The contractor or its assignee that owns the equipment and grants the use of that equipment to the lessee for a specified period of time in exchange for regular and timely payments. Net Lease A lease agreement where the lessee assumes the costs and expenses related to the use and maintenance of leased equipment. Operating Lease A lease that allows for flexibility at the end of the lease term to either return or purchase the equipment; there may also be a provision to purchase equipment before the end of the initial lease term. Present Value Term that refers to today's value of money that is to be received in the future.
Under the lease agreement, the finance company who is the legal owner of the asset is known as the lessor. The Motor Vehicles Act, 1988 - Section 51 contains special provisions regarding motor vehicle subject to hire-purchase agreement, etc. In case of vehicles financed under hire-purchase, lease or loan agreement, the name of the lessor is mentioned as a financier.
The party owning the property, who allows another to take possession, use and/or enjoy the property in return for which he receives periodic payments, and retains full title to the property; e.g., a landlord.
(Dealer, Bank, or Leasing Company) - The owner of the leased vehicle, (the one who's name is listed on the title). Mileage Allowance - The fixed mileage limit, above which, there will be an excess mileage charge.
The Kia dealer, and after assignment, the financial institution to which the lease is assigned. The party leasing the vehicle to the lessee, the actual owner of the vehicle and the lease (i.e., leasing company, dealer or financial institution).
The person who grants a lease - the landlord. Life assurance - An insurance policy that pays a lump sum on death. Often taken out with a mortgage to provide money for the loan to be repaid if the borrower dies during the term.
A person: Whose principal business is the leasing or renting of motor vehicles for compensation to the general public, Who maintains established places of business, and Whose lease or rental contracts require the motor vehicles to be returned to the established places of business at the termination of the lease.
The owner of the leased vehicle and the entity who sets forth the lease terms and conditions. Typically the lessor is a bank or vehicle manufacturer's financial subsidiary. Money Factor A fraction that is used by many lessors to calculate the Rent Charge associated with a lease payment. This is the interest portion associated with a lease; although, it is not an annual percentage rate like that would be found on a retail installment loan contract. Monthly Sales/Use Tax Unlike purchasing a vehicle the customer does not pay a lump sum sales tax amount upfront in a lease. Instead the lessee will pay tax on a monthly basis for the duration of the lease period. This tax amount is typically determined by where the vehicle will primarily be garaged. For instance, if a vehicle is leased and will be garaged in a county or locale where sales tax is figured at six percent the lessee will pay an additional six percent on top of the Base Monthly Payment. MSRP (Manufacturer's Suggested Retail Price) Is the sticker price of a new vehicle and is important because it is typically used to determine a vehicle's residual value.
The party to a lease transaction who gives up possession and use of the leased assets for the term of the lease, and for receipt of a pre-determined monetary sum. The lessor (company or entity) is typically the owner of the leased equipment for accounting, tax or commercial law purposes
The owner of the leased vehicle, usually the finance company such as GMAC, Ford Credit, VW Finance etc. Net Leased Vehicle Amount Net price of the vehicle after subtracting trade-in, incentives and down payment. Used for determination of depreciation and monthly payments.
An owner who allows his/her land, buildings, plant or equipment to be used under a lease contract. Liability A claim on the assets of a corporation or individual. Corporation liabilities carried on the balance sheet include current ( short term) liabilities (such as notes payable in 90 days, or accrued wages, owed but not yet paid to employees), and long term liabilities (such as 5-year, 10-year, or longer term notes or bonds sold to the public).
The lessor is the leasing company - under the German Banking Act, also called the financing institution - the "leasing" manufacturer or bank offering leasing itself, which lets the lessee have the leased object for use. The terms "landlord/lettor" have the same meaning. If the lessor is the legal and beneficial owner of the leased object, then the tax allocation and accounting of the leased object is made by the lessor.
The person or institution who owns and leases the vehicle to the lessee. The party funding the lease of the vehicle placed in lease service. It can be the dealer, a leasing company, or a financial institution such as a bank or credit union.