Did you know that 1 out of every 4 vehicles in Spain are leased? As you read it. Nowadays, buying a vehicle is no longer a priority for companies or for all individuals. Concerns about the current financial situation, coupled with high monthly payments, total cost and availability of vehicles, are changing consumer preferences (Global Automotive Consumer Study, 2024).
In contrast, the leasing and rental market is growing. Last April alone, 113,161 leasing transactions for passenger cars, commercial vehicles, agricultural vehicles and off-road vehicles were registered, which is 14.7% more than in April 2023 (Capital). Moreover, according to the National Business Federation of Car Rental with and without driving, the sector is expected to have a turnover of 1.9 billion euros in 2024, which would put it at pre-pandemic figures (Fleet People, 2024).
Leasing possibilities: Leasing and renting
The car rental sector is growing due to the differential advantages it brings to those who decide to opt for this way. However, depending on the needs, characteristics and profile of each particular case, it will be better to opt for one way or another.
Thus, there are different car leasing options:
- Leasing. Mainly intended for companies, freelancers and professionals who need a vehicle to carry out a professional activity. The contract can have a duration ranging from two to four years. At the end of the contract, there is the option of renewing the contract, buying the vehicle or returning it. Although it has a lower fee than renting, it does not include expenses derived from maintenance, taxes, breakdowns or car insurance.
- Renting. Available to all interested parties, including individuals. With renting it is only possible to rent the vehicle, it is not possible to buy it at the end of the contract. Payments can range from 150 to more than 1,400 euros. However, unlike leasing, it does include all vehicle maintenance costs, insurance and other additional costs arising from repairs, registration and management of fines and penalties. The most usual duration of the contract is usually four years, although it is eligible from 16 to 60 months.
4 Uses of electronic signatures in car leasing and leasing
Like any manual procedure that involves the collaboration of several parties, the management of the necessary documentation in car leasing and leasing can generate headaches. Generally, this is due to the need to travel physically and the slowness in the management of the documentation. In short, problems related to the signing of the contract.
Electronic signatures can have a positive impact on the work system. Do you want to know how electronic signatures can help with this problem? For example, in the following stages of the process;
Finance charges and other banking transactions
Although online financial transactions make everyday life easier and more convenient, there are still more than a few people who do not fully trust online or mobile payments. The rise of mobile scams has been a decisive factor in this insecurity. However, there are alternatives that reinforce online payments.
When charging customers’ credit cards, dealers can use digital solutions to ensure their security. Digital certificates or electronic signatures, thanks to their authentication methods or OTP codes, guarantee the cybersecurity of transactions and give customers the peace of mind they need to trust. Simple, secure and reliable.
Notification of vehicle returns
One of the main uses of electronic signatures in the automotive industry and, more specifically, in vehicle leasing and rental, is for the notification of vehicle deliveries and returns after the start or end of the contract.
At both stages of the process, customers can receive an electronic form to fill in, with all the guarantees and legal validity. Ideally this form would include identification data of the person and the vehicle they are renting, but also sensitive financial information linked to their bank account. However, as mentioned in the previous point, digital electronic signature solutions guarantee the security of the transaction.
Car insurance
In the case of opting for renting as a leasing method, a fundamental part is the car insurance. The Spanish Renting Association states that comprehensive insurance is included in almost all contracts (Mapfre, 2024). The leasing companies usually offer different modalities with the same characteristics as insurance for private properties: theft or robbery of the vehicle, broken windows, roadside assistance, etc.
In this application, the electronic signature is really useful when signing the policy contract online, before picking up the vehicle. In this way, we will not have to wait or make unnecessary formalities.
Contract renewals
Leasing contracts range from one to five years. Once the contract has expired, there are four options: sign the car’s purchase document because you want to buy it as property, return it, get a new car for the first time or extend the leasing contract.
In the latter case, thanks to the electronic signature, you can sign the renewal of the contract comfortably from anywhere, whether at home or at your holiday destination. Presence will no longer be an obstacle. In addition, you will avoid traveling, helping to contribute to the environment and create a more sustainable environment.
Manage your car leasing and leasing process with Viafirma
Are you bored with the monotony of handling car leasing and leasing paperwork in the traditional way? Paperwork is one of the main pain points when leasing a vehicle. That’s why, as an industry professional, make the leap to digital transformation.
Viafirma‘s electronic signature tools are the solution you need to solve the problems of agility in your business. You will gain in efficiency, user experience and satisfaction of the most important part of your company: your customers. Of course, our sales team will guide you and offer you the options that best suit your particular case.