Țiriac Leasing FAQ

Frequently Asked Questions

• How can I obtain the required financing from Tiriac Leasing the fastest?

  In order to have your application resolved quickly, you must submit a full file containing all the required documents.

  Furthermore, if you want financing for a vehicle purchase, you have access to 2 products with simplified approval: quick financing and startup financing.

• Do I need to obtain a power of attorney from the leasing company if I want to use the item outside Romania, and how would I proceed?

  The leasing company is the owner of the item until all the payment obligations are made in full and ownership is transferred. Therefore, a power of attorney is required in order to use the item outside Romania.  In order to obtain this power of attorney, we offer you 2 alternatives:

  • Issuing the power of attorney directly to you, from the page Access customer account of our website. Accessing your account you will find the necessary form in the section “Printable documents > Power of attorney to leave the country.
  • Having the power of attorney be issued by our company’s secretarial service, under a dedicated form, signed and sealed by the legal representative of the legal entity user/signed by the individual user. If you opt to have the power of attorney be issued by our company’s representatives, a fee will be charged and invoiced with the next lease instalment, and its value will be mentioned in the request form.

  Note: The power of attorney is issued subject to the invoices that are issued and due by the request date being paid.

   

• For what period can the power of attorney to use the item outside Romania be issued?

  The power of attorney to use the item outside Romania is issued for a period of 90 calendar days starting with the current date.

• How and when do I pay for the CASCO insurance?

  Upon issuing the lease agreement you can opt to include casco insurance premiums in the contract payment schedule or to pay the insurance premiums directly into the insurer’s bank account.

  • If you opted to include the insurance in the lease agreement, the value of the insurance premiums will be included in the lease invoices. Starting with January 2014, insurance premiums are VAT exempt.
  • If you opted to exclude the insurance from the lease agreement, you will pay the insurance premiums directly into the insurance company’s account, according to the estimates sent by Tiriac Leasing IFN S.A. by e-mail and post.
  • The premium must be paid within the mentioned period in one of the insurer’s accounts mentioned therein.
  • To confirm payment for the insurance premium, please send proof of payment by e-mail, to asigurari@tiriacleasing.ro or by fax, to 021.206.26.58.

   

• Why do I pay a constant insurance premium each year even though car value is decreasing?

  For lease agreements, the CASCO policy is issued based on a fixed premium applied on the value of the item in the first year of lease. This rate is an average rate, negotiated with the insurers and reduced according to the lease period. Furthermore, during the lease period the damage rate during the previous years of insurance is not taken into account and the insurance premium is not increased by it.

• How long do I have CASCO insurance?

  The CASCO policy is issued for the entire lease period plus one month, but at least until the residual value is paid in full by the lessee.

• What is the risk inspection and when does it need to be carried out?

  The risk inspection is a checkup of the vehicle performed by the insurer and consists of making photographs of its outer and inner appearance, followed by the inspection questionnaire being filled in by the insurance inspector and accepted by the user. The risk inspection is mandatory in the following cases:

  • if the car is used at delivery (second hand);
  • if delivery was done ex works;
  • if the insured person was late with the insurance premium payments during the policy validity period and as a result the policy expired.

  Any damage found upon carrying out the risk inspection will not be covered by the insurer.

• What do I need to do when leaving abroad to have the car remain insured for CASCO?

  When leaving abroad you need the Green Card and CASCO extension. If both the motor liability policy and the Green Card are issued by the same insurance company as the CASCO policy, the latter is extended free of charge to cover the area of the Green Card. If you contracted the motor liability policy with a different insurer than the CASCO policy, or the destination/transit countries are not covered by the Green Card, you will have to pay an additional premium to extend validity abroad, at any branch/agency of the CASCO insurer.

• Who issues the motor liability insurance?

  The motor liability insurance will be contracted by the LESSOR, and its value will be invoiced with the next lease instalments after the insurance is contracted.

  • When the car is delivered, the dealer will hand you a copy of the motor liability insurance, and the original will be sent by fast courier, together with the vehicle documents.
  • Motor liability insurance is renewed on a yearly basis and its original will be sent to you by fast courier.

• When does the motor liability insurance become effective?

  The policy becomes effective on the next day after the issue date. By way of exception, for new vehicles the motor liability insurance policy effective date can be the same as the insurance issue date.

   

• Can the motor liability insurance policy be cancelled?

  When the motor liability insurance becomes effective it cannot be cancelled.

• When do I start paying the lease instalments?

  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.

  • if full payment to the supplier/delivery was made during the period between the 1st and 15th of the month: the due date of lease instalments is the first  working day of the month
  • if full payment to the supplier/delivery was made during the period between 16 and 31 of the month: the due date of lease instalments is the 15th of the month.

• What happens if the validity period of the motor liability insurance policy exceeds that of the lease agreement? Can I continue to have the motor liability policy?

  The insurer’s liability ends at 24:00 hours of the last day of validity in the insurance policy or, prior to that date, when the vehicle is deleted from registration or its ownership is transferred, as mentioned in the documents issued by the registration authority.

• I have sold the vehicle to a different person than the user in the motor liability policy. Can I recover the premium for the unused period?

  The insurance premium for the period between the date when the item is disposed of to another person and the expiry will be refunded to the Insurer, following pre-set calculation, directly to the user mentioned in the motor liability insurance under the following conditions:

  • One of the following documents should be submitted: proof that the item was erased/registration sheet with seals from the authorities/purchase invoice (in case of legal entities)/sale-purchase agreement;
  • A power attorney from the leasing company (insured person) is produced;
  • No damages were recorded under that motor liability policy;
  • The original motor liability policy is delivered to the insurance company.

• What does electronic issue of the motor liability policy mean and what are the implications?

  Motor liability policies are issued directly from the insurer’s portal, requiring recording and storing the data in the insurance policy in the computer system of the issuing insurance company. Starting with 1 January 2010, the Financial Supervisory Authority provides a database with the mandatory motor liability insurance policies entered in Romania - CEDAM. Upon issuing the motor liability insurance, the CEDAM database will be queried for data on the damage rates for each insured item. This data is based on information sent by insurers to CEDAM.

   

• How can I check whether a vehicle is insured?

  You can check whether there’s a valid motor liability policy by querying the CEDAM database (joint database of insurance companies and Romanian Police), by accessing the internet address http://cedam.csa-isc.ro/. The check can be done by registration number or the vehicle frame serial number.

   

• What is the procedure in case of damage (physical or theft)?

  The damage is notified to the insurer immediately after it occurs or as soon as you become aware of its occurrence. You can notify by phone to the insurance company’s Call Centre/online on the insurer’s website/at their damage centre, and the notification involves providing details about the event. 

  In case of theft (both partial and total), it is mandatory to declare it with the Police Station with jurisdiction over the place where the theft was noticed, by calling the emergency service 112, within 24 hours of becoming aware of the disappearance. Also within 24 hours of notifying the Police, it is necessary to notify the theft to the insurer.

• What are the documents required from Tiriac Leasing to open the claim file?

  In order to open the claim file, you need:

  • A copy of the CASCO insurance;
  • Power of attorney to open the claim file.
  •  

• How can I obtain the power of attorney to open the claim file?

  In order to obtain the power of attorney to open the claim file, we offer you 2 alternatives:

  • Issuing the power of attorney directly by you, from the page Access customer account of our website. Accessing your account you will find the necessary form in the section “Printable documents > Power of attorney for claim”.
  • Having the power of attorney for claim issued directly by an insurance consultant, based on your written request (Useful forms). If you opt to have the power of attorney to open the claim file issued by our company’s representatives, a fee will be charged and invoiced with the next lease instalment, and its value will be mentioned in the request form.

• Where will the claim file be opened when a third party with motor liability insurance is responsible for the accident?

  You can open the claim file directly with the issuer of the motor liability insurance belonging to the person that is responsible for the accident or with the insurance company that issued the CASCO policy, which will then regress to the motor liability policy issuer. In this case, the CASCO policy will not be affected by the claim rate generated by the file open by regress.

• What happens if the person that is responsible for the accident fails to provide proof of a valid motor liability insurance at the time when an event occurs?

  If the person that is responsible for the damage does not have a valid motor liability insurance at the time when the accident occurs, we recommend that you involve the Street Victim Protection Fund, administered by the Bureau of Romanian Motor Insurers.  This fund is used to compensate a third party that is damaged in a car accident where the vehicle or tram is not insured for motor liability (this covers both material damage and injuries, and the Fund will recover its money from the guilty person) or if the author remained unidentified (in which case the fund only covers bodily injuries). The existence of a valid motor liability insurance can also be checked by querying the CEDAM database.

   

   

• Where can I repair the leased item after it suffered damage that will be compensated?

  The vehicle will be repaired in a service unit that is approved by the manufacturer, which is a requirement for maintaining the warranty given by the manufacturer.

  The repair may be carried out in one of the partner workshops of the insurance company, with which it has direct settlement. The insurer will pay for the repair directly to the workshop, minus the deductible specified in the insurance contract.

• What happens in case of total loss or theft of the goods under the lease agreement?

  If any such event should occur, after fulfilling the legal formalities for opening the claim file, the event is acknowledged and the damage/theft is qualified as total loss/theft, the insurer sends the total loss notice to the leasing company, including the calculation and determination of the compensated amount. Tiriac Leasing IFN S.A. will send the claim to the insurer and, after the compensation is received, the lease agreement is closed (Lease completion).

• What is the due date for the lease instalments and the payment time for invoices?

  Unless the lease agreement stipulates otherwise, instalments are due monthly, the payment period for invoices is a maximum of 10 working days from the due date of the contractual obligation for which they were issued, as specified in the lease agreement.

• In which cases is the environment stamp fee payable when registering the vehicle that is the object of the lease?

  The environment stamp fee is payable in the following cases:

  • New/used vehicles that have not been registered in Romania before - the environment stamp fee is paid upon the first registration in Romania;
  • For vehicles that are registered in Romania, for which the special fee/pollution fee for vehicles has not been paid according to the applicable provisions when registered - the environment stamp fee is paid when ownership is transferred.

• How can I obtain the required financing from Tiriac Leasing the fastest?

  In order to have your financing application resolved quickly, you must submit a full file containing all the required documents.

  Furthermore, if you want financing for a vehicle purchase, you have access to 2 products with simplified approval: quick financing and startup financing.

   

• How can I obtain a duplicate of a license plate?

  In order to obtain a duplicate of a license plate, you need to send us a written request, accompanied by proof from the Police that the plate was lost (original) or a notarized affidavit to this effect (original).

• How can I obtain financing for a newly-established company?

  Newly-established companies are accepted for financing by Tiriac Leasing. If you want financing to purchase a new car, you have the startup financing product available. To finance other goods or if you want a lower down payment, you can submit additional security. The accepted security may be: guarantee by a third party under a surety contract, letter of bank guarantee, promissory notes approved by the bank, mortgage or pledge without dispossession contract.

   

• How can I recover a registration certificate that was withheld by the Police?

  In order to recover a withheld registration certificate from the Police, you need to send us a written request, accompanied by the following documents: proof from the Police that the cause for which the certificate was withheld was corrected, copy of the protocol, and copy of the receipt for payment of the fine.

• What should I do when the completion of the lease agreement approaches?

  In order to facilitate the steps for completing the lease agreement and making the ownership transfer, 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 our company 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).

• When is the invoice for the residual value if the lease agreement is closed at term?

  The invoice for the residual value, which will also include the expenses incurred by the Lessor to close the contract, will be issued within 10 days of the issue of the fiscal invoice for the last lease instalment.

   

• What documents will I get when the ownership transfer occurs?

  After the ownership transfer is carried out, we will send you the following documents:

  • Original fiscal invoice for the residual value;
  • Original identity book of the vehicle (if the financed item was a registrable vehicle);
  • Registration certificate with the mention “disposed of to ...”;
  • Fiscal certificate, issued by the fiscal authority with jurisdiction of our company’s headquarters;
  • Registration/erasure sheet, signed and sealed in original by our company;
  • Copy of the money order for the environment stamp fee/pollution fee, upon registration of the item, if applicable;
  • The promissory notes that were delivered when the lease agreement was signed and were not used during the term of the contract (as the case may be).

• Can I repay the financing in advance?

  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 when you received possession of the leased item (in accordance with the provisions of Government Emergency Ordinance (OUG) 51/1997, as republished in 2000, the minimum term of a lease agreement is 12 months).

• Can I assign the lease agreement for the residual value?

  The novation of the lease agreement is possible at any moment of the contract, until the ownership transfer.

   

• In case of total loss, how is the lease agreement completed?

  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 damage file is rejected by the insurance company.

• Payment methods for the invoices

  BY BANK TRANSFER: You can pay with Money Order to the account and bank specified in the invoice. IMPORTANT - Fill in on the Money Order information about the number of the fiscal invoice being paid or the contract number, and if payment for your invoice is made by a third party, they should notify Tiriac Leasing additionally for the allocation of the paid amount.

  CASH: You can pay cash at the cashier of the central headquarters in 8D Calea Giulesti, District 6, Bucharest, or by depositing the money at the bank into the account of Tiriac Leasing.

• Can I give the goods that are the object of the lease agreement to a third party for use?

  This is only possible with our prior approval. The approval will be issued based on a written request that should state the identification data of the third party that will receive the use of the item and will be accompanied by a copy of the identity document/VAT number of the individual/entity that will use the item.

  We reserve the right not to issue such approval if no invoices are paid up to date or the individual/entity to which you wish to transfer the use is not acceptable to us. The user shall remain liable to fulfill all obligations under the contract regarding the use and protection of the item, as well as for the payment of the lease instalments.

• Can I pay several instalments together, or principal in advance?

  During the term of the lease agreement, you can repay in advance several instalments or part of the principal.

  If you want to pay lease instalments in advance, the lease agreement will not be amended, and the invoicing for lease instalments will resume starting with the next due date after the last due date for which the invoice was issued in advance.

  If you wish to pay part of the principal in advance, the interest will be recalculated accordingly, without affecting later due dates and the lease term.

• If I do not receive the invoice, is the payment term extended?

  The payment term for the invoices is not affected by whether they are received or not; invoices must be paid within the time stipulated in the contract.

• Can amendments be made to the signed lease agreement?

  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.

  The fee for the issue of addendums to the lease agreements may vary, depending on the nature of the provided service and is according to the company’s pricing at the time when that service is provided.

• Can I schedule instalments for the residual value and extend the lease period?

  It is possible to schedule instalments for the residual value of the lease agreement if, after extending the lease period, the age of the item would not exceed 7 years at the end of the extended lease period, and approval may be obtained by updating the financing file and carrying out a new risk analysis.

• I have changed the company data/my personal data, do I need to notify you?

  Any change in the company data (legal entities) or personal data (individuals) of the user must be notified to Tiriac Leasing IFN S.A. by a written notice. Depending on the respective change, it may be necessary to enter an addendum to the lease agreement.

  In order to change the company name or the user name (in case of an individual) under the lease agreement, you need to send us copies of the following documents by fax or e-mail:

  • The new VAT code of the company or the new identity document (in case of an individual);
  • Marriage certificate/divorce decision (for an individual).