Product Description
Purpose: To finance the purchase of Vehicles (Passengers, Commercial, & Trucks) to Corporates.
Lease Amount: Minimum amount of LE 50,000.
Tenor: Up to 5 years.
Payment: Can be Monthly or Quarterly in advance.
Percent of Financing: 90 % (subject to credit analysis)
Types of Lease Finance
Purchase of New Vehicles
Sale and Leaseback of Existing Vehicles (Maximum of 2 years old)
General Terms and Conditions
Title of vehicle must be in the name of Corplease.
If the vehicles are new then Lessor will undertake the purchase (local or foreign) process based on the written instructions and the specifications provided by the Lessee and after completion of all documentation required.
Lessee will ensure that leased vehicles are maintained in excellent operating condition consistent with prudent industry practice and manufacturer’s instructions.
Lessee has the option to purchase the leased vehicles for LE 1.00 at the end of the lease term.
Lessee has the right to purchase the vehicle at any point of time during the leased period by paying the net present value of the remaining rents.
All leases are registered with GAFI.
According to Egyptian Accounting Standards all leases are recorded as off balance sheet for the Lessee.
Lessee must maintain an all risk insurance policy in favor of the Lessor stating the following conditions:
No changes will take place in the insurance policy without written approval from CorpLease.
Total and partial compensation under the auspices of CorpLease
Download Leasing Application
F A Q
Q. What are the leasing documents required to close a leasing transaction?
A. The basic leasing documents are the following:
1. Lease Contract.
2. Transfer of title (Invoice).
3. Acceptance certificate.
4. Irrevocable debit instruction for the lease rent.
5. Other documents as maybe required or on a case by case basis.
Q. What are the corporate documents required?
A. The standard corporate documents are:
- Commercial Register (not older than 3 months).
- Copy of Tax Card.
- Copy of Authorized signatories ID or valid passport.
- Article of Incorporation.
- Relevant Business license.
- Audited financial statements for the past 3 years.
Q. What are the Lessee’s options at the end of the lease term?
A. In a finance lease the lessee can exercise one of the following options:
1. Acquire the vehicle by paying a nominal value of LE 1
2. Return the vehicle to the Lessor.
3. To renew the contract (based on Lessor’s approval)
Q. Can the lease contract be terminated?
A. Yes. The Lessee must pay the net present value of the future lease payments.
Q. What is the payment method?
A. The usual payment method is through an irrevocable standing order instruction on the Lessee's bank account to transfer lease rents to Corplease.
Q. Who bears the insurance and maintenance costs?
A. The Lessee. These costs can be included in the lessee’s monthly payment.
Q. Does the lease cost include maintenance?
A. We do supply maintenance contracts, which we add to the cost of the contract. Our maintenance scheme is a comprehensive package including maintenance according to the Vehicle manual provided by the manufacturer & full coverage insurance.
Q. Are there restrictions on annual mileage for leased cars?
A. No |
