[ad_1]
The chambers warn against leasing offers: low monthly payments say nothing about the total price, the actual costs are often limited to small print.
Clock, June 01, 2019
The Chamber of Labor (AK) warns against Lockangebote in the car leasing for the private sector. The exact terms of an offer of leasing often appear only in the small print. The AK therefore reviewed, between March and May, ten advertisements indicating whether they complied with the regulations on advertising and the law on consumer credit.
"According to the law, encrypted advertising (interest, monthly payment, costs) must be clear, concise and striking, based on a representative example," said AK in his statement. However, providers often do not respond to this statement. Information on interest and costs is often incomplete or can only be found in small print. In addition, the effective annual interest rate – ie the interest rate, including the burden of costs – "due to missing or ambiguous figures" is not always traceable, as all suppliers did not individually enter all elements of the total price.
- Several loan and leasing offers ask if you want a bank loan or a lease.
- To the credit there is (usually) no residual value, with the last payment, it is completely refunded.
- On leasing There are many design options: down payments, deposit services and residual values can be defined in freely definable height.
- Warning: An excessively high residual value can – in the case of a property acquisition – constitute a considerable financial "block".
- Caution, trap: If you want to sell the vehicle after the end of the lease, you may have a bad surprise: if, at the lease, the residual value is significantly higher than the estimated market value (for example, for " push "rental rate", you pay, if you Suddenly, a third-party buyer has had a lot less than expected.
- An example: The purchase price of the leasing car was € 24,000 (including VAT), the residual value being fixed at five years at € 12,000 (50% of the price). You buy the leasing car for 12,000 euros (including VAT) from the leasing company, become the owner of the car and want to sell it properly. If you only sell the car for 8,000 euros, you paid 4,000 euros.
- The lessor ibefore signing a consumer leasing contract under the Consumer Credit Act, it is necessary to provide the consumer with the standard European standard credit information document containing all the main features of 39, an offer of leasing.
- For leases, it is important to know if it is a rental of residual value or an operating lease (operating lease). An important difference is that simple leases are not always easy to solve. Ask about the premature termination or repayment of the lease.
In addition, comparability of interest rates is not always fully taken into account, with some providers specifying fixed interest rates and floating interest rates. In four out of ten ads, the type of interest was not specified. The bandwidth ranged from 1.99 to 4.75% for the loan rates of the advertisements reviewed.
Attention is also appropriate according to the AK in the monthly rental rates, as these are often highlighted in the advertising center, but are not particularly significant for the final costs incurred in the end account. "In fact, a low rental rate does not say that the offer is cheap, because by accepting a down payment, a long-term value and especially a high residual value, the rates can be reduced arbitrarily", said Christian Prantner, consumer protection at AK.
Big differences in fees
In addition, generally engaged in lease contract processing and contract fees. Processing fees can vary greatly, they currently rank according to the AK test between zero and 429 euros. However, the contract fees are based on rental fees, as written by the AK.
Comparing In leasing offers, it should be ensured that:
- the key data of the offers such as the purchase price, the residual value, the minimum rental period, the amount and the type of own contribution are the same.
- All values for cars and wagons, including VAT, are.
- the estimated residual value is realistic.
- the terms of the contract are approximately the same.
- the interest rate characteristics (fixed or variable with adjustment linked to a preferential rate / indicator such as Euribor) are correct.
The Chamber of Labor recommends to potential customers to always obtain several offers of leasing and to obtain precise information on the conditions – purchase price, residual value, minimum lease term, amount of the own contribution, contractual conditions – and the type of rental. A distinction is made between residual value leasing and leasing. The most important difference lies in the fact that with the latter, the dissolution of the contract according to the experience of AK is not easy.
Car rental is popular in Austria: in 2018, according to the AK, 40% of newly registered pbadenger cars were financed by leasing.
Source link