Vehicle leasing is the globally preferred method for acquisition of an automobile & provides a one-stop solution for all needs in relation to the vehicle starting from the choice of the appropriate vehicle, financing, procurement and documentation, insurance renewals and management, maintenance and in the end, disposal of the asset.

There are generally 2 types of leasing products available in India.

An operating lease is generally treated like renting. That means the lease payments are treated as operating expenses and the asset does not show on the balance sheet.

A financial lease is generally treated like loan. Here, asset ownership is considered by the lessee, so the asset appears on the balance sheet

There are basically two types of  operating lease:

A dry lease, which is a product offered by the leasing company wherein, ex-showroom, road tax and insurance for the contracted lease tenure is funded by the leasing company. However, this does not include maintenance. Under this product, there is no kilometre restriction applicable on the leased car, as the maintenance of the vehicle is taken care of by the employee himself/herself, as per the vehicle usage.

A wet lease, on the other hand, means that the leasing company will arrange for the full funding of the vehicle and will also manage the maintenance of the vehicle, including tyres and batteries. Under this product option, an employee may choose the kilometres required for the contracted tenure, and the leasing company shall budget the maintenance on the vehicle accordingly.

In the case of rental cars, in general, users select a car that a rental car company has prepared and rents it for a short period. In the case of a vehicle lease (auto lease), the model, grade, color, and other specifics can be customized according to the customer’s liking and can use the car for an extended period.

FMS includes services such as maintenance, road tax funding and insurance funding. Optional services may also be opted such as accident depreciation waiver, uninterrupted mobility, 24/7 break down assistance and total loss theft retention which will form a part of the FMS.

Safety and reliability –

We have an extensive network of maintenance workshops across the country, allowing vehicles to be used with no worry.
In case of an accident or failure, we respond quickly to prevent your operational efficiency from dropping.

Outsourcing your vehicle management –

Focus human resources and funds on core business by outsourcing vehicle management work. By outsourcing your vehicle management work to us, you will be able to separate that work from your company and focus human resources and funds on your core business.

Cost cutting –

Leveraging our economy of scale, we help you cut costs for vehicle purchase, maintenance, disposal, and others. We offer you total support in vehicle-related cost reductions from every angle, from proposal of optimal vehicle types to fuel cost management and risk management support for reducing accidents.

Financial and accounting merits –

All the vehicle-related costs you pay are the fixed lease fees only, which makes budget and fund management easier to do. By avoiding the need to obtain large amounts of capital or the immobilization of funds, you will have more credit availability. All the lease fees can be deduced as expenses if it can be processed under a rental contract.

All kinds of vehicle that are registerable can be leased under this scheme. The customer can choose any model. Vehicle lease (auto leases) apply to any kind of vehicle, including domestic and foreign passenger cars, trucks, vans, buses and other vehicles used for logistics, special and large vehicles such as specially-equipped vehicles, forklifts, refrigerated trucks, etc. Users can also specify the colours, the options, and even add their logos and company names.

With our “leaseback system option”, yes, it is possible. We recommend you get in touch with our 24×7 helpline team on 1800-500-1212 to know about the leaseback option.

Please contact us beforehand because changes will have to be made to the lease agreement contents and maintenance workshop in charge of the vehicle. Moreover, because of the Road Transport Vehicle Act, the user will have to secure a new registration address in the automobile inspection certificate.

Yes, a customer can choose between 3 to 5 years of period that is economically efficient for them.

A customer can continue to use a car after paying certain amount at the end of the lease tenure or can switch to a new car by entering a new lease agreement. If a car is no longer required, then the customer can return the car to the company at the end of the lease period.

First of all, Leased vehicles must be returned in good condition without any damage.

SMAS India will arrange for a driver to collect the vehicle from the office/home premises as per user convenience.

The driver will inspect the automobile for the original and valid registration certificate, insurance certificate, maintenance notebook, jack, and spare tires, etc before the handover.

In principle, customers cannot prematurely terminate agreements.

However, if a car is a total loss because of an accident or on any other unavoidable grounds, then an agreement can be terminated by having the customer pay a premature termination fee.

Lease fees are calculated according to the vehicle type, special specifications, options, insurance contents (insurance premiums, discounts, etc.), and maintenance contents, and also according to the industry of the company, the purpose of using the vehicle, and the effect on the remaining value of the vehicle after the intended use. The final amount is reached together with the customer after considering many other conditions, such as the length of the lease agreement, the lease agreement type (if it is a maintenance lease or a finance lease), etc. Therefore, it can be said that there is no fixed price for a lease since the lease fee is calculated in each instance from the conditions set by the customer, and the lease fee may differ even if the same model of car is leased for the same period.

In most of the cases, lease fees are not changed once fixed during the initial round of discussions.

However, if an additional fee is expected because of any of the following reasons, we will send an invoice for the difference.

If a vehicle is modified or items are added for reasons required by the customer and we have authorized those changes.

If there is a significant change to the costs that make up the lease fee due to changes in specifications, maintenance, need for additional parts, etc. because of changes in laws.

When there are changes to the initial maintenance items within a maintenance agreement.

When there are changes to the initial agreement conditions, such as regarding automobile taxes, automobile insurance, compulsory auto liability insurance, etc.

When the lease agreement period is changed.

The various costs involved in a re-lease will be the foundation for calculating the re-lease fee.

Specifically, the following are some of the items that come into consideration.

Vehicle value at the time of re-leasing (remaining value on the previous contract – the remaining value on the re-leasing contract).

Various automobile taxes during the re-leasing period.

Automobile insurance fees

Maintenance and management expenses

Note that because maintenance and management expenses generally increase with the age of a vehicle, there are instances when the lease fee is lower for a new vehicle.

We have a dedicated helpline number for this matter. User can call us on 1860-500-1212 for service and maintainance related queries

Vehicles where the maintenance & service has been opted by the user can simply deliver their vehicle to the service stations for inspections covered in maintenance agreements. Those who have not, will have to arrange for their own inspections.

We will introduce customers to recommended maintenance workshop that meet our standards after considering the location where the car is used, the type of vehicle, etc.

Customers who have signed a maintenance lease agreement should call the toll-free service number when there is an emergency.

We will direct them to an maintenance workshop, dealer garage, road service, or another service that is nearby.

For emergencies on highways, please use the dedicated emergency telephones and follow the directions of the operator.

The conditions for providing a replacement vehicle depend on the contents of the agreement.

In order to establish a safe driving management system and achieve effective results that meet the accident conditions of a customer, we will analyze the current management system. We will provide comprehensive accident reducing support by providing the best of a wide range of solution tools.

We recommend using the insurance agents that we designate because they are able to rapidly cope with the creation of accident reducing plans and they have an organization that can handle accidents nationwide. However, we will be flexible for any individual needs.

For fleet agreements, any superior discounts that are currently applied will be applied even when switching to leased vehicles. Even if a lease company becomes the insured party, the customer that is contracted with us will have their superior discount applied.

In the case of non-fleet vehicles, when switching to a leased vehicle, in principle, currently applied non-fleet class rates will be applied if the new vehicle is used for the same purpose and is the same model.

We will buy any surplus vehicles that a customer does not need. We will resell them after removing any company names, logos, etc. After completing such transactions, we will provide a copy of the automobile inspection certificate after the ownership has been transferred.

We also lease forklifts. Forklifts require inspection specified by the Industrial Safety and Health Act and operating licenses so that it is necessary to create a management system that is just as strict as that for cars. We were the first company in our industry to make a support system that is similar to that for vehicle leases (auto leases).

Get full GST benefit as earlier, legal and tax implications and different tax rate for each state lead to a lot of complexity coupled with marketing and recovery bottlenecks and other several impediments. Now leasing a commercial vehicle becomes cheaper when GST benefit is fully passed on to a customer.

With Flexible Funding options, Long-term approval validity, Faster Credit Appraisals, SMAS India is the only focused player in the market for commercial vehicle leasing.

This is fully dependent on deal to deal basis but mostly ranges between 85% to 100%.

SMAS India commercial leasing includes all ICV, SCV, MCV, HCV, Fork Lifts, Cranes, etc. clubbed with registrable CE assets.

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