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Under the loan agreement, the lender has rights to the asset and the lease payments if the lessor defaults. In this type of lease, the lessor provides an equity portion (often 20% to 50%) of the equipment cost and lenders provide the balance on a nonrecourse debt basis. The lessor receives the tax benefits of ownership.
The total borrowing is the same in both cases, and interest is payable on the entire amount (including the balloon payment on the PCP). At the commencement of the agreement, the balloon payment is planned to be less than the value of the vehicle at the end of the term, creating equity that may be used as a deposit on another vehicle purchase.
Hire purchase. A hire purchase (HP), [1] also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time.
Forms of loan agreements vary tremendously from industry to industry, country to country, but characteristically a professionally drafted commercial loan agreement will incorporate the following terms: Parties to contracts with their addresses; Definitions or interpretation provisions; Facility and purpose [a] Conditions precedent to utilization
Floor planning (flooring) vehicles is a way to acquire inventory, but it can have negative consequences if payments (curtailments or payoffs) are not made on time. Curtailment schedules vary by floor plan providers, but they generally range from 5–20% of the original loan proceeds on each vehicle every 30/60/90/120 days.
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