Țiriac Leasing

Țiriac Leasing How It Works

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Lease planning

We offer financing for individuals, licensed individuals and legal entities for any new or used vehicle and a wide range of equipment sold by authorized dealers in Romania.

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  • Benefits

    Entering a lease agreement provides you with multiple benefits:

    • Simple contracting formalities compared to loans;
    • Save your capital: you only pay a down payment, and you pay the VAT with the lease instalments;
    • You have full control over expenditure due to fixed monthly instalments;
    • You have a full service package included in the lease agreements: registration, insurance etc.;
    • You have partial deductibility for amortization, interest and insurance;
    • It is very accessible due to the high flexibility in granting financing that is tailor-made to each person’s specific needs;
    • You save time, because this is a quick response procedure.
  • The planning process

    Tiriac Leasing offers financing for individuals, licensed individuals and legal entities for any new or used vehicle and a wide range of equipment sold by authorized dealers in Romania.

    The stages required to access the financing lease are:

    • Choose the vehicle or equipment you wish to purchase under a lease and the respective supplier;
    • Determine, together with the supplier, the technical features, purchase price and delivery time for the vehicle or equipment;
    • Prepare the lease file and send it to the supplier or to the Tiriac Leasing representative;
    • Tiriac Leasing reviews the financing file and sends you the final lease offer;
    • Sign the lease agreement and make the down payment;
    • Tiriac Leasing purchases the vehicle under the terms you have negotiated with the supplier;
    • Tiriac Leasing insures the vehicle that is the object of the lease;
    • The supplier delivers the vehicle and signs the delivery protocol with you;
    • The lease agreement is performed;
    • The lease agreement is completed.

    In order to obtain a financing solution based on personalized advice, please contact us. Our team of sales consultants is at your disposal with all the necessary information.

Lease performance

Starting with the next month after the one when the payment was made in full to the supplier or the item was delivered, whichever comes first, the lease agreement becomes effective, and the lease instalments and related costs stipulated in the lease agreement will be invoiced.

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  • Information about contract performance

    The invoices will be mailed to the address you specify. Any changes in the identification data or postal address from the lease agreement, occurring during the contract term, must be promptly notified in writing to Tiriac Leasing, before the next invoice is issued, in order to make the necessary changes.

    The payment period for invoices is a maximum of 10  workingdays from the due date of the contractual obligation for which they were issued. Both lease instalments and related costs for the lease agreement that are invoiced by Tiriac Leasing may be paid by bank transfer or in cash at the Tiriac Leasing cashier.

    Lease agreements may be amended via addendums, following a request from the legal representative of the legal entity user/of the individual or licensed individual user.

    Requests for the amendment of lease agreements are sent to the financer in writing, using standard forms that are made available to customers.

  • Leasing Contract Changes

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  • Yield contractual rights and obligations

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Lease completion

The lease agreement may be completed following the repayment of the financing at term, early full repayment of the financing or due to the occurrence of an insured event that leads to total destruction or theft of the leased item.

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  • Repayment at term

    Approximately 45 days before the due date of the last lease instalment you will receive a notice with useful information regarding your option upon the completion of the contract (full payment and transfer of ownership/extending the lease period/transferring the lease to a third party), and with respect to the ownership transfer.

    The steps involved in completing the formalities for the ownership transfer are:

    • Payment of the residual value and all payment obligations under the lease agreement;
    • Sending the certificate to Tiriac Leasing (if the financed item is a registrable vehicle) in order to enter the mention regarding the ownership transfer;
    • Sending to the customer the fiscal invoice proving the ownership transfer, accompanied by the set of documents needed to register the item again (if the financed item is a registrable vehicle).
  • Early repayment

    During the term of the lease agreement, you can repay the financing in full subject to a written request. According to the applicable laws, the early full repayment of financing is only possible after completing a minimum 12-month term from the date you received possession of the leased item.

    In case of early repayment of the financing, the steps to be taken for the ownership transfer formalities involve the following steps, in addition to the ones for the normal repayment:

    • Sending a written request to the Contract Performance Department to make the necessary calculation of the payment obligations for early repayment;
    • Issuing a pro forma invoice containing the payment obligations at that time (excluding the penalties caused by outstanding invoices at the time when the pro forma invoice is issued, which will be calculated when the outstanding balance is collected).

    The lease agreement will be amended accordingly only if the pro forma invoice is paid within the period specified therein, together with any balance of outstanding invoices and related penalties.

  • Total loss

    If the insurance company acknowledges the total theft or total destruction of the financed item, depending on whether the requirements for compensation are met or not:

    • If the requirements for compensation are met: contractual obligations will continue to be invoiced until our company’s account is credited with the compensation given by the insurance company. After collecting this amount, our company will proceed to close the contract early, and will withhold from the compensation the value of outstanding invoices at that time, the principal remaining to be invoiced and all other payment obligations related to contract termination. If the received amount exceeds the costs related to contract termination, the difference will be made available to you. Otherwise, you will have to cover the difference.
    • If the requirements for compensation are not met, you have the obligation to close the lease agreement early within 15 days of the time when the insurance company rejects the damage file.

Documents

See the necessary documents to enter a lease agreement.

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  • Individuals

    Standard documents:

     

    Other documents:

    • Workbook (true copy of the first page and the pages for the last 12 months);
    • Copy of the identity card;
    • Copy of the marriage certificate (if applicable);
    • Standard certificate of salary issued by the employer - Form F 16/Pension coupon for the last 3 months (copy);
    • Certificate with the income obtained during the previous year;
    • REVISAL excerpt - from the employer;
    • An invoice bill - as recent as possible.
  • Licensed individuals

    Identification and presentation documents:

    Accounting documents (signed and sealed):

    • Annual tax statement/tax return for the last two years, with the seal of the Revenue Service (if the one for the previous year has not been registered yet, it may be replaced with the collection and payment register);
    • For the current year, tax return for tax pre-payments with the seal of the Revenue Service;
    • Copy of the collection and payment register, signed and sealed, for the current year, or cooperation contracts (certifying the income for the last 12 months) and income certificate (Form F16);
    • Fiscal certificate or payment orders.

    Legal documents for the establishment and the license to practice the profession:

    • INDIVIDUAL MEDICAL PRACTICES: Registration certificate with the Public Health Directorate - copy;
    • LAWYERS: Practice decision issued by the Bar - copy;
    • LICENSED ACCOUNTANTS, ACCOUNTING EXPERTS: CECCAR Membership with visa for the current year - copy;
    • TECHNICAL EXPERTS, APPRAISERS: License - copy;
    • NOTARIES PUBLIC: Practice approval from the Chamber of Notaries Public - copy;
    • OTHER LIBERAL PROFESSIONS: Practice license with visa for the current year - copy;
    • Copy of the fiscal code/fiscal registration certificate (if applicable);
    • Copy of the identity document.

    Documents regarding the leased item:

    •  Pro forma invoice from the supplier of the item/technical specification.

    Additional documents for second-hand vehicles:

    • copy of the identity book;
    • photographs of the vehicle (including frame serial number and kilometres);
    • any other document deemed relevant, as the case may be, such as the service book or copy of the invoice by which the supplier purchased that vehicle from a licensed dealer.

    The documents for equipment are required, as the case may be, depending on the specifics of the purchased goods.

    If financing is accepted, the documents that are submitted as copies may be compared with the originals.

  • Legal entities

    Identification and presentation documents 

    • Financing application Form F-33 (fully filled in, incomplete sheets will be returned for completion);
    • Other documents depending on the nature of the required goods: transport licenses/route (if applicable);
    • User’s consent to query the Banking Risk Centre, Payment Incident Centre, Credit Bureau for shareholders/members, with participation under 25% or 33% in the share capital (3 originals).

    Accounting documents (signed and sealed):

    •  the latest two submitted balance sheets (annual and/or biannual) and the related balances. The balance sheets must have the visa from the Revenue Service (Trade Register for 2009);
    • the latest available balance for the current year (no older than 2 months).

    Legal documents:

    • Copy of the unique registration number (CUI);
    • Copy of the articles of incorporation and addenda;
    • General Assembly resolution signed by the shareholders of the company, accompanied by a power of attorney for the persons representing the customer in the negotiation and signing of the lease agreement (according to Form F-30);
    • Copy of the identity documents of shareholders/members/directors of the company and of the persons that sign the lease agreement;
    • Signature specimen at the bank (the bank through which the company carries out most banking activities) sanctioned by the banking unit (at most 10 days before the documentation submission date).

    Documents regarding the leased item:

    •  Pro forma invoice from the supplier of the item/technical specification.

    Additional documents for second-hand vehicles:

    • copy of the identity book;
    • photographs of the vehicle (including frame serial number and kilometres);
    • any other document deemed relevant, as the case may be, such as the service book or copy of the invoice by which the supplier purchased that vehicle from a licensed dealer.

    The documents for equipment are required, as the case may be, depending on the specifics of the purchased goods.

    If financing is accepted, the documents that are submitted as copies may be compared with the originals.

Transfer of contractual rights and obligations

During the term of the lease agreement, subject to a written request, you can transfer all the contractual rights and obligations to another user, by means of a legal operation called novation under the lease agreement.

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  • The steps for novation under the lease agreement

    • Sending the file containing the documents required for reviewing the request to transfer the contract to a legal entity/individual/licensed individual that wishes to take over the contract;
    • The financer reviews the file;
    • Notifying the decision on granting the financing;
    • Issuing and signing the three-party novation contract;
    • The fee for the issue of the novation contract is according to the company’s pricing at the time when that service is provided.
  • Documents required for individuals

    Required documents (if financing is accepted, the documents that are submitted as copies may be compared with the originals):

    Documents for the transferor:

    • Fiscal certificate issued by the Directorate for Local Taxes and Duties, certifying that the tax for the vehicle has been paid;
    • For persons appointed to negotiate and sign the novation contract:

    If the transferor is a legal entity: General Assembly resolution, signed by the company shareholders, Form F-30;

    If the transferor is an individual wishing to authorize a third party: notarized power of attorney.

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