How Employees Save 40% on Car using Tax Laws | Detailed Explanation by CA Sahil Jain

In this video, we see through a detailed example how Employees save Lacs while buying any Car using Indian Taxation Laws.
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[@TaxationWithCASahilJain]

The figures I've shared in the video are straight out of the Car Leasing Program of a company in the real world. Big corporates keep a certain portion of your payout as "Flexible" which you can choose to take as HRA or Car Lease Reimbursement or LTC etc. This is how salary structuring happens in real life which results in savings of lacs. Hope this was a little insightful for you all. Happy learning ♥

[@ConsultantTejasShar-tp7ms]

What if we leave the company in between?

[@sagardharmahattikar4454]

what if the employer does not provide you this option

[@chichi-wy2ku]

​@@ConsultantTejasShar-tp7ms bro sir already addressed your query in this video, company does hypothecation incase employee tries to sell the vehicle or leave the job, if this happens company can take back its car. Hypothecation gives right to company to take back the asset even if company is not owner.

[@aditrajgautam8904]

is the residual value of car is fixed at 5% for 3 years lease period or it can vary company to company, as my company charges 25 % which seems much higher than stated in video?

[@_chirag_agarwal500]

Not little , very insightful

[@vivekjain9944]

dear sahil sir , you are one of my most fav teacher who explained every practical concept in a very crisp and clear manner🤓🤓😄😄

[@vjrgv7462]

Whatevr u said is absolutely true.....my Clnt is the software employee in concentrix ...he did the same.....

[@badarikrishna3169]

Was it practically worth it in reality as explained in this video?

[@SathyendraPrabhu]

Yes. Idea is great. But the problem might come in 2 areas here. 1. When GST kind of taxation changes happen from Govt. This impacts these leasing scheme and makes calculations up n down. 2. When you leave the company or forced to leave.. you got to have complete amount in pocket to pay as net amount for remaining installments.

[@unknown-us5vs]

Please make a video of how actually a business owner can save tax by claiming depreciation and its steps etc in detail !!!!!!!

[@akshatjain4375]

was just taking your lectures sir, break k baad seedha yha aagya 😋

[@TaxationWithCASahilJain]

Break me bhi padhayi kar rahey ho Akshat. Proud of you 🤗

[@mandarrege4223]

Thanks for sharing detailed information . This is really helpful. But this calculation changes company wise. Few observation considering policy in our US based MNC, 1.Residual value after 3 year is 25% + GST 45% So benefit will reduce by 5 lakh straight. 2.Company policy for fuel/driver/insurance claim is less than 1 lakh. And that we can claim that without leasing . So we cannot show that profit. 3.Car is in company's name and we will be second owner after paying residual value. Not sure on RTO tax if any. In such cases,we hardly get any benefit. So employees need to caclculate the benefit case to case basis. (I know a friend who is getting fuel benefit as demonstrated by you but residual is 25% for them as well. So total benefit for him is 3-4 lakhs.)

[@The_Vinitio]

Again a Bang on and insightful video Sahil Sir!!! I missed your videos since so long. Try posting on a regular basis.

[@ayanshaikh9287]

Being a cs student sirf provision pada tha ye but a very a nice explanation & trick Aaj se apka fan ban gaya ❤❤❤

[@akshayjain6665]

Though i understand this concept fully, but still watched every second. Totally admire the way you explain concepts.... Keep enlighting the young brigades.... Good wishes...

[@TaxationWithCASahilJain]

Thanks for all your valuable inputs in making this video ❤️

[@dhirajshetty2034]

Sahil sir brilliant video an absolute eye opener for someone from non financial background... Thanks Sahil sir once again👍

[@dhruvjoshi1220]

Just blow my mind 😮. The power of Knowledge ❤

[@pushkarmehta1]

On point sir, however, the on road price for vehicles under leasing is higher due to significantly high road tax on corporate lease. The savings in this case would probably come down by a lakh or two.

[@TaxationWithCASahilJain]

Lease of course has to be higher as the Leasing company will have to earn Interest to make this entire proposal financially viable for them as well. However, as you might be able to observe in this video, in each of the years, you saved tax of close to 4.5 lacs making total savings go upto close to 13 lacs. However, since leasing premium is higher than general car cost, net savings are of 8 lacs which is again a good deal..

[@vardanrathi7777]

No. High Road Tax is only applicable when the car is registered in a company's name. In this case, car is registered in the employee's name only.

[@princeofheaven19]

@@vardanrathi7777in a car lease the car is in the name of the leasing company usually orix

[@vardanrathi7777]

@@princeofheaven19 Nope. He clarified it very clearly in the video that the ownership is in the name of the employee and the leasing company does the hypothecation. Even if you see Maruti's leasing plans, they lease the car to the person and Orix or others become the hypothecation party.

[@Arihant_Sethia]

Three cents from my side: 1. You have taken fuel cost, driver salary and maintenance cost to be very high. Usually companies have fixed amount for this which is maxed at 3-4 lakh. 2. Lease tenure end price is not 5%. It is around 30% at the end of 3 year lease and 20% at the end of 4 year lease. 3. RTO transfer cost is not accounted for. 4. Even after hypothecation removal while selling the car in market it is treated as second owner car as initially the car is registered on company name and transferred to your name at the end of lease tenure.

[@TaxationWithCASahilJain]

1 & 2) The figures that I’ve quoted in this video are straight out of the leasing policy of a big Indian MNC and not a figure I randomly made up. However, it of possible that your specific employer has a different policy structure which is why I’ve explained the process so that you can see for yourself whether leasing makes sense for you or not. 3) There is no RTO transfer in this case as the Employee remains owner of the car throughout and only hypothecation is removed upon payment of residual amount 4) Random assumptions on your part. I’m telling you practically that the RC remains in your name from Day 1. You are “first owner” in all the documents. No rhyme or reason why you would be treated as second owner in any market.

[@souvikroy9340]

I beg to differ @taxationwithcasahiljain sir, my company (IT MNC) has directly told me that for leasing car would be registered in company's name first and then transferred to my name at end of lease. For the employee the extra costs are interest cost which is extra paid on top of the car's value, 20L v/s 25.2 L plus payment for residual value of 1.02L as per your example. If you bring down the total income from 40L to 25L benefits would practically be minimal.

[@tarunpatel3741]

@@TaxationWithCASahilJain The vehicle will be registered on company name not on your name. So technically you will be the second owner of the car after lease tenure or you can sell the car book some profit.

[@sandeepyadav1478]

Prodigal hero returns🙌, good to have u back

[@princekumarsingh4057]

Sir ab na wait nahi ho raha hai...ca final tax ke liye ..super excited hai...pls share related details and .... kuch daliye sir utube pr...jisse ap famous ho ..apke bathces famous ho😅

[@sachjain2]

There is a gap in this analysis. Usually employers want to get the cars registration in company name for the lease period and get it transferred at the end of lease period. Now when the employee pays residual value of Rs. 1.02 lacs for a car valued at Rs. 15 lacs, they are required to pay fringe benefit tax on Rs. 13.98 lacs.

[@faiz697]

Rhe biggest peoblem for this to work is being in a company that has lease pepgram

[@3raghuveer]

There is a drawback for this car leasing. In case if you are planning for a home loan. You will be get lesser amount since your salary is less due to car lease emi.

[@singleshotbysatyam1537]

Ghar car sab ek hi time krega ky bhai!! Common sense toh lease pai nhi dedina kahin!!

[@3raghuveer]

@@singleshotbysatyam1537 bhai car lease ka time frame 5 years bhi hota hai. All I am saying is agar agle 4-5 saal me Ghar lene k plan nai ho toh car lease best option hai.

[@TaxationWithCASahilJain]

Your CTC still remains 40 Lacs even if you go for leasing option. CTC includes Basic Pay, Perqs, Allowances etc.

[@Learner945]

I took the car with this scheme. We have a different setup. Claim 24k for tax exemption of fuel plus driver per month and car price is based on cadre. In total im able to get the car at 5 lakhs less with 1% residual value at 4 years

[@7srider]

How about for self employed people like Doctors? How can they avail this

[@AmitGupta-tm2fx]

Sir, keep uploading such type of content.

[@shis10]

Amazing video. 💯🙌🏻 Best way to save taxes is to flee to Dubai and Singapore ♥️🔥😄

[@singleshotbysatyam1537]

If everyone will think as you, what will CAs do, non-sense!

[@shis10]

@@singleshotbysatyam1537 Tax like Switzerland ,Give Services like Uganda. ! Thats the problem.

[@sumitdwalunje]

That HAANJI, GOOD EVENING missed very much sir. Please bring this kind of info. videos once a week😍😊Loves ur knowledge and explanation skills

[@adityamundra3699]

Is this beneficial for a business owner too, rather than using depreciation, which is too small.

[@adityabhatia7861]

Bang on sahil sir video always full of knowledge and comprehensive in nature , your student aditya 🤗🤗

[@ABHISHEK98927]

Guru Brahma Guru Vishnu, Guru Devo Maheshwara Guru Sakshat Parabrahma, Tasmai Shri Guruve Namah, happy Guru Purnima from ur chintu sir love u

[@uditagrawal512]

Sir, I have some doubts: 1. The cost of the car will be (25.2 L - 8 L) 17.2 L because 8.4 L will be deducted from my salary every year for leasing. 2. If the car is in the name of the employee, how a company can show this as a business expense for leasing, if not, it will be included in the income of the employee as it is paid by the company on behalf of employee.

[@TaxationWithCASahilJain]

1) Aise bhot confusing hoga Udita. Employee is paying higher cost on account of lease but saving on taxes every year. Hence, to make calculations simpler, I’ve shown sum of disposable income for all the 3 years in which you can clearly see that in leasing, disposable income in hand is higher by 8 lacs compared to outright purchase of car and thus, to summarise, we can say he sort of got a discount of 8 lacs by going towards the leasing route. 2) The lease and other amounts paid by employer are all towards expenses incurred in reality by employee and thus, are all business expenses claimable by employer u/s 37.

[@Harryprasad930]

How government employees can do leasing??

[@mrevilove666]

Wohi soch ra tha… humare HR ko to samjh hi ni aayega…bolenge humare Deptt ka kaam ni h. 😂

[@dharmikzinzuvadiya2035]

Govt employees ko zaroorat hi nahi hai. Table ke niche se bahut cash aata hai govt employees ko 😅

[@Ag1d961]

Section applicable 17 (2) (iii), rule 3

[@sauravbhatt9351]

Sir can you make a video on cfa and it's scope , earning , growth etc pls

[@newsvuse8489]

Very nice voice and style of explanation

[@kiranvootori8101]

Not enough if employee knows the law. Employer should also have the policy

[@guru3563]

Make nxt video on how option trader can save taxes ... Include brokerage , stt etc

[@vijaykumarmamidi]

Very informative video. I was always confused if one should go with company car lease policy. Thanks for clarifying all doubts in my mind. I just need to work and see how much it is beneficial if I don't opt for driver and my fuel bill is 10K per month

[@TaxationWithCASahilJain]

Yes. Financial viability increases or decreases depending on income of employee, how expensive the car is, what the lease premiums are, what reimbursements are etc. Hence, I’ve tried to explain the entire process in detail so that you can put in your actual numbers and see for yourself what suits you better.

[@rajatmehta4597]

Isn’t the employee then restricted/ forced to not leave the company for atleast 3 years? What if one decides to quit the company- pls help with this question?

[@Arihant_Sethia]

Final residual amount is 20% at the end of 4 year lease and around 30% after three year which is not small amount as you have shown in your video as 5%

[@TaxationWithCASahilJain]

The figures that I’ve quoted in this video are straight out of the leasing policy of a big Indian MNC and not a figure I randomly made up. However, it of possible that your specific employer has a different policy structure which is why I’ve explained the process so that you can see for yourself whether leasing makes sense for you or not.

[@kumarsaurabh6256]

Residual value is usually in the range of 20 to 25% is what I have seen, not 5%.

[@SuperF1ferrari]

Yes, that's correct. It's usually between 20-25% . I have not seen a residual value of 5% for even 4 years leasing

[@neeraj3885]

Sir can u please make a video on what questions and documents to ask from client while filing their ITR return for their business

[@himalayahinduja1010]

A more efficient way would be government decreasing taxes.

[@harshrajjadhav940]

That's not going to happen.

[@arpitnahata947]

Can you provide examples of leasing companies which offer such schemes? I need to connect with them to provide this for my company. Also, who determines the residual value? Leasing company I believe.

[@AVINANCE]

Thank you sir for the amazing knowledge. Is there any changes in this with respect to electric cars and are there any depreciation benefits for the employer?

[@gangeshshaw172]

What would happen if the employee leave the current organization and joins other organization?

[@WalterWhite-og6wj]

In reality, very few companies have leasing programs in India. Even if a company has, they have lot of conditions.

[@ankitshaw1388]

I have a question let's say the employer makes the commitment for paying for 3 years let's say in these 3 years what if the employee quits its existing job and gets a new one or the employer fires him what happens in that case.. 1. The new employer pays the amount??? and 2. The employee since is fired is paying the downpayment ??????? Please answer this question... Thank You

[@sagarrelan3049]

Thanks for the explanation, but I doubt the last part where you mentioned the car cost in case of Lease is 12.4 lakhs (20.4 - 8), after tax savings. I think as we are paying 70k per month and rupees 1 lakh residual value, that amounts to 26.2 lakhs (25.2+1), so as you had earlier mentioned that in case of Lease the actual car cost would be more, as per the calculations, the actual car cost to customer should be around 18.8 lakhs (26.2 - 8), definitely one saves on the taxes. But I doubt there might be any gains on reselling the car.

[@meditation.365days]

You Missed that 4.5 Lacs p.a and for 3 years it equals to 13.4 lacs after deduction of 5 lakhs it comes to save an amount of 8 lakhs and some thousands.

[@sagarrelan3049]

@@meditation.365days No I didn't missed the Tax saving part as i mentioned in my comment that "definitely one saves on the taxes", I was questioning the gain on selling the car, we cannot count it as extra gain, as the cost in case of leasing is more compared to buying it

[@sandeepaher5107]

Sir I feel you have not two costs included here 1 - interest that needs to paid to leasing company 2- RTO taxes are 2x for corporate buying which are being recovered by leasing company per month basis

[@TaxationWithCASahilJain]

1) The total lease rental comes out to be 25.2 Lacs as against the cost of car of around 20 lacs. This difference is of Interest only. In spite of this, the net savings are of around 8 Lacs. 2) This car shall be registered in the name of Individual, i.e. Employee and not in the name of company and thus, there’s no extra RTO cost that you need to bear.

[@rishabhjainrashh]

You always bring something new to the table. Proud to be a subscriber of your channel.

[@itsbhooms]

Wo jo 6L hai jo driver and maintenance ki payment hogi. Wo bhi to income me se hi jayegi. Usko subtract nahi kiya final amount se

[@ankitpal_in]

My manager explained to me this long back. Aaj revision ho gay.

[@CA_Hardev_Jadeja1]

Waah sir maja aa gaya ye tax planning dekh ke ❤😊

[@dipanbanerjee5517]

Fantastic discourse Sir!!!

[@sidharth9218]

Leasing companies are charging 25% as residual value, not 5%. The whole calculation and benefits goes for a toss

[@suyogshimpi4171]

Hello Sir, First of all thank you for such a great detailed explanation. I would like to see same video about save tax on buying tractor for farmer or some salaried employees (Like me as I am farmer as well). Could you please help us by posting such video (Or can you please refer a video if you already have posted). Thank you in advance.

[@jatinjain1172]

if i take new tax regime then my tax will be 9,20,400 a year. I will have 40lakh - 9.2 lakhs i.e. 30.8 lakhs. After three years it will be 92.4 lakhs. After removing 20.4 lakhs of creta it will be 72 lakhs. So my net disposable income after purchasing car will be 72 lakhs. and you were having maximum disposable income as 59.8 lakhs. How is your method working? Am I missing something ?

[@TaxationWithCASahilJain]

Jatin you’ve not subtracted 6.5 Lacs per annum on account of Fuel/Insurance/Service/Driver as I’ve done in the video. All figures are transparently displayed.

[@anuragtaneja]

If the organisation is looking for a residual value of 10 percent in advance, is it still a good option to go with?

[@nikhilbansal4335]

But, Sir when car is owned by EMPLOYEE then the amount of perquisites for motor car to be included in Gross Salary is amount spend by company reduced by (1800+900) per month if engine capacity upto 1.6L or reduced by (2400+900) per month if engine capacity exceeds 1.6L, assuming it to be the case of party for personal and partly for official use. And if motor car is owned by EMPLOYER then amt. of perquisite (partly for private and partly for office use) will be (1800+900) per month if engine capacity is upto 1.6L and (2400+900) per month if engine capacity exceeds 1.6L, in case where all the expenses incurred by employer. Please correct me, if i am not correct.

[@TaxationWithCASahilJain]

So this remains a LEASE till the end of 3rd year and thus, the tax treatment applicable here is the one applicable on cars owned or hired by Employer. After end of third year and payment of residual value, the employee is considered to be the OWNER.

[@nikhilbansal4335]

So it means, we would only consider beneficial ownership as in case of "ICDS Ltd. V. CIT" and disregard the fact that Employee is owner under the MV Act 1988, as decided in the case law. Right??

[@priteshthakker]

Thanks for the overview... BUT 1) Residue value 5% seems rare, I have seen it to be ~25%. This trims majority benefits 2) Maharashtra & Gujarat... Taxes are higher (like around x1. 8) when vehicle is bought in name of a company, this enlarges purchase cost and lease value significantly 3) Seems this benefits people having large chunk of income above 30% tax bracket, you seem to have avoided expressing that

[@TaxationWithCASahilJain]

1) Not as uncommon as you might think. I've seen residual value of 2% as well. Employers who actually want to retain their employees by giving such benefits design such schemes effectively. 2) In this entire scheme, the car is registered in the name of Individual and not the company. Hence, no extra road tax. Just a hypothecation is done in favour of leasing company which has no impact on road tax. 3) I did mention that the benefit percentage is not standard. It varies when you tweak the income, car cost or lease cost. Hence, never asked everyone to go ahead with this. Have taught the process. You can just put in your numbers and see for yourself if it makes financial sense for you or not. Happy learning!

[@priteshthakker]

@@TaxationWithCASahilJain #1 Ok #2 is surely wrong.. it is in the name of Corporate... how can a car in the name of employee will be LEASED to self??? and I am saying this as I have referred the policy and know about it. #3 Ok

[@sidpr007]

Sir apka jawab nahi. Big fan

[@sairamgunda3590]

Since we are paying 70k per month i.e 25 L for 3 years. And we are saving 8 L. But, at the end we are saving 3 L only effectively (20+8-25) as car cost is 20 L ( But we are paying 25L instead). Is it correct?

[@RajatJain-ov3vh]

Always the most comprehensive videos. 👌

[@Harshgupta-ve8gd]

Sir in actual we saved 8L-5L=3L because by leasing we are paying 5l extra

[@TaxationWithCASahilJain]

Harsh wo 5 lacs extra karne ke baad hi 8 lacs ki savings hai You save around 13 lacs in taxes over 3 years but pay 5 lacs extra on account of lease and thus, net benefit is 8 Lacs.

[@Harshgupta-ve8gd]

@@TaxationWithCASahilJain got it sir whenever I watch these practical applications of concept it made me feel like that I'm CA which motivates me more than motivational videos. Thank you Sir

[@Tylerkingclub]

Need video on tax saving on Company leased accomodation versus ( HRA+ Actual rent paid exemption).

[@Ahk90]

Please Make video about freelancer , how they save taxes through legal ways 😢😢😢😢 please ...make one video

[@RamaKrishna-yc5gz]

Expecting videos in English language also

[@harshart8339]

Sir increment is always happens on base pay so if we change salary structure that means we are compromised increments is it?

[@vikasjain981010]

What about business owners ?

[@kumaranom3010]

Brother, could you add English sub Titles? It helps for me to understand well.

[@rrkatheer]

Can we still claim fuel, insurance and gst etc while filing income tax in case these are not provided by company not part of CTC ? Please clarify

[@tapishpositive]

Informative video. One ques., you have increased 20.4 L to 25.2 becuase of GST on the rental by company or a notional interest?

[@TaxationWithCASahilJain]

20.4 lacs is GST inclusive on road price to buy car 25.2 Lacs is GST inclusive lease rental to get the car on lease.

[@vignesh.v7298]

Do i have to submit fuel and maintenance bills for tax saving or without bills can i detect tax for maintenance

[@vjrgv7462]

If u submit to the company then they vk reimburse ....thereby it includes in ur payslip

[@SaurabhKumar-je6jm]

I guess only applicable, if company also allows leasing, if company doesn't allow leasing, any idea how can one save this much amount

[@HimalayaGarg]

What if no driver salary, and fuel expense per year is only 1L. We will not get basic salary reduced, and will end up paying higher tax?

[@dhiraj5951]

Sirji u are grate❤

[@ABHISHEK98927]

Everything is temporary 😅 but chiku and chintu are permanent

[@MDMOTIURRAHAMANBISWAS]

Sir, I want to buy a Creta. Should I buy the car in my business name for tax savings or in my name? Also, is it better to make a full payment or take a loan? Please make a video about this.

[@saisantosh6433]

What happens when employee wants to change his job (even if we assume that the employee changes employment after 3 years) won't it affect his Salary Negotiations? As his Salary would be shown as 25L instead of 40L?

[@Aman-vw4zu]

Sir one doubt, jab employer employee ko car sale krega after few years toh kuch amount taxable hoga kya employee ke hand mei?

[@user-nj3ti8mf4m]

Sir ek video transaction tax pe banaye

[@sauravbisht7498]

Greatful sir❤

[@superclips4329]

Which company pays 6.5 Lakhs for maintenance? Max I have seen is 3 Lakhs!

[@ptfa3212]

Nice work sir, Can we have any case regarding forex income and betting income tax notice or legal action

[@ADITYAKUMARJ00]

Finance Minister ko maine ye video ka Link send kar diya hai...

[@RollsRoyce2035]

Fully Legal hai yeh

[@ADITYAKUMARJ00]

@@RollsRoyce2035 Haa toh wo dekhengi, tab na us par tax lagayengi

[@eren-qu9uu]

this things make sense for rich people

[@Bruce4wayne0]

Can we save tax on David Putra 2000cc 😁😂😂😂

[@ashishmaurya9066]

😂😂😂😂Le sakte hai.. With the approval of jack

[@jain24harshit]

Sir what if I have to switch jobs in this leasing period? Is the car lease transferable to another corporate?

[@greylife1988]

Finally KZbin account ka password mil hi gyaa 😂

[@keshavgarg2972]

Shubh Guru Poornima Sir. Thank you for guiding us all ☺️ Your insights are always 💯💯

[@farulahmed7644]

Below 20 lakhs annual income walo ke liye toh option hi nahi hai as far as i see the list

[@vimalsidhartha7625]

Business person buy a car or lease which is best

[@rkunnath3883]

Unfortunately, no use for govt employees...😔

[@sneharshdamani7148]

What if we leave the company/get laid off in those 3 years?

[@PlasticSquare]

If you leave the company, you can buy off the car. But it will turn out to be expensive. Better to calculate whether it is better to leave the car or buy it based on how much you've paid so far and how much tenure is remaining.

[@vaibhav-bhavsar]

What if we don't want to keep driver?

[@Patelbhavikindia]

Why ? Take more time between 2 videos ???

[@TaxationWithCASahilJain]

I’m not a KZbinr. I make videos when I get some time after work.

[@Patelbhavikindia]

@@TaxationWithCASahilJain We have required More information about Income tax, so we are requested to please Update more videos on this topic,

[@alokdhar8656]

What about central govt employees?

[@omkarchavan9069]

Hello sir your student this side hope your doing good 😊 Just a small doubt agar car lease wala amount 8.4L kya ye income may add nai hoga every year as per sec17 as payment made by employer on behalf of employee if the car is bought in the name on employee for the first time so employee is the owner ?? no doubt car expenses wala point may So taxable income 25.1 + 8.4 =33.5L ?? Am i going wrong somewhere 🤔

[@manibhani7497]

Car resale @14 L par tax liability kya hoga

[@vishnucnamboodiri9888]

I worked in a company from aug 2021 to jan 2024. During nov 2022 (FY22-23) I revieved a 1 lakh worth retention bonus with tds deducted in order to be in the company for next 2 years. But unfortunately I resigned during dec 2023 (FY23-24), Hence this 1 lakh was deducted from the salary and all the full and final settlement was done. But after few months during May they told me that during an audit it was found that the 1 lakh which i recieved in the previous financial year cannot be settled or setoff from income in the next financial year, hence they asking to pay addition tax of 20800 now. Iam currently with another employer so should I pay this amount? What can I do in this situation?

[@mapa5497]

Sir agar employer ne hi gaadi kharidi hoti aur phir resale kari hoti employee ko, toh taxes kaise playout honge?

[@manishagarwal2073]

which lease company offers a 5% residual value after 3 years?