Rent a coma

The crisis has hit the leasing companies, as most banks have closed existing credit limits, raised rates and, moreover, some even refuse to rollover existing loans. Because of this, the majority of leasing companies have either suspended from September signing of new leases, if any, are under threat of closure ... said deputy general director of "Expo-leasing" Tatyana Shulga-Morskaya. Therefore, in its opinion on competition in the market right now and can be no question, as several leasing companies, the remaining work can not make each other worthy competition. The more so because the number of times customers increased significantly, adds Tatyana Shulga-Morskaya. The crisis had a negative impact on banks. They have tightened lending policies, including leasing companies, which are traditionally highly dependent on the value and conditions of debt financing. Therefore, the consequence of the crisis has been the increased requirements for lessees and the tightening of leasing. For example, in the company "Expo-leasing" has increased the minimum down payment of 30%, the average lease term was reduced to 2.5 years, and the cost of leasing has increased by 4-6% per annum, which, according to Tatyana Shulga-Morskaya, reflects the general market trends. General Director of ING Lease to Russia Arkady Gerasenko also noticed that over the past few months, leasing has become a buyer's market a seller's market. In other words, there is no competition among leasing companies for clients and among clients for the services of leasing companies. This change is primarily due to the deepening financial and economic crisis, the less affordable bank loans, worsening the situation of many industries, confirms Arkady Gerasenko. He had not yet seen the official statistics for the first 9 months of 2008, but suggests that the results, the market will show negative or minimal growth in leasing. And it is about the amount financed by funds and not the amount of prisoners of leasing contracts, as they sometimes measure the volume of the market in Russia. If we take the figure for the indicator of the level of competition, the conclusion is clear: the competition was less simply because the number wishing to give money for one reason or another has fallen, the expert explains. In his view, the downward trend in funding to continue in the next year. And money, as always in times of turmoil, will be issued only with respect to good borrowers, and at high rates, concludes Arkadiy Gerasenko. But not only universal lessors had heavily. Even highly specialized niche companies are in a difficult position. "If we consider the situation in one particular leasing company, operating in a fairly narrow niche - a complex of technological equipment, mainly machine tools, and for a strictly limited number of lessees - military-industrial complex, it is approximately as follows - says Deputy Director General Leasing Company Veytus Alexander Sukhorukov. - In the summer due to problems with external funding has been postponed to sign several deals agreed for new customers. entered into force only a few agreements on deals with long-standing and trusted partner. " And the volume of signed with the company Veytus "treaties absolutely incomparable with that of summer 2007, the expert said. According to his observations, the fall of the situation with the search for funding even more aggravated. It seems that the financial crisis has "proryadit" players of the leasing market. It will run the most powerful and quirky. "In a crisis to survive those leasing companies who can best adapt to new conditions - explains the head of equipment leasing companies' IR-Leasing" Sergei Mikhailov. - The financial crisis has brought about changes in the company, living the provision of such services. Lessors limited social circle, or rather, work with clients and now choose only the most reliable and proven. " Shortening the duration of the lease, the range of leasing programs is becoming more scarce, the interaction with the banks of friendship becomes cautious. After all, credit institutions also need to keep themselves in precarious situations, concludes Sergei Mikhailov. Quiet rent reviews from experts is clear that the leasing market in Russia has almost stopped. Contracts are rarely and reluctantly, and the once turbulent financial flows is practically stopped, becoming a "quagmire" with the sluggish exchange of borrowed money. Many lessors are now faced with a significant increase in accounts receivable problems with refinancing its obligations is largely due to the fact that they have forgotten about such concepts as risk management and liquidity management. Those who have no such problems has also chosen to wait and consider the deal only on the reliable and proven lessees. Again asked the customer to finance no risk. But demand from paying customers has decreased considerably, as companies realize optimal financial policy, suspended and reduced their investment programs, experts say. Due to the fact that most potential borrowers are experiencing now, difficulties in obtaining credit, to withdraw from a state of stagnation, the market of the lease could lease back, which would involve working capital. "However, due to the negative attitude of the tax authorities to leaseback transactions, we do not recommend our customers to use this mechanism - the Council Tatyana Shulga-Morskaya. - Although it is now possible to solve the problem of liquidity of many companies." Without exception, all leasing companies are now faced with two problems: finding financing and default lessees, said deputy chief of customer relations "RMB Leasing Natalia Butenina. If the first problem can be solved and the question is largely rests on the particular fund-raising, such as finding the funding organization (bank, stock) and the interest rate, which depends directly on where to find the loan proceeds and terms of borrowing, then the second problem is more acute . Initially, the whole scheme of leasing transactions was based on the fact that purchased the leased asset is owned by a leasing company, says Natalia Butenina. This scheme operates in the RMB-Leasing ", but other options are possible. His own leasing company under a lease agreement could always withdraw from the lessee, if the last "more than two consecutive makes no charge for use of the leased asset." Such a requirement is enshrined in the law "On Leasing." This compelling argument used effectively against unscrupulous lessee, but the seized equipment and techniques required to implement. And here lies the main problem. "With the lessee agreed and leased withdrawn - explains Natalia Butenina. - Need to sell it, the money to cover losses on the deal, which, incidentally, are already, at least two months." It seems simple. Only here to sell equipment, not to mention about the equipment, even in good condition, but second-hand, this is not possible, emphasizes Natalia Butenina. Put equipment on a commission under the contract commission also an option, but it is a paid service and not the fact that the technique can sell within a reasonable time and arranging a leasing company price. Final situation: financing hard to find, and the list of seized articles of leasing is growing and requires attention and costs. "In this case survives the one who, to decide to continue to develop and build the business further, - says Natalya Butenina - for whom is not an end to strip and destroy the lessee. That is when customer relationships are built on a parity basis." If we consider the individual sector leasing business, rather than financial leasing market in general, in the best position are companies who give high liquidity in the leasing of property. "Because of the stringent requirements of the Central Bank to collateral for its loans leasing companies will be forced increasingly to abandon transactions on the unique complex equipment that precisely because of its uniqueness is in terms of the bank's illiquid assets, - said Alexander Sukhorukov. - Therefore, the spectrum of the leased property will narrow and concentrated around the objects, which are characterized by the presence of generally recognized methods of losing value as their use and reuse of relevant markets, that is having liquidity, such as cars and trucks, railroad cars, construction equipment and certain types of universal technological equipment. Property, no different in principle high liquidity, too, has put its position in a finance lease. Only started to develop in recent years, real estate leasing has received a heavy blow with the advent of the crisis ... ... Not only because of the difficulties with funding, but also because of the threat of falling house prices, making such deals are very risky, says Tatyana Shulga-Morskaya. "This segment has grown less rapidly, as expected industry members, but all the same lessors have experience of implementing such transactions, have learned to solve the many controversial points related to this type of finance lease - confirms CEO of Progress-Neva Leasing Roman Malanin. - Because of the crisis situation in the real estate market has become unpredictable, so in the near future it is expected an even greater decline in the share of the lease of commercial space in the leasing portfolio. " Test of survival is currently due to the lack of financial resources, high demand for leasing products is conserved in all segments, said first deputy director of the leasing company UralSib Vyacheslav Arutyunyan. However, the offering of products will be primarily determined by funding sources. Now available sources a bit: bound, trade finance and to develop joint programs for the credit transactions of financial lease producers leased assets. In this regard, Vyacheslav Harutyunyan predicts decline in sales of leasing products to small and medium-sized businesses. Leasing companies are becoming more stringent approach to assessing the financial status of potential clients, more demanding liquidity of leased assets. The emergence of new products on the market will undoubtedly contribute to the cancellation of next year the possibility of applying accelerated depreciation rate for leased assets 1-third depreciation groups, including passenger cars, said Vyacheslav Arutyunyan. In the short term, in his opinion, the existence of unmet demand will not lead to a decrease in sales of leasing cars. However, enjoyed the last few years, a special demand of the program express car leasing likely will be phased out completely. In recent years, many leasing companies have implemented or planned introduction of scoring systems to automate the procedure for considering applications to lease, said Roman Malanin. Speed ??of decision-making was one of the main ways to convince the customer to choose one or another company. Currently, such systems are no longer relevant, since in order to reduce the risk of nonpayment financial statements of the client should be analyzed more carefully than it allows us to scoring, the expert concluded. In the coming year, some companies will not survive the turmoil and will be liquidated or absorbed, predicts Arkady Gerasenko. However, companies that have no problems with financing, but there is a balanced portfolio of assets and liabilities, as well as built risk management system should survive. Although Arkady Gerasenko agree with the view that the leasing company, if complied with the basic rules of doing business, risks, lower than in the bank as well as the activities of narrow-purpose, not related to trade in securities or derivative instruments, is more predictable in terms of income. Therefore, the bankruptcies in the leasing industry will be relatively smaller than in the bank, assumes the expert. But the CEO of Raiffeisen-Leasing "Alexei Iodko not shared the enthusiasm of colleagues:" We predict that the crisis has reduced the number of small and medium-sized leasing companies that are taking on higher risks. It is likely that there will be major players in the absorption of smaller . Unfortunately, the economic laws presuppose the existence of crises. But the crisis can not be regarded only as a negative thing. After the resolution of the crisis facing companies new opportunities to increase market share, new business segments and new services. Besides that invaluable experience, who saved the company will contribute to the qualitative development of the leasing market. " Change, and is already changing the approach to the client. If previously it was the market for leasing companies, and they chose the lessee (with few exceptions), it now becomes the lessee to choose with whom to work, who will serve him even though off-balance, but the assets, said Natalia Butenina. However, the lessors will not sweet for the search of financing a new business. "Banks have raised interest rates, shorten the period narrowed credited leasing companies, and severely tightened requirements for lessees, - says Sergey Mikhailov. - In this regard, we should expect a temporary reduction in the rate of market growth." With a decrease in liquidity, leasing companies find it increasingly difficult to attract resources for the financing transactions. Therefore, the strongest survive - those who have the most distributed leasing portfolio, is not dependent on one large customer, as well as those who have a well-balanced structure of assets and liabilities, enters Sergei Mikhailov.