There is a new trend in the leasing market: over the past year, lessees are increasingly seeking to buy out the financial lease object ahead of schedule. As experts say, such clients are guided by the desire to optimize expenses and the availability of free funds that appeared after the crisis. However, such a desire to shorten the term of the leasing contract ahead of schedule is greeted very coolly by companies providing such services. Only the most important partners for the lessor can count on loyalty.

View from the outside

According to Roman Romanovsky, leading analyst of the Expert RA credit institution ratings department, the possibility of early closure of the transaction is determined by the terms of the contract. “As a rule, a leasing agreement provides for the possibility of early closure of the transaction, that is, the purchase of the property, subject to payment of all lease payments,” he says. Let us recall that, according to paragraph 1 of Art. 28 Federal Law “On Financial Lease (Leasing)”, lease payments are considered to be the total amount of payments under the leasing agreement for the entire term of the agreement. At the same time, the amount of payments under the leasing agreement includes: reimbursement of the lessor's costs associated with the acquisition and transfer of the leased asset to the lessee; reimbursement of costs associated with the provision of other services provided for in the leasing agreement; lessor's income.

The specialist emphasizes that cases of recalculation of leasing payments downwards are much less common and usually only for the most “friendly”, that is, important, clients. “Leasing companies relatively rarely practice such recalculation, since they must have the same agreement with the bank on early repayment of the loan,” says Mr. Romanovsky.

In cases of the most favorable development of events for the client - recalculation of payments - he receives some financial benefit from early closure, the expert admits.

Risks

From a legal point of view, the amount of leasing payments can be changed by agreement of the parties, but only if otherwise is not provided for in the leasing agreement, says Marina Krasnobaeva, a representative of the law firm Yukov, Khrenov and Partners. According to her, the current legislation does not contain direct prohibitions on the inclusion in the leasing agreement of conditions for early payment of leasing payments. “The general norms of the Civil Code on rent, as well as Article 28 of the Leasing Law, directly provide that the amount and timing of rent payments (leasing payments) are determined by agreement of the parties,” emphasizes Ms. Krasnobaeva.

However, the lawyer warns: a leasing agreement executed by the lessee ahead of schedule (in particular, within a period of less than a year from the date of execution) will become the subject of close attention of the tax authorities during the next tax audit. “Often, concluding a leasing agreement with the right to make early lease payments covers the purchase and sale of property with installment payment or lease with the right to buy,” admits the expert.

For their part, banks are ready to approach the issue of early repayment of lease payments individually. As stated by Andrey Konoplev, General Director of VTB Leasing OJSC, this division works with large and medium-sized clients, implementing an individual approach to each transaction, taking into account the financial condition of the potential lessee and the liquidity of the leased asset. Mostly, contracts are concluded for a period of five years with the following leasing items - railway transport, aircraft, special equipment, equipment, etc. “The provisions of the leasing transaction provide for the possibility of early redemption of the leased asset. The terms of such a buyout, as one of the essential terms of the leasing agreement, are determined by the decision of the collegial body at the stage of making the decision to conclude a transaction,” says Mr. Konoplev. According to him, if the right of early redemption is not initially provided for in the leasing agreement, but the lessee turns to the lessor with such a request, the parties agree on the conditions for terminating the leasing transaction individually.

A word from companies

In the company "RESO-Leasing", which offers clients all types of commercial vehicles, the standard conditions for financial lease are: advance - 20%, term - two to three years, and increase in price - from 7%. “Of course, our leasing agreement includes the possibility of early redemption of property - under this, the lessee pays a small compensation when re-issuing documents, but does not pay future interest,” says Sergei Kalinin, director of the development department of RESO-Leasing LLC. However, he admits that the company is not interested in such short-term cooperation. “A leasing company is a kind of credit organization that makes money on installments, that is, we are primarily interested in the full execution of the contract, both in terms of the amount of payments and the term,” emphasizes Mr. Kalinin. “We are not very interested in early redemption, and we We are not stimulating in any way.”

Carcade also agrees with their colleagues. “The leasing agreement is long-term. And by concluding it, the lessor invests certain funds and plans to receive a certain profit. Therefore, long-term termination of the contract is not beneficial for any leasing company,” says Carcade. However, the lessor provides its clients with freedom of choice: as Carcade assured, the lessee has the right to terminate the financial lease agreement after a year - this condition is stated in the document. However, if previously upon termination of the contract a commission of 3 thousand rubles was provided, now, the company assures, there is none.

Wanting to retain customers, Carcade revised the terms of the leasing deal. The initial payment was reduced, the contract term, on the contrary, was increased, and the choice of commercial vehicles increased to 50 vehicles. As the company stated, based on the fact that light commercial vehicles are the most liquid and in demand, the most favorable financing conditions have been developed for it. Thus, the price increase will be from 0%, the first payment - 9%, the redemption payment - from 1% to 10%, the contract term can now range from 12 to 48 months. For trucks and special equipment, the first payment is higher - from 25%, payment terms - from 12 to 36 months, but the payment schedule in both cases is the same or decreasing.

In the Baltic Leasing Group of Companies, clients are also given the opportunity to purchase the leased asset ahead of schedule throughout the entire term of the contract. “The redemption value in case of early fulfillment by the lessee of its obligations under the contract consists of the balance of the principal debt on the date of early redemption,” says Maxim Utkelbaev, a specialist in the company’s vehicle leasing department. “In terms used in the field of bank lending, the lessee needs to repay the loan amount.”

According to Mr. Utkelbaev, in leasing agreements with Baltic Leasing, with voluntary early redemption, the redemption price of the leased asset does not include the leasing interest for the use of funds for the remaining lease term. At the same time, the company representative emphasizes that such generosity is not typical for the market. “Among operators of the leasing services market, there are often cases when the agreement obliges the lessee to pay the entire amount of leasing payments due to the lessor, including leasing interest, as well as additional expenses of the leasing company,” emphasizes Mr. Utkelbaev.

The State Transport Leasing Company (STLC) also promises preferential conditions to a client who decides to repay lease payments early. Standard conditions at STLC, which offers clients leasing all types of commercial vehicles, are a 15% advance, an average annual rate of increase in price from 4% and a contract term from three to five years. “If, for any reason, the client expresses a desire to terminate the leasing agreement early and buy the property, we give him this right,” says Vladimir Dobrovolsky, director of business development at State Transport Leasing Company. According to him, the calculation of the redemption price is individual in each case, but the general requirements are to cover the redemption price, the company’s costs for acquiring the leased asset minus the costs already covered, as well as the quarterly property tax and the company’s margin for several months. “Today these are some of the most preferential conditions on the market,” says Mr. Dobrovolsky.

Manufacturers

Unlike intermediary companies, automakers have the opportunity to offer their clients more flexible terms for leasing the selected vehicle, but early repayment of the latter is often not accompanied by special conditions. According to experts, the majority of large automakers have their own leasing companies, which are designed to stimulate demand for the equipment they produce. “This is possible for several reasons: firstly, the subsidiaries of large foreign concerns have access to cheap Western money, and secondly, there is a need to constantly stimulate sales of the parent company, and not to maximize their own profits,” says Vladimir Dobrovolsky. However, if the contract is repaid early, the company is unlikely to receive additional profit, so this aspect of cooperation is not always highlighted as a separate component.

Thus, the Volkswagen Group Finance (VGF) company provides clients with the opportunity to finance the entire Volkswagen model range through leasing, including commercial vehicles. “Moreover, as part of the joint CarePort Financing program (for commercial vehicles), customers are provided with a discount on the car, which makes its purchase even more profitable,” the company promises. The advance payment from the FGF is 0%, the financial lease period reaches 48 months. In addition, a flexible system of settlement costs is expected, and for large international clients - the possibility of financing in euros.

“If desired, the client can close the leasing agreement ahead of schedule; to do this, it is only necessary to notify the FGF of his intention in advance,” the company says. “If the leasing agreement is closed before the first half of the term, the client pays all payments under the agreement. If this happens in the second half of the contract term (but not earlier than the 12th month), the amount of the leasing contract is recalculated and no additional interest is charged for this.” However, the company emphasizes that the number of clients who decided to close the leasing agreement early does not pose a threat to the company’s profit: according to the Federal State Fund, they are only 2% of the total number. “There are no special conditions for this type of client, just a positive financial history in our company, which our specialists turn to when the client re-applies for cars,” says the FGF.

Market participants note an increase over the past year in the number of lessees wishing to buy out leased equipment ahead of schedule. “The need for early repurchase of the leased asset is dictated primarily by the lessee’s availability of temporarily free funds and the desire to optimize costs associated with fulfilling obligations under the leasing agreement,” says Maxim Utkelbaev from Baltic Leasing.

However, you will have to fight for your right to buy a used vehicle or technical equipment. Despite the fact that the possibility of repaying leasing payments before the end of the contract may be in the contract itself, the inclusion in the leasing agreement of a condition on the lessee’s right to early fulfillment of obligations to make leasing payments is rare in practice, says Marina Krasnobaeva. “These conditions are included in leasing agreements concluded for a long term, and are practically not common when concluding short-term contracts for the following reasons,” says the expert. According to her, leasing agreements for vehicles and equipment are concluded by companies that do not have sufficient working capital to purchase property. In this regard, early repayment of a short-term leasing agreement by the lessee actually neutralizes his interest in using the leasing institution.

We will look at how the process of early termination of a leasing agreement occurs in this material. In addition, we will touch upon important points that deserve attention at the stage of planning and executing a leasing transaction. Let’s break it down point by point and tell you how early repayment of a lease occurs.

Why is there a need for early termination of a leasing agreement?

When it comes to a loan agreement, in this case, if the need for early termination arises, the bank must carry out a complete recalculation of the financial terms. When leasing, receiving a recalculation is also preserved, but occurs somewhat differently.

Below are the reasons why a lessee is thinking about early termination of a leasing agreement, regardless of the subject of leasing:

• Availability of a sufficient amount of financial resources and the desire to minimize overpayments on leasing. Here you need to take into account that not all leasing agreements contain a corresponding clause, according to which recalculation is made. In some cases, additional approval is required.
• An urgent need to make the leased asset the property of the company. Such situations are not uncommon, and appear when several companies merge into one or a share of a company is sold.
• Changing the operating conditions of the leased asset. The contracts for this service indicate what actions can be performed, regardless of the type of property. For example, if it is necessary to lease property to a third party, approval by the leasing company or 100% purchase will be required.

Not only the lessee, but also the other party can act as an initiator, which happens when there is a strong need for financial resources.

Early repurchase by the lessee

Although the client’s wishes may be a sufficient basis for recalculation, the terms of the leasing agreement must also be taken into account. Thus, the terms of the agreement may provide that there is a minimum period during which a financial lease is possible - 1 year. If the property is purchased before the expiration date of the contract, then it is important to take this fact into account when making tax entries.

Most contracts stipulate that early redemption is not a reason for recalculation - interest deposited at signing must be paid.

Termination of the contract by the lessor

Early termination of a leasing agreement rarely benefits the company that provided the property for financial lease. Since she has already acquired ownership of the property with the purpose of transferring it to a specific company. Retransmission will require time, financial and other costs.

However, in some situations, such an outcome is possible. For example, when clients do not pay payments under the contract for two or more months or do not comply with other terms of the contract. In this case, the lessor has every right, even without the intervention of judicial authorities, to terminate the relationship. A preliminary request is made to the client, with an offer to fully repay the remaining debt with the subsequent transfer of the leased asset into the ownership of the lessee. If there is no response or it is unsatisfactory, the property is confiscated.

The contract may stipulate conditions regarding unilateral refusal to fulfill the contract, but this rarely happens - in transactions with large sums of money.

How is the redemption value of the leased asset calculated?

The most difficult question is how much the client must pay upon early termination of the leasing agreement. Typically, this requires repaying the full amount stipulated by the contract, regardless of the time of repayment and the remaining term. Even if the agreement contains a recalculation clause, the lessee will still have to pay additional amounts - compensation for the leasing company’s expenses for processing the early termination of the leasing agreement.

It is rarely possible to complete the calculation on your own, especially if the conditions for early completion are not specified in advance. In this case, you need to send a request indicating the date when you plan to make the redemption. In this case, the lessor will independently make the calculation and send a response letter.

What is needed for early redemption

Companies that provide leasing services have specialists who “guide” the client through the stages of early repayment. Below is a list of the “steps” that make up the process:

• First, a written request is sent regarding the calculation of the amount required for full redemption, indicating the date. Sample forms are obtained from the manager of the leasing organization, or on its official website;
• In response, the lessor will send a letter indicating the amount and prepare an additional agreement. It is not valid in electronic form, so you will need to come and record it in paper form with signatures and seals;
• After signing, the lessee pays a certain amount on the specified date;
• Having received financial resources, the leasing company begins processing the transfer of the leased asset into the ownership of the lessee.

Ideally, all issues related to early payments by the lessee client are specified in the agreement concluded with the leasing company.

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The terms of such a transaction must be reflected in the contents of the agreement either as a separate clause or as an additional agreement serving as an annex to the main document.

If such maneuvers occur without agreement with the leasing company, then this is always fraught with increased financial costs for the client.

Where to start

Many lessees, after signing an agreement, may very often have a question: “Is it possible to make early payments of partial payments or the full cost of the leased property?”

It is better when such questions arise before signing the contract or during its preparation than after the conclusion of the transaction.

But even after some time has passed, the parties have the right to enter into an additional agreement on early termination of leasing due to full payment, or an annex agreement to the main agreement that some payments will be made in part.

If you are interested in whether early repayment of leasing is possible specifically in your case, then the answer from specialists and legal experts will be positive for you.

Despite some similarities between leasing and leasing, the procedure for repaying the contract price is structured according to a more complex scheme. This is especially evident in those relationships that are established in a tripartite manner - between the lessor, supplier and lessee.

Certain stages of correct repayment before the due date, without the risk of penalties, still exist. They add up the same way regardless of whether the conditions for early repayment were specified in the contract or not.

Therefore, when repaying lease amounts early, it is necessary to take into account the following algorithm of actions:

1. First of all, even before the actual deposit of early amounts into the account of the leasing company, it is necessary to contact its management in writing.
2. The letter is sent by mail to the company, or given in person to the company office.
3. The submitted letter will not be considered solely by the director of the leasing company alone. Your case will be studied by a specially created commission consisting of the board of directors.
4. After this meeting, a decision will be made whether to grant your request or not.
5. If the client receives consent from the leasing company, then an additional agreement on a minor early repayment transaction will be concluded with him. This agreement will establish payment rules, indicate recalculation of amounts and payment schedule, and the balance if repayment is made in part.
6. Upon full repayment of the debt (residual value of the property), with the consent of the lessor, the property will be removed from the company’s balance sheet and transferred to the lessee.

It also happens that the leasing company flatly refuses to give you the right to repay the entire amount ahead of schedule and will insist only on partial repayment.

If the lessor previously purchased the property on credit from the bank, and the debt has not yet been fully paid to the bank, then the lessor will have to additionally regulate the timing of early repayment with this financial institution.

Or it may happen that banks do not really want to lose their profits, or rather, they are not going to do this at all. Especially if it concerns large amounts. Therefore, the client runs the risk of being rejected.

If you send a letter by email, it must be certified with your electronic signature, whether you are an individual or an enterprise that has leased some property. Such a signature can be issued at Rostelecom or Russian Post.

It is very important to draw up the letter in 2 copies, and receive the second one immediately after certification of the incoming document by the secretary or other authorized employee of the leasing company.

Without an entry number, your copy will be of little use from a legal point of view in the event of serious disputes or litigation.

Letter on early repayment of lease

The letter should be submitted no earlier and no later than 10-15 days before the payment is made ahead of the contractual deadline.

The document is drawn up in any form and expresses the desire of its compiler to deposit a certain amount into the leasing company’s account ahead of schedule.

The structure of the letter consists of the following important points:

1. Letterhead letterhead. This requirement applies exclusively to legal entities or individual entrepreneurs. Instead of a letterhead, a corner company stamp can be used, which reflects all the necessary details of the lessee.
2. The address to the head of the leasing company is written in a column on the right side. At this point they write:
   • name of management position;
   • the name of the company indicating its legal form of ownership;
   • FULL NAME. directors;
   • legal address of the lessor (postcode must be indicated).
3. After this, an appeal to the manager is written in a separate line in the center. The document does not begin with words indicating its title, in the manner of statements. Here you should start with the words “Dear...(hereinafter initials in full text).”
4. The content of the letter consists of the following key points:
   • starting with a red line: “We ask you to consider the possibility of early repayment...” (if only part of the total amount will be paid) or “early termination of the leasing agreement” (if it is planned to pay the full amount under the agreement);
   • further - agreement number, and from what date;
   • if the agreement contained information about early payments, then the number of the clause of this agreement is indicated;
   • therefore, in the text it is written down - the make of the car, its VIN (identification number), numbers of state registration plates;
   • the last, final detail of the paragraph is an indication of the reason that led to such a decision by the client (written: “in connection with...”).
5. The letter ends with the signature of the originator:
   • if this is an individual, then simply write: “With respect ...” the surname and initials of the compiler, then his signature and date along the line;
   • if the originator is a legal entity, then the letter is signed by the general director of the lessee enterprise, which is the lessee (the diagram of such a signature is indicated in the sample).

How to recalculate

If the lease is not repaid in full, all amounts must be recalculated, as well as a new schedule of lease payments must be drawn up.

When early repayment of a lease occurs and the redemption value is recalculated, this always indicates the fulfillment of obligations not only to the leasing company, but also to tax authorities.

This is due to the loss of economic benefit and effect when adjusting tax obligations. After all, the tax base for leasing does not take into account 18% VAT.

In addition, according to the accounting of an enterprise that is a leasing user, property under financial lease is treated as an asset of the cost of this product.

The accounting department of an enterprise can generate depreciation charges with acceleration - by applying a special coefficient (no more than 3).

This method will help in the future to write off the equipment much earlier than when, for example, it would have been purchased not on lease, but on credit.

And the last advantage, which is useful for both legal entities and individuals, is the absence of property taxes.

Recalculation must begin only after an additional agreement has been concluded with the client for the recalculation of lease payments with the right of repurchase (or without it).

The recalculation scenario can occur in two ways, depending on how exactly the debt obligation will be repaid:

1. If this is a partial payment, then the reduction will be used:
   • interest;
   • deadlines;
   • amounts in the chart.
2. If this is a full repayment of the entire amount under the contract, then the recalculation is canceled and the procedure for re-registering the property from the balance sheet of the leasing company to the balance sheet of the lessee enterprise, or into the ownership of a private person who is the tenant, is launched.

It turns out that recalculation is carried out only in cases where the client makes partial payments ahead of schedule, and not the full amount under the contract.

In the event that you paid the payment (whether in part or in full) without advance warning of your actions to the lessor, then fines, penalties, or penalties will be assessed under your agreement.

If you cannot pay them right away, and the contract is not yet planned to be closed, then the payment schedule will be recalculated taking them into account. This means that additional interest on fines will be included in the remaining amounts.

Are companies willing to agree to early payment?

To avoid an ambiguous interpretation of the terms in advance, legal experts recommend discussing all requirements for early repayment of payments by the parties immediately.

Careful consideration of all issues and details of the agreement will be required. For example, it will be necessary to determine the mechanism by which the lessee will have the right to act when he wants to return some amount ahead of schedule.

Sometimes a certain limit is even set on the amounts that can be used as early partial payment of the contract. But this is rare and only for clients with complex conditions for signing an agreement.

Timing is also important. Lessors, as a rule, are not very willing to agree to accept payments ahead of schedule if 6 months have not yet passed from the date of the transaction.

Property assets leased under a leasing agreement can be purchased by the lessee. The reasons for this may be different, as well as the conditions for early redemption provided by the lessor. In this article we will look at what the early redemption of a lysine item is and how to formalize it correctly.

Reasons for early repurchase of the leased asset

In relation to loan agreements, early repayment is a fairly common occurrence. In this case, the bank must recalculate, but in the case of leasing the situation will be somewhat different. The possibility of early repayment of leased property exists and there may be completely different reasons for this, for example:

1. The company has available funds and he wants to reduce the overpayment. It should be remembered that without additional approvals, it is not always possible to recalculate interest under a leasing agreement.
2. The leased property must be urgently transferred to the ownership of the organization. Such a need may arise, for example, in the event of a sale of a company or when concluding transactions related to a company takeover or merger.
3. The conditions for using the property have changed. As a rule, the leasing agreement specifies clear conditions for limiting the use of the leased property. For example, when transferring such property to a third party, it will be necessary to obtain approval from the lessor or to purchase the property.

Important! The lessor can also act as the initiator of the early repurchase of the leased asset. For example, this is possible if there is a significant deterioration in the financial situation of the lessee.

Early repurchase of the leased asset at the initiative of the lessee

In most cases, it is the lessee who initiates the early repurchase. But at the same time, it should be remembered that The minimum leasing period is 12 months and if less time has passed since the conclusion of the contract until the full redemption, then this moment must be taken into account when calculating taxes.

The main part of the concluded leasing agreements stipulates that in the event of early redemption of the property, the lessee is obliged to pay all the interest that was initially provided for in the agreement. In other words, in this case there will be no savings from early redemption. The only solution in this case may be to carefully study the terms of the contract and agree on its individual terms with the lessor.

Termination of a leasing agreement at the initiative of the lessor

The main thing worth noting is that that it is not at all profitable for the leasing company to terminate the leasing agreement early. Her goal when purchasing the property was to transfer it to a specific person, and it will be difficult to find and transfer the property to another lessee. Selling such equipment or real estate will take a lot of time and will not generate income.

However, in some cases, the lessor is still forced to terminate the contract with the lessee on his own initiative unilaterally.

Such a decision can be made if the lessee has delayed payment for a period exceeding 2 months. In addition, the client is also late in payment or insurance payments.

Typically, a leasing company offers its client to repay the debt early by purchasing the property at its residual value. If the client refuses to do this, then the lessor has the right to simply seize the property.

Important! In order for the lessor to have the right to terminate the leasing agreement early, he must have sufficient grounds for this. Desire alone will not be enough.

Redemption value of property

If the agreement provides for the recalculation of interest, then the lessee is obligated to cover the lessor's expenses and pay him certain compensation.

It will be quite difficult for the client to calculate the redemption value. Therefore, some leasing companies draw up schedules and conditions for repurchase of the leased asset ahead of schedule. If there is no such annex to the agreement, then you can make a request to the leasing company to carry out the calculation. To do this, you will need to indicate the exact date of the request. In response to this request, the leasing company will indicate the exact amount that the client will have to pay to purchase the property.

Important! One of the conditions for early termination of the leasing agreement may include a sharp deterioration in the client’s financial situation. As a rule, such conditions can only be found in contracts for large transactions.

Procedure for early redemption of property

The procedure for early purchase of property is quite common and leasing companies have developed a certain mechanism for it. It is represented by several stages of redemption:

1. The client sends a request to calculate the amount for early repayment. He also notifies the company that he plans to redeem the property ahead of schedule and names the expected date. A request is made in writing, the form of which can be requested from the manager of the leasing company.
2. Having received the request, the leasing company’s employees make calculations and prepare an additional agreement to the leasing agreement. At the same time, the agreement provides for all the necessary conditions for further avoidance of disputes between the parties.
3. The lessee pays the total amount to the lessor's account. This should be done before the date that was agreed upon.
4. The last stage is the registration of the transfer of the leased asset to the recipient. The conditions and terms for the transfer of rights to property are also stipulated in the additional agreement. Sometimes they may be provided for in the main leasing agreement.

Features of early redemption of the leased asset

All leasing companies are aimed at obtaining benefits from the conclusion of each transaction. Therefore, when drawing up a leasing agreement, they include conditions that make it difficult for clients to buy out the leased asset early. You may encounter problems when the contract:

1. A moratorium on early repayment has been established. It is usually set for 12 months from the date of conclusion of the contract. This allows you to make a profit, as well as eliminate the situation when the transaction is recognized by the tax authority as imaginary and tax is charged.
2. Additional costs for early redemption. The leasing company does not want to give up its profits, so it tries to stipulate in the contract a commission that includes the company’s expenses.
3. Increased redemption price. Under such conditions, any deviations from the contract lead to the redemption price increasing.

Accounting for early repurchase of the leased asset

The procedure for recording the redemption of property in accounting will depend on who has it on their balance sheet. If on the lessor’s balance sheet, the entries will be as follows:

Business transaction	D	TO
Property written off balance sheet		001
The property is recognized by the OS	08	60
The asset is classified as inventory	10	60
VAT reflected	19	60

In case of early repurchase of the leased asset, the postings will be as follows:

Business transaction	D	TO
Property at its original cost is included in the company's assets	01 “Own fixed assets”	01 “Leased fixed assets”
The amount of accrued depreciation is transferred to the depreciation account accrued on the company's assets	02 “Depreciation on leased fixed assets”	02 “Depreciation on own fixed assets”
VAT is included in other expenses	91.2	19
Unpaid amounts under the leasing agreement are written off as other expenses	76	91.1