How much will leasees pay to terminate a contract?

Autor: Gabriela Folcut | Sursa: Standard.ro | Publicat: 30 apr 2009, 00:00

Some 80 percent of clients who opt to return their cars to leasing companies, at present several thousand, are being sued for recovery of losses incurred by leasing companies. Foreclosing on a client who is later than 60 days paying his installments, and repossession of the good owing to the clients wishes does not entirely wipe out the debt of the client to the financer, and this results in court cases against the client to cover the difference in costs.

ARTICOLE Gabriela Folcut

Gabriela Folcut

The number of clients who are late paying their installments has risen 50-60 percent in the first quarter, as these do not have sufficient liquidity due to economic problems. In most cases, by signing the leasing contract, the user commits to covering all due and unpaid invoices and installments by the end of the leasing contract, including the residual value, in case he terminates the contract. Gabriel Biris, Managing Partner of Biris-Goran law firm indicated that leasees do not stand a chance of getting away with not paying all the costs incurred.

An increasing number of clients of leasing companies are no longer able to pay their installments due to the depreciation of the leu to foreign currencies and rising interest rates, and the companies are obliged to put money aside for provisions.

The return of the leased good should be considered as a last resort. The best options are the renegotiation of payments with the leaser or the reassignment of the contract to another leasee.

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