Is company car leasing beneficial in India?

Is company car leasing beneficial in India?

Leasing can benefit companies in multiple ways. The most important advantage is that they can have a fleet of vehicles for a fixed amount without worrying about additional expenses for maintenance and repairs. Once the car lease tenure is over, corporates have the option of buying the vehicle at the residual price.

What is employee car lease?

Under a typical car lease policy, the employer provides a car to its employees (as per their eligibility) through a leasing company. The lease could either be a finance lease or an operating lease.

Is leasing a vehicle a bad idea?

When You Should Lease Rather Than Buy Leasing a car can make more sense than an outright purchase under a specific set of circumstances. If you put less than 15,000 miles per year on your car, leasing might be a good option. Mileage is a crucial element in determining your car’s resale value.

Is employee leasing legal?

Joint employer status can lead to legal liability for a company from claims by leased workers for benefits, pay and damages based on, for example, claims of discrimination. Leased employees are likely to be deemed company employees when there are violations of the Fair Labor Standards Act.

Can I lease Mercedes in India?

The Star Lease program enables customers to enjoy a Mercedes-Benz vehicle without having to pay for the ownership of the car or having to bother about the service costs. Mercedes-Benz India was the first one to start the lease program here.

Can we lease Audi in India?

Under the leasing option, a consumer can buy an Audi on lease by servicing about half of its total cost for the first three years, after which he can either return the car or continue servicing the EMI (equated monthly instalments) to own the car.

Is leasing a car a good idea for your business?

Although leasing a car is a relatively new concept in India, it has seen widespread acceptance among corporates, who report that it has greatly helped improve the morale of their employees, while saving them from the hustle-bustle of everyday commute.

Is the company leased car scheme available in Accenture?

In Accenture this scheme is available to all the employees of Level D (Services Workforce), Specialist (Enterprise Workforce), Consultant (Consulting Workforce) and Team Lead (Solutions Workforce) and above in India who would like to opt for a company leased car for their business and personal use. This option is not available in Cognizant.

How to lease a car for an employee?

All the employees should submit the declaration along with the car lease application form. All the necessary papers should be submitted to the finance within 5 working days upon receipt of the payment of the car. All the necessary taxes etc. should be borne by the employee in case of any transfer of employment.

How to sell a car to a company in India?

The car must be registered at the place where the Company has an office in India Employee can avail the car only at his office location. The employee would take the delivery of the car and obtain the Sale Invoice from the dealer. Copy of the Sale Invoice needs to be forwarded to the Finance Department of your company.