Car lease and car loan

Steps to obtain leasing

1. Find a suitable vehicle and submit an application on the internet bank, at a car dealership or at a bank branch.

2. If necessary, the manager will ask for additional documents:

   • The sales offer of the vehicle or the sales ad published online.
   • An account statement for six months, if your wages are not transferred to Swedbank.
   • Valuation report of the car, if the seller is not a cooperation partner of Swedbank.
3. We will sign the contract digitally at a car dealership or at a bank branch.
4. 8. All you have to do is pay the first instalment and contract fee and you can pick up your car.
   • If the buyer is a private person, the bank will transfer the money for the vehicle to the seller no sooner than 15 days after the signing of the lease contract. Agree on a time for the registration and transfer of the vehicle with the seller.
5. The vehicle must be registered in the name of Swedbank Liising AS at the Traffic Register Bureau of the Road Administration.
6. The car must have valid casco insurance and motor insurance. If your comprehensive insurance provider is not Swedbank P&C Insurance AS, send a copy of the policy by e-mail to liisinguadmin@swedbank.ee, fax it to 888 2048 or bring it to your nearest Swedbank branch.
   The lessor accepts all insurance companies (and their branches) that hold an activity licence issued in Estonia.

Steps during leasing term

• Authorisation for use of vehicle

  Using the vehicle in Estonia and elsewhere in the EU – no authorisation is required.

  Using the vehicle in another foreign country

  If you are not listed on the technical passport of the vehicle as a user, you will need a notarised letter of authorisation to exit the European Union with the leased vehicle. You can get this from the leasing company.

  If you intend to drive to or in Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine or Uzbekistan with a leased vehicle or motorbike, you will need to enter into a comprehensive insurance policy.

  You will get a notarised letter of authorisation within four business days of filling in the application. We issue such letters in Estonian, Russian and English. Application for authorisation

  You will pay for it on the basis of the lessor’s invoice in accordance with Swedbank’s price list. The maximum term of validity of a notarised letter of authorisation is until the date of expiry of the comprehensive insurance contract.

  Changes in the vehicle registry data

  If you would like to make changes to the registry details of the vehicle, you will need an unattested letter of authorisation issued by Swedbank Liising AS in order to take registry steps in the Road Administration. To receive this, submit an application. You will pay for it on the basis of the lessor’s invoice in accordance with Swedbank’s price list. The maximum term of validity of an unattested letter of authorisation is 20 (twenty) days.

  Application for authorisation to take registry steps in Road Administration

• Amendment of contract

  If you would like to amend the leasing contract (e.g. extend the term or apply for a payment holiday), submit an application in the Internet bank or by e-mail in a free format. Contract amendment fees are specified in the price list.

• Early termination of contract

  Selling the vehicle to an individual or entity

  If you have found a buyer, the buyer can buy the vehicle or take over the leasing contract.

  Upon buying the vehicle, you must submit an application for termination of the leasing contract, while the buyer must submit a confirmation of purchase. Thereafter the buyer will get an invoice for buying the vehicle from us. After the invoice has been paid, Swedbank Liising As will issue documents to the buyer, formalising the change of ownership in the respective regional Traffic Register Bureau of the Road Administration.

  Upon termination of the leasing contract, submit an application for termination of the leasing contract, indicating the details of the buyer. The new lessee must submit a leasing application. The contract will be handed over on the basis of the current residual value, but by agreement the buyer may pay more for your vehicle. In the respective regional Traffic Register Bureau of the Road Administration, the names of the new user must be added to the registration certificate of the vehicle.

  Please note: if a third party buys the vehicle, the lessee must, in accordance with the Motor Insurance Act, address the insurance company before the vehicle is registered in the name of the new owner – otherwise the overpaid sum will be transferred to the policy of the new owner pursuant to law.

• Timely termination of capital lease and hire purchase contract

  Upon the timely expiry of a capital lease or hire purchase contract, we will check whether you have performed all of your obligations (paid your lease payments, submitted the required documents) after the last instalment is paid. We will then send the contract termination documents to you by post, or sign them digitally and e-mail them to you.

  If you would like to register the object of lease in your name using the e-service of the Road Administration, we will initiate the process for changing owners after receiving the last instalment and you must complete the registration in e-service within five calendar days. The five days will start running from the moment the information is entered in the e-service and the relevant notice has been sent to you.

  PLEASE NOTE: If you have not registered the object of lease in your name within five days, the data of the object of lease will be temporarily deleted from the Traffic Register, your motor third party liability insurance policy will be automatically terminated and you will have to go to a service bureau of the Road Administration with the certificate.

  If would like us to send the contract termination to your e-mail address or complete the re-registration in the e-service of the Road Administration, please send a message to liising@swedbank.ee or a relevant bank message from Swedbank’s Internet Bank.

• Timely termination of capital lease and hire purchase contract with residual value

  If you have a capital lease or hire purchase contract with residual value, you can apply for extension of the contract to pay the instalment according to a new payment schedule. In order to extend the contract, please send an application before the expiry of the contract, and include the period for which you would like to extend the contract. We will then send you an indicative offer, which is subject to the existence of a relevant positive credit decision. A contract fee as set out in the valid price list of Swedbank must be paid for the extension of a lease contract.

  If the amount of the last instalment is smaller than €5,000, we will offer you a car loan for financing the residual value of the contract. In the case of a car loan, we will transfer the borrowed money to your account and you can use to pay off the residual value of the lease. You will become the owner of the vehicle after paying the residual value of the lease. The vehicle must be registered in your name in the Traffic Registry of the Estonian Road Administration within 30 days of entry into the loan agreement. Please note: We only offer the car loan for extending the contracts of land vehicles.

  If you don’t want to extend the contract, we will check whether you have performed all of your obligations (paid your lease payments, submitted the required documents) after the last instalment is paid. We will then send the contract termination documents to you by post, or sign them digitally and e-mail them to you.

  You can re-register the object of lease in a service bureau of the Road Administration on the basis of the certificate sent to you within 5 days of issue of the certificate.

  If you would like to register the object of lease in your name using the e-service of the Road Administration, we will initiate the process for changing owners after receiving the last instalment and you must complete the registration in e-service within five calendar days. The five days will start running from the moment the information is entered in the e-service and the relevant notice has been sent to you.

  Please note: If you have not registered the object of lease in your name within five days, the data of the object of lease will be temporarily deleted from the Traffic Register, your motor third party liability insurance policy will be automatically terminated and you will have to go to a service bureau of the Road Administration with the certificate.

  If would like us to send the contract termination to your e-mail address or complete the re-registration in the e-service of the Road Administration, please send a message to liising@swedbank.ee or a relevant bank message from Swedbank’s Internet Bank.

• Timely termination of operating lease contract

  You have the following options when your operating lease contract expires:

  1. Returning the object of lease

     The object of lease must be presented to the repurchaser indicated in the lease agreement for an inspection not later than one month before the expiry of the lease contract in order to determine whether the condition of the object of lease corresponds to the conditions agreed in the guideline for the determination of natural and unnatural wear of vehicles. If the repurchaser confirms that they will repurchase the object of lease, you must transfer to the repurchaser on the expiry date of the lease contract. If the repurchaser finds any defects in the object of lease, you must compensate for the cost of repairs necessary to eliminate them before returning the object of lease.

     PLEASE NOTE: If you fail to carry out the technical inspection at the repurchaser’s 1 month before the expiry of the lease contract, the repurchaser will have the right to refuse to repurchase the object of lease.

     Certificate of inspection and return of property

  2. Extending the lease contract

     In order to extend the contract, please send an application before the expiry of the contract, and include the period for which you would like to extend the contract. We will then send you an indicative offer, which is subject to the existence of a relevant positive decision. A contract fee as set out in the valid price list of Swedbank must be paid for the extension of a lease contract.

     If the amount of the residual value is smaller than €5,000, we will offer you a car loan for financing the residual value of the contract. In the case of a car loan, we will transfer the borrowed money to your account and you can use to pay off the residual value of the lease. You will become the owner of the vehicle after paying the residual value of the lease. The vehicle must be registered in your name in the Traffic Registry of the Estonian Road Administration within 30 days of entry into the loan agreement. Please note: We only offer the car loan for extending the contracts of land vehicles.

  3. Purchasing the object of lease

     If you would like to purchase the object of lease, please send an application. We will prepare and invoice for purchasing the object of lease and send it to you after the last scheduled lease payment is made. VAT is added to the agreed residual value of the object of lease. After you’ve paid the invoice, we will send you the lease contract termination documents, which will allow you to re-register the object of lease in your name at a service bureau of the Road Administration. If you would like to waive the right to repurchase the object of lease to a third party, please fill data of the purchaser in application.

     If you would like to register the object of lease in your name using the e-service of the Road Administration, we will initiate the process for changing owners after receiving the last instalment and you must complete the registration in e-service within five calendar days. The five days will start running from the moment the information is entered in the e-service and the relevant notice has been sent to you.

     PLEASE NOTE: If you have not registered the object of lease in your name within five days, the data of the object of lease will be temporarily deleted from the Traffic Register, your motor third party liability insurance policy will be automatically terminated and you will have to go to a service bureau of the Road Administration with the certificate.

     Please note that the obligation to have the object of lease technically inspected will also apply to you if at first you decide to purchase the object of lease or extend the lease contract, but later wish to return the object of lease instead.

• Comprehensive and motor third party liability insurance

  If the comprehensive insurance premium is also included on your monthly invoice in addition to the lease payment, you must keep in mind that the comprehensive insurance will expire after the arrival of the payment deadline of the last lease instalment. In case of early termination of leasing contract the last invoice payable for comprehensive insurance will be submitted to you separately after the payment of the last lease instalment. If you would like to keep the insurance cover, please call us on 888 1513 or send an e-mail to varakindlustus@swedbank.ee. If the comprehensive insurance premium is not added to your monthly lease invoice, the comprehensive insurance contract will not expire automatically with the lease contract. Please contact your insurer to specify the terms and conditions.

  If you took out your motor third party liability insurance via Swedbank, please contact us within 30 days after registering the vehicle in your name so we can re-register the effective motor third party liability insurance contract in your name.

  Please note that pursuant to the Motor Third Party Liability Insurance Act, the prepayment of effective motor third party liability insurance belongs to the new owner if the previous owner has not terminated the insurance before re-registering the vehicle in the Road Administration. Please contact your insurer directly to terminate motor third party liability insurance.

  Contact details of Swedbank Varakindlustus for renewing and re-registering insurance contracts:

  • Telephone: 888 1513;
  • E-mail: varakindlustus@swedbank.ee.

  You must contact your insurer if you’re using a different service provider.

Car loan terms and conditions

Steps to take a car loan

1. Submit your application on the internet bank or at a bank branch.
2. The loan manager will inform you about the loan decision by phone or e-mail.
3. Sign the contract on the internet bank.
4. We will transfer the loan sum to your account. The contract fee will be taken from your account automatically. 
5. Congratulations! You will soon be the owner of a new car. Register the car in your name.  You can see contract details in the Internet bank.
6. Do not forget to get motor third party liability insurance.

Documents required to apply for loan

• If your salary is not paid into a Swedbank account, submit a six-month account statement certified by the bank that opened your account.
• If you are self-employed, submit your business revenue and expenditure calculation.

Loan

Leasing