Latvian lessors are seeing fewer attempted fraud cases,
according to Ivars Smits, chief executive of Nordea Finance.

Speaking to Baltic News Service, Smits said:  “None of our
clients have intentionally burned a car or any other goods bought
under a leasing agreement – there are situations when clients with
overdue payments cannot be easily contacted, but we have always
managed to find a solution.”

However, although there has not been a large increase in fraud,
Smits added that the number of late payers had risen steeply since
last September.

Liene Meklere from SEB Lizings, another lessor, agreed that
there had been an increase in late payers, but is not worried about
fraud, as vehicles sold under leasing agreements are insured
against all key risks relating to the use of the vehicle.

According to the latest data from the Latvian leasing
association, the market shrunk by LVL 1.54 billion (€2.2 billion)
in the first quarter of 2009.

Valerie Noury