Understanding Car Leasing

For which payment has to be made in a series of contractual

, periodic, tax deductible payments. Car leasing is also a type leasing where instead of a property, a car is leased for the terms mutually decided by the leasing company and the lessee.

For a land property or flat leasing is akin to renting similarly car leasing is also akin to getting a car on hire for a stipulated period. There is a difference in hire and leasing and the difference is in the sense that the property or car is hired or leased. Whereas when we hire a premise for a stipulated time, it is also for a stipulated event. When we hire a banquet hall for a party, the space in the banquet hall is hired to hold the party. Everything in the banquet hall is not part of the bargain. Similarly when we hire a car to go to the airport, it is for that particular objective of reaching you to the airport. You do not have any right over anything else in the car even when you are in the process of going to the airport.

As there are realty firms who facilitate the process of leasing property that belongs to one party and is leased out to another under specific terms that are mentioned in the lease agreement so also there are car leasing companies that let you lease the car of your choice for a protracted period for a lease fee that is payable every month as per the terms decided by both parties.

Car Leasing is also called as car contract hire. Car leasing deals are a legal method of letting out the full use of a car or cars for a fixed monthly fee. In most car leasing deals, both the duration of the hire and the mileage for which the car will be used is initially decided. The hire fee or monthly rental depends upon the price of the car when hired, the mileage and the value of the car when it will be returned at the end of the contract. At the end of the contract the car is just returned without any payment on condition that it is not damaged during the hire period.

The car leasing deal can include an extra amount included in the monthly fee to include maintenance, servicing or replacement vehicles. Thus the lessee has no hassles of maintenance or repairs during the period of lease.Thus, many a times car leasing is much better than owning a car.

by: Antoine Scott

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