
durable goods, facilitating the expansion of activity, increasing competitiveness through
upgrading and efficient resource management.
The leasing m arket in Romania offers the possibility to extend the volume of leasing
financing on all segments, especially on motor vehicles, industrial machinery, trucks and
construction equipment.
Leasing financing is a modern and advantageous solution to provide fix ed capital to
enterprises. Instead of borrowing money for the purchase of equipment, machinery, equipment,
facilities, buildings, businesses can borrow these resources directly under certain conditions.
Essentially, "leasing" involves an agreement transfer ring the right to use a good for a set
period of time and the ability to buy it at the end of the period; in some respects, the effects are
similar to renting and /or selling in installments .
Worldwide practices reveal the use of a direct leasing (the manu facturer and the owner of
the asset entrusts it to a beneficiary) and an indirect leasing system (a specialized leasing
company, eventually another financier, the first purchases the good at the beneficiary's indication
and puts it at its provision against regular payments).
A distinction is made between operating leasing and financial leasing.
In the first case, the property remains with the "locator" after the end of the agreed
period; in the second case, at the end of the period, the user acquires the as set he "leased" by
paying a "residual value" (the leasing is similar to a sale in installments and with a "credit"
situation provider ").
In the Romanian economy, the tendency is to develop small and medium enterprises, and
Romanian businesspeople are incr easingly interested in this field.
The thesis is structured in two chapters, combining the theoretical aspects of the leasing
with the practical ones. New business techniques are proposed, applicable both in the European
economic environment and in the Rom anian environment.
In chapter I, we will understand better the Theoretical framework of the leasing by
defining the leasing concept and debate its advantages and disadvantages.

5
In chapter II, we will follow the evolution of the leasing market in Europe and then in
Romania.
The reason I chose this work is that it refers to an area at the beginning of its
development in Romania, but very developed in Europe, and this is precisely a careful
observation and full understanding of the complexity of the market eco nomy mechanisms: not
ownership of fixed assets generates profits for the company but use with maximum yield. Proper
use of capital resources, continued investment in new business opportunities, marketing and
advertising funding, lifelong training and staff training are strategies and policies that drive the
progress of a company.

6

CHAPTER 1
THEORETICAL FRAMEWORK OF THE LEASING

1.1. Concept of leasing

In the foreign legal literature we find that the first forms of leasing would have appeared
in Mesopotamia1, Egypt2 and Greece3.
Justinian, in the Second Book of the Institutes, developed detailed rules that
individualized the operational leasing.
In modern society, leasing emerged as a solution to the following situation: economic
agents needed the rapid purchase of new machinery and equipment. The necessary funds had to
be procured without the economic agents having to make mortgages or pledges in favor of some
banking institutions .
The practical solution to solving the situation was leasing. There was a way (a contract)
whereby a party, called the lessor (financier ), undertakes to send a certain asset for a specified
period to another party called the lessee (user) , against periodic payments called leasing rates
and to respecte , when the contract expires , the user's right of option, which may consist of: 1) the
purchase of the asset; 2) extension of the contract; 3) termination of the contract4.
Leasing first appeared in the US and gradually this technique has expanded to other
countries, especially in Europe.
Its emergence as a notion and form of funding dates back to 1950, but the economic base
was formed earlier in the period before World War II.
The first leasing company in the US was registered in 1855 under the name of "T he
Birmingham Wagon Com pany". Through the activity of this company the railway wagons were
leased to the owners of coal and other minerals5.
Also, in 1877, Bell Telephone Company in the US offers users the ability to use th eir
own phone devices at a cost of use, without requiring payment of the counter value of these
phones. This type of contract was called lease.
The radical change takes place after the Second World War – in the US after 1950, and in
Europe – after 1960, as a result of revitalizing the economy of these c ountries.
Businessmen wanted to purchase modern equipment because the machines they used
were worn out.
To finance their business, at that time, there were only bank lending procedures that were
complicated and cumbersome, assuming excessive time and bureaucracy, so they found a more
efficient formula and that is leasing .
Thus, the financier who appeared as the buyer of the equipment from the supplier and
who retained the ownership of the equipment in question, gave it to the entrepreneurs.
The advanta ges of this method have led to the founding , in 1952, by Henry Schoenfeld
and D.P. Booth, the first specialized leasing company called United States Leasing International
Corporation.

1 C.O Livlin, The History of Leasing
2 A. Moret, El Nilo y la Civilizacion Egipcia
3 G. Gloty, The Greek City
4 I. Dogaru, Drept civil. Contractele Speciale , Ed. All Beck, Bucuresti, 2004
5 D. Porter, Leasing a Global Industry in Leasing finance, ed. a II -a, Euromone Books,
London, 1990

7
This company exists today, the current name being United States Leasing International
Inc.- US Leasing and is one of the most powerful companies in the field.
The main supporters of the leasing of industrial equipment were the banks either
indirectly through specialized leasing companies or directly as a result of banks receiv ing the
authorization to carry out such operations.
Leasing has rapidly expanded throughout Europe, so that in 1972 the European Leasing
Federation was established, which controls about 80% of Europe's financial leasing industry,
with the largest sharehold ing in the UK.
An important aspect of the study of the history and evolution of leasing is its spread to
Latin America and Asia, where were established „Leasing Association of Singapore” și „Manila
Asian Leasing Association.
From the aspects presented, it follows that leasing, as a trade technique, is present in the
economies around the world, due to the advantages it entails.
As we have seen, the leasing operation is mainly a financing technique for companies
wishing to acquire machinery and equipment but without financial means, in that those economic
agents can secure their full financing without be forced to contract a bank credit or not to strike
their movable and immovable property by establishing a mortgage or a pledge, tasks that can
affect the dynam ics of the commercial domain.
Leasing is a commercial operation whereby a party called the lessor /financier sends for a
certain period the right to use a thing whose owner is to another person called the lessee/user at
the latter's request against a period ic payment called lease rates and at the end of the lease period,
the lessor/ financier undertakes to respect the user's right to purchase the asset, to extend the
contract or to terminate the contractual relationship.
The user may choose to purchase the pr operty before the end of the leasing period if the
parties so agree and if the user pays all the obligations assumed under the contract.
The evolution of technical progress and the evolution of the relationship between supply
and demand are aspects that in volve a rapid reaction to the investment decision -making level,
investments that exceed their own financing capacity, are the main reasons for the start of the
leasing operations.
The easiest solution was the leasing operation, which brings three important aspects:
production, finance and marketing. Property, b uildings and vehicles are common goods that are
leased, but goods such as industrial or commercial equipment can also be leased.
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner)
for use of an asset.
In general, a lease agreement is a contract between two parties, the lessor and the lessee.
The lessor is the legal owner of the good and the lessee obtains the right to use the good in r eturn
for regular rental payments. The lessee also agrees to abide by various conditions regarding their
use of the property or equipment. For example, a person leasing a car may agree that the car will
only be used for personal use.
From an economic point of view, leasing is a source of funding, based on a contract
specific, the lender offers the necessary funds for the entire investment. During the contract, the
lessor (the owner) allows the lesse to use the property in exchange for the promise to make a
series of payments.
During the leasing contract there is an obligation to insure the goods and the lesse/ user
has the right to choose his insurance company with the agreement of the leasing company.
Income earned by lessees/users comes from the use of the property, not its property.
The leasing includes a variety of transactions from those in which the lease involves the
use of the property for a short period of time and in this case the lease is in fact a means of
financing the lessee/ user for the purchase of the leased asset.
We can say that leasing is a buy transaction in rate in case of the asset becomes the
property of the user.

8
The participants in the leasing operations are:
– Supplier – may be a manufacturer of goods or a company that has purchased from the
producer.
– The lessee (user) – is unique as a rule of the leasing. Only in certain situations,
stipulated in the leasing contract, it is possible to exploit the asset in asso ciation with another
user, that is to say, sub -leasing it. These are the participants in the leasing cycle.
– The lessor (financier , owner ) – may be a financial company, a holding company, an
investment bank or a commercial insurance company, a leasing compa ny or even a supplier.
There are situations where it attracts other companies to finance the operation if the value of the
asset is high.
If the financier is a bank, it has no control over the maintenance and exploit ation of the
asset, it only collects lat e payments of loan (if the asset returns into the supplier's property).
Therefore, the good will have to be protected by a collateral guarantee. In this case,
leasing rates will be much higher because banks, unlike insurance companies, do not pursue
profits from the handling of goods, but from handling money that is more expensive because,
being liquid, they have a higher rotation.6

1.2. Classification of leasing operations

Expanding the use of leasing ope ratio na has been accompanie d by a diversification of
the concrete ways of organization, marketing and finance, witch allow the establishment of a set
of criteria by which these operations arc classified.
 Leasing classification by supplier's position in the contract
Depending on the position of the supplier in the leasing contract we have: direct leasing
and indirect leasing.
– Direct Leasing – the leasing contract is between the producer and the user of the asset
subject to the transaction, the financing being provided by the supplie r (producer), in which case
the supplier is the same and the lessor, being both the produ cer and the trader of the asset;
– Indirect leasing – involves the existence of specialized leasing companies, which take
over the lending, the provision of services, the contracting, the financing and the control of
payment of the installments, assuming the risk of these operations.
Leasing companies may be:
– General leasing companies – companies that have as their object the leasing of industrial
equipment, durable g oods and buildings, commercial or industrial use, property for housing.
These companies may appear either as independent firms or as branches of financial companies;
– Intermediary leasing companies – carrying out a mediation activity . Ownership of
leased equipment belongs to those who have provided investment funds th at are pursuing the tax
evasion;
– Integrated leasing companies – these are constituted by large production units that have
set up their own leasing companies to benefit from the financial ben efits res ulting from these
transactions;
– Banks and financial companies – who are engaged in leasing operations by providing
funds to leasing companies and participating in loans made by third parties to finance these
operations;
– Insurance companies – as far as investments are concerned, they are carries out in a
similar way, subject to certain restrictions imposed by the different Member States.7

6 http://www.scritub.com
7 http://www.leaseurope.org

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 Leasing classification by the content of the leasing rate
– Financial leasing: During the contract, the beneficiary pays (in installments) an amount
that includes the full price of the contracted equipment, all the costs associated with the import
operation, as well as a benefit of the leasing company. The duration of the contract is usually
shorter than the life of the equipment. Upon expiration of the contract, the equipment remains
the property of the beneficiary.
– Operational leasing: During the contract the beneficiary pays only part of the price of
the contracted equipment. The rate actually means the payment for the services provided by the
leasing company (spare parts insurance, repairs, etc.). Upon expiration of the contract, the
beneficiary loses the right on the wicked equipment. Please note that this type of contract can be
terminated before the d eadline, at the request of the beneficiary.
Financial leasing, which means that the lease must be the full amount of the contract,
including ancillary costs and benefit. The finance lease is terminated for the basic period and
may be terminated by either p arty and the economic and financial risks are transferred to the
client. If the payment is delayed by the customer, the partner has the right to dispose of the
leasing object.
Financial leasing can have two posibilities:
– Financial leasing with full payment – the entrepreneur, at the end of his basic period,
cover the production costs and commercial expenses , to earn interest on the invested capital , plus
a benefit that increases as the lease period increases ;
– Partial f inance lease – at the end of the lease period, the residual value of the equipment
is determined and that will be supported by the user if he wants to become the owner of the asset .
The most popular forms of the leasing are the followings8:
– Prudence Cred it (in France) – is a form of financial leasing that includes payments made
by the lessee that exceed the sale price of the asset, as well as financing costs. It is a complete
transaction through which the lessor, based on the user's specifications, purcha ses from the
provider the asset and request the lessee charges a fee for the use of the asset;
– Tax Leasing (US, UK) – the form in which the clauses strictly follow tax compliance
(annual income tax) and regulations to maximize tax benefits for both the l essor and the lessee.
Most of the deals in the United States and the UK are tax leasing, and their role is to maximize
earnings.
Renting an operation requires that the cover only part of the object of the contract price.
This time, the focus is on services provided by the leasing company, with a direct relationship
between the price of purchase and rental return. The leasing company assumes the risk and moral
responsibility to provide spare parts, repair, equipment insurance and payment various fees. A
lease is terminated at the request of the beneficiary, who may request it before the deadline. Both
parties have the right to extend the duration of the contract after the base period.
 Leasing classification by the content of the perceived tariffs:
– Gross leasing, which includes in its rates, in addition to the sale price of the goods (in
whole or in part), include and maintenan ce, service and repair expenses;
– Net Leasing, which includes in its rates only the export price of the object to be leased.
 Leasing classification in according to the particularities of the leasing techniques:
– Lease-back, includes the operations by which the owner, who is in urgent need of
money, sells the business of a leasing company and then hires it through a regular contract. After
the expiry of the primary period, the original owner has the right to redeem the company at a
pre-established price;
– Time -sharing , involves the system of rentals in shared times, simultaneously, by several
enterprises ;

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– Experim ental leasing is used to promote sales. This involves short term rental of
machines and utilities, experimentally provided that after the expiration of this period they will
be purchased by the clients if they correspond or they will be returned if they ha ve deficiencies;
– Renting or leasing operations , are short or very short term leasing operations and
include day or hour rental, in particular means of transport or construction equipment: cranes,
excavators, etc. These are considered by specialists as fo rms passing from regular rental to
leasing;
– Shareholder leasing is a financial technique set up by the Groupement Français
d'Enterprises and a definitive credit bail d'action, invented to pre vent the growing demands of
small and medium -sized businesses t o attract funds;
– Master Leasing (container leasing), which is usually carried out by specialized
companies dealing with the container park business. It is available in two versions:
a) term leasing – rental period ;
b) trip leasing – rental on the trip.
Master leasing system9 – is the form in which the major leasing companies sought to
strengthen their market positions, using as a specific way the complex lease agreements (first
developed in the US in the 1960s).
Some of the above leasing operation s tend to be used more often than others due to their
methodological simplification.

1.3. Stages of the leasing process

Generally, in deployment a leasing contract, at least five parties are involved in the
different stages of the financing process: the leasing company, the customer or the end -user, the
supplier of the purchased asset , the financing bank and the insurance company.
The stages of the leasing process are:
– Choice of goods and supplier. Depending on the needs of the client, he decides on the
characteristics of the good and the supplier. All details related to the nature of the good (price,
technical characteristics, delive ry details, installation and commissioning conditions for
equipment) will be negotiated by the user directly with the chosen supplier, they will specify and
respect all aspects negotiated in the sales contract and in the leasing contract;
– Obtaining the o ffer and asking for the lease. Based on prices negotiated supplier
prepares a general offer of funding, which will be calculated, the advance rate of leasing,
insurance value, etc. Following the transmission of the leasing request, the initial offer may be
subject to changes depending on the risk class to which the customer will be placed. The risk
analysis is based on the financial documents provided by the client (balance sheet, balance, profit
and loss account) and other required documents (leasing quest ionnaire, presentation of the
company's activity, business plan, etc.);
– Analysis and approval of the leasing request. Evaluation leasing request is made by
specialists in a period not exceeding 48 hours. Depending on the complexity of the proposed
projec t financing, leasing company may request the customer of the further information on some
aspects analyzed, the final evaluation response will be based on prov iding the requested
information;
– Concluding the contract. If the answer is yes, the lease contra ct will be concluded and
will be sign. The lease contract may be financial or operational and this will include the clauses
negotiated by the user with the supplier of the asset and clauses specific to the leasing company
regarding the method of payment of rates, insurance payments, and so on ;

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– General insurance of the good.The good to be procured will be provided by the leasing
company, throughout the leasing contract, with the option for all risks, under the conditions
established with the insurance comp any and the financing bank and the premium of insur ance
will be paid by the user;
– Delivery of goods. The obligation to deliver the goods is the exclusive responsibility of
the supplier. In the case of imported products, the insurance premium will be calc ulated at the
value of the price including transport and insurance paid to the place of destination but a lso all
customs duties on goods;
– Terms and financing costs . Legal persons established on the basis of Law 31/1990
republished can obtain financing fo r the acquisition of leasing assets, as well as i ndividuals or
authorized person;
– The financed goods may be new, imported or purchased on the Romanian market or
second -hand in which case an additional assessment will be carried out by th e leasing company 's
specialists;
– Various vehicles can be financed (cars, vans, minibuses) as well as medical devices,
telecommunications, computers, etc.10
The duration of the leasing contract may vary between 12 and 48 months, depending on
the client's needs and the outc ome of the financial analysis.
Documents required for analysis:
Depending on the legal personality of the applicant (legal person, authorized person,
individuals), different types of documents are required to highlight the creditworthiness and
ability to pay.
In particular, the requested documents are:
– Application form or Order f orm, standard documents;
– Financial and accounting documents (verification balance, balance sheet etc., to present
financial situation in the last two years of activity );
– Lega l documents of the company wishing to acquire a good in a leasing system
(registration certificate, fiscal identification code, extract, certified statement , constitutive act ,
association documents and annexes, if applicable, etc.)
– Declaration of commitm ent of the user;
– Proforma invoice, with a detailed description of the good and the technical
characteristics , the payment and delivery modalities, the price and the payment currency;
These stages and items vary from one leasing company to another, but th e more the idea
should be the same.

1.4. Advantages and disadvantages of the leasing

Over time, the lease agreements have been improved by adding or removing the terms,
benefits or obligations. I will list below some of the advantages and disadvantages of leasing.
For the user, leasing has the following advantages:
– Lease payments constitute an advantage by saving in the initial phase of equity, because
the payment of an advance is not mandatory;
– The constant amount of rent facilitates more rigorous expenditure planning;
– The company's balance sheet does not change because both the assets and the liabilities
that the results of the lease do not appear on the sale, the rate of lease being considered as an
expense of the company ;
– The duration of the contract may be so fixed that the enterprise is permanently equipped
with the most modern and best -performing machines;

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– The supplier can agree to replace equipment that is under contract with another more
modern, the user thus being protected from the ef fects of moral wear;
– Leasing providers can agree to continue using the goods after the end of the contractual
period with a lower fee.
For the supplier , who may be the direct producer or the owner of the purchased goods to
be distributed through the leas ing, it has the following advantages:
– Contributes to the promotion and development of exports, the supplier being able to
carry out, in addition to traditional and leased exports, the mechanism of which effectively
contributes to the expansion of demand for a range of high -value goods;
– It allows the attraction of new beneficiaries who can not pay the whole price in the case
of cash sales or the advance on credit sales;
– Winning new customers, and as such, the promotional role of leasing is also achieved
by the fact that certain equipment is first leased to convince the customer of their yield, in case
of a positive result, it can acquire the equipment (experimental leasing);
– Provides for additional earnings from the resale or re -rental of machi nes and equipment
that have been returned after the lease expires;
– The balance sheet is not affected by the debt and the sale of the receivables does not
require a credit application11.
Leasing can also be considered a form of privatization, which has adv antages both for the
state – the property is temporarily preserved on the respective economic agents and can be
privatized after the client has demonstrated his managerial qualities – and for the respective
clients, thus to be attracted to this action, cap able managers who have no capital, could not
engage in such business.
The real estate leasing with the irrevocable sale clause, having as object the assets of the
state trading companies and the autonomous regies, has spread widely at the national level f rom
its legal regulation, being on the one hand the main means of privatization, and, on the other
hand, the most advantageous alternative for small and medium enterprises, which can thus use
production, commercial or service spaces that they could not obt ain under other conditions.
Leasing also has certain limits for both the customer and the supplier.
Among the disadvantages that leasing presents to the client we mention:
– Is effective only if the object of the leasing contract can be exploited during th e entire
lease period;
– It is often more expensive than credit purchases, and the prospect of such an operation
is only justified if the amounts released can be invested in other very cost -effective areas;
– The operation becomes really profitable in limited numerical situations (we take into
account especially the financial leasing), in other words, the leasing has limits in terms of the
possibilities to give the importer economic advantages.
For leasing companies there are certain risks:
– Only the u se of property is alienated, preserving the property, sometimes the goods can
be damaged by improper use, and the causes are difficult to establish;
– After the first rental, there is no longer the possibility to find other users.
Besides the advantages and disadvantages presented, we will present some aspects of the
leasing:
– The contractual conditions are standardized, which allows for operability and mobility
in the negotiations that are carried out for the conclusion of the operation;
– The parties m ay include special clauses in the contract and usually they are considering
the choice of penalties system, depending on the nature and value of the contract;
– Payments for the right to use tangible or intangible assets are included in costs and as
such a re deducted from taxable profit;
– Leasing facilitates the privatization of real assets – movable goods – ownership of
commercial compani es to which the s tate is the sole or majority shareholder if at least part of the

11 http://www.leaseurope.org

13
depreciation costs have been covered;
– In the case of judicial reorganization, or declaring the user bankrupt, the owner does not
lose the goods but risks not having to pay the outstanding amounts and the lessor reserves the
right to claim compensation.
Among the disadvantages outlined in the leasing practice would be that if the beneficiary
company can obtain preferential loans on advantageous terms, it will no longer resort to leasing
and it will appear to be unsatisfactory. However, a number of 'hidden costs' that occur in the case
of these types of financing by credits, for example: payment of an advance, solicitation of
guarantees, insurance, etc. and must be taken into account12.
Disadvantages or advantages of leasing operations exist, but they should not be
absolutized in either on e sense or another, but should be regarded as complex, extremely useful
operations.

12 http://www.leasing.ro

14

Chapter 2
EVOLUTION AND TRENDS REGARDING THE LEASING MARKET

2.1. Leasing market in Europe

15

Conclusions
(2-3 pagini)

16

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*** www.scritub.com
*** www.rasfoi esc.com
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