How to Lease a Private Jet A Comprehensive Guide

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Private jet travel offers unparalleled convenience and luxury, but navigating the leasing process can seem daunting. This guide provides a clear and concise overview of the steps involved in securing a private jet lease, from understanding the various types of agreements to managing operational costs and ensuring compliance.

This comprehensive resource will equip you with the knowledge and tools necessary to make informed decisions throughout the entire leasing journey. From selecting the right aircraft to understanding legal considerations, we cover all aspects of the process, offering a wealth of practical information to help you achieve your private jet travel goals.

Introduction to Private Jet Leasing

Private jet leasing offers a flexible and cost-effective alternative to purchasing a private jet, particularly for individuals or corporations with occasional or fluctuating travel needs. Unlike outright ownership, leasing allows users to access the benefits of private aviation without the substantial upfront investment and ongoing maintenance responsibilities. This approach provides a tailored solution for those seeking a premium travel experience without the burden of long-term commitment.Private jet leasing encompasses various agreements, each catering to different operational requirements and financial situations.

Understanding these diverse options is crucial for making an informed decision.

Types of Private Jet Leasing Agreements

Different leasing structures offer varying degrees of control and responsibility. The most common types include fractional, wet-lease, and dry-lease agreements.

Fractional Ownership: This model allows access to a jet through a shared ownership arrangement. Members purchase a fractional share of the aircraft’s operating costs and flight time, giving them guaranteed access to the aircraft for pre-arranged flights. This provides a more affordable entry point to private aviation than full ownership, while still offering exclusive use for members’ flights.
Wet Lease: This arrangement involves the lessee using the aircraft with a complete crew provided by the lessor. The lessor manages all aspects of flight operations, including crew, maintenance, and insurance. This option is advantageous for users needing a fully managed, turn-key experience with minimal operational oversight.
Dry Lease: In a dry lease, the lessee receives the aircraft without crew. The lessee is responsible for arranging and paying for all flight operations, including crew, maintenance, and insurance. This model offers greater flexibility in scheduling and operational control, but also requires more administrative effort from the lessee.

Factors Influencing Private Jet Leasing Costs

Several factors significantly influence the cost of private jet leasing.

Aircraft Type and Size: Larger, more sophisticated aircraft typically command higher lease rates due to increased operational costs. A Gulfstream G650, for instance, will have a higher monthly lease rate than a Cessna Citation Mustang.
Lease Term: Shorter-term leases generally result in higher per-hour rates compared to longer-term agreements. This reflects the lessor’s risk and operational management costs.
Aircraft Condition and Maintenance History: The aircraft’s age, maintenance records, and overall condition play a significant role in determining the lease price. A well-maintained aircraft with a history of regular servicing will typically have a lower lease rate than a less-maintained one.
Destination and Flight Frequency: The number of hours required for a specific route, as well as the demand for those routes, affects the lease rate. High-demand routes or destinations may carry a premium.
Operational Requirements: Features like cabin amenities, communication systems, and specific flight configurations can impact the total lease cost.

Leasing vs. Owning a Private Jet

The decision between leasing and owning a private jet hinges on individual needs and financial circumstances.

Feature	Leasing	Owning
Initial Investment	Lower	Higher
Maintenance Responsibility	Lessor’s responsibility	Lessee’s responsibility
Operational Flexibility	High	Low
Financial Commitment	Lower	Higher
Tax Implications	Vary based on agreement	Significant tax implications
Customization Options	Limited	High
Control Over Aircraft	Limited	High

Finding a Private Jet Leasing Company

Securing a private jet lease requires careful consideration and due diligence. Choosing the right leasing company is crucial for a smooth and satisfactory experience. Factors such as aircraft availability, maintenance standards, and customer support play a significant role in the overall success of your leasing arrangement.Finding a reputable and trustworthy private jet leasing company involves a thorough research process.

Companies with strong track records, extensive experience, and a proven ability to manage complex transactions are ideal partners. This process will equip you with the knowledge to select a company that aligns with your specific needs and financial capabilities.

Reputable Private Jet Leasing Companies Globally

A variety of private jet leasing companies operate worldwide, catering to diverse needs and budgets. Establishing a baseline of potential partners is essential. Factors like the company’s reputation, fleet size, and geographic coverage are important considerations. Global companies often have a network of representatives in different regions, providing easier access to support.

Researching and Comparing Leasing Companies

Thorough research is paramount to finding a suitable leasing company. Begin by identifying companies that align with your specific requirements, considering factors like the desired aircraft types and operating regions. Comparative analysis is critical. Scrutinize their fleet sizes, aircraft types, and financial stability. This comprehensive evaluation allows you to assess their capabilities against your particular needs.

Methods for Research and Comparison

Begin by researching online. Company websites often provide details about their fleet, services, and client testimonials. Utilize online resources to identify potential companies. Consider consulting industry publications and trade journals, as these often feature detailed profiles and evaluations of private jet leasing companies. Direct contact with the companies is vital.

Contacting potential leasing companies to discuss your requirements and gather specific information about their services can help you narrow down your options.

Company Comparison Table

The table below provides a comparative overview of hypothetical private jet leasing companies. It highlights key factors to aid in the selection process. Note that this is a hypothetical table, and real-world data would differ.

Company	Fleet Size	Aircraft Types	Customer Service Ratings	Financial Stability
Global Jet Charters	150+ aircraft	Bombardier, Gulfstream, Cessna	4.5/5 stars (based on customer reviews)	Strong (demonstrated through audited financial reports)
Elite Jet Management	100+ aircraft	Embraer, Airbus, Hawker	4.2/5 stars (based on customer reviews)	Solid (demonstrated through industry recognition)
Premier Aviation Solutions	75+ aircraft	Cirrus, Beechcraft, King Air	4.0/5 stars (based on customer reviews)	Growing (demonstrated through consistent revenue growth)

Importance of Reviews and Reputation

“Customer reviews and the company’s reputation are crucial indicators of their reliability and service quality.”

Scrutinizing customer reviews on platforms like Trustpilot or Google Reviews provides insights into the company’s customer service practices. Researching the company’s reputation within the industry is equally important. Industry publications and reputable aviation forums can offer valuable insights into the company’s track record. Evaluating the company’s reputation and customer reviews helps to mitigate potential risks and ensure a positive experience.

Understanding the Leasing Process

Securing a private jet lease involves a structured process, requiring careful consideration and meticulous documentation. Navigating this process effectively ensures a smooth transition from initial inquiry to finalized agreement. This section details the crucial steps, documents, and procedures involved.The private jet leasing process, while seemingly complex, is designed to protect both the lessee and the lessor. Each step is a vital component in ensuring a transparent and legally sound transaction.

Understanding these steps empowers the lessee to make informed decisions throughout the entire process.

Steps Involved in the Private Jet Leasing Process

This process typically follows a series of well-defined steps. Initiating contact with a reputable leasing company, followed by a thorough needs assessment, leads to a tailored proposal. A comprehensive review of the proposed terms and conditions precedes the signing of a legally binding agreement.

Initial Consultation and Needs Assessment: This initial phase involves discussing the lessee’s specific requirements, including flight frequency, destinations, and desired aircraft specifications. This crucial step ensures a match between the lessee’s needs and the available options.
Aircraft Selection and Evaluation: Based on the needs assessment, the leasing company presents suitable aircraft options, highlighting key features, performance characteristics, and maintenance records. A detailed evaluation of the chosen aircraft follows, including an inspection and verification of its operational condition.
Lease Proposal and Negotiation: The leasing company provides a formal proposal outlining the lease terms, including the rental price, duration, and other relevant details. Negotiation of these terms follows, with both parties working towards a mutually acceptable agreement.
Due Diligence and Documentation: Before finalizing the agreement, thorough due diligence on both parties is conducted. This process involves a review of financial and legal documentation to ensure the lessee’s creditworthiness and the legality of the transaction.
Lease Agreement Signing and Finalization: Once the terms are agreed upon, the lease agreement is meticulously reviewed and signed by both parties. This step marks the formal commitment to the lease terms, and the aircraft is prepared for transfer.

Required Documents and Information for a Lease Application

A comprehensive application requires specific documentation. This process ensures transparency and verifies the lessee’s eligibility for the lease. The necessary documentation typically includes financial statements, legal documents, and personal details.

Financial Statements: Detailed financial statements, including profit and loss statements, balance sheets, and cash flow statements, are often required to assess the lessee’s financial stability and ability to meet the lease obligations.
Legal Documents: These documents might include articles of incorporation, tax returns, and other relevant legal documents to verify the lessee’s identity and legitimacy.
Personal Information: Personal details, such as contact information, passport copies, and relevant identification documents, are necessary for administrative and regulatory purposes.

Negotiating Lease Terms and Conditions

Effective negotiation is a critical component of the leasing process. Understanding the various factors influencing the terms is essential for a mutually beneficial outcome. Factors such as aircraft type, duration of lease, and the lessee’s specific needs significantly impact the negotiation process.

Understanding the Lease Structure: Lease terms are typically structured to reflect the aircraft’s specifications, the lease duration, and the lessee’s usage requirements. Understanding this structure is vital for the negotiation process.
Exploring Alternatives: Exploring different lease options, including short-term vs. long-term, and specific aircraft configurations, allows for a tailored solution that meets the lessee’s needs and budget.
Negotiating Key Terms: Key terms such as rental price, maintenance responsibilities, and insurance coverage need careful negotiation. These terms should be documented and agreed upon clearly in the lease agreement.

Lease Agreement Signing Process

The lease agreement signing process is a critical step in the leasing procedure. Carefully reviewing the agreement and ensuring all terms are understood is paramount. This detailed process is crucial for ensuring a legally sound and binding agreement.

Reviewing the Agreement: Thoroughly review the entire lease agreement, paying particular attention to all terms, conditions, and responsibilities Artikeld.
Clarifying Uncertainties: Clarify any uncertainties or ambiguities with the leasing company’s representative before signing.
Legal Consultation: Consider seeking legal counsel to ensure the agreement aligns with legal requirements and protects the lessee’s interests.
Signatures and Finalization: Sign the agreement in the presence of witnesses, if required. The finalized agreement marks the official commencement of the lease agreement.

Choosing the Right Aircraft

Selecting the appropriate aircraft is crucial for a successful private jet lease. This involves carefully aligning the aircraft’s capabilities with your specific needs and budgetary constraints. Understanding the key factors like capacity, range, and features will enable you to make an informed decision. A well-chosen aircraft ensures optimal utilization and a positive return on investment.Careful consideration of the aircraft’s characteristics is essential to ensure it meets your requirements.

Factors such as passenger capacity, range, and desired amenities are pivotal in the decision-making process. Thorough research and comparison are crucial for finding an aircraft that effectively supports your operational needs.

Aircraft Model Comparison

A comprehensive comparison of different aircraft models is vital to aid in the selection process. The table below illustrates key characteristics, enabling informed decisions based on capacity, range, and features. This table helps potential lessees to effectively weigh various options.

Aircraft Model	Capacity (Passengers)	Range (nm)	Typical Features	Estimated Monthly Lease Cost (USD)
Cessna Citation CJ4	6-8	1,500-2,000	Modern avionics, comfortable cabin	$30,000 – $50,000
Gulfstream G280	8-10	3,500-4,000	Spacious cabin, long-range capability, advanced technology	$100,000 – $150,000
Bombardier Challenger 350	8-12	4,000-4,500	Spacious cabin, advanced technology, excellent performance	$150,000 – $250,000+

Note: Prices are estimates and can vary significantly based on specific aircraft configurations and lease terms.

Aircraft Selection for Different Purposes

Choosing the right aircraft depends significantly on its intended use. Different aircraft types cater to diverse needs.

Business Travel: Aircraft like the Cessna Citation CJ4 or the Hawker 800 are suitable for shorter-range, corporate travel, while larger jets like the Gulfstream G280 or Bombardier Challenger 350 are better suited for longer-distance business trips, potentially involving multiple destinations.
Leisure Travel: Mid-size jets like the Citation XLS or Hawker 4000, with comfortable interiors and a good range, provide a suitable balance for personal use. For extensive travel, larger aircraft such as the Gulfstream G650 or Bombardier Global 7500 can be considered.

Maintenance History and Safety Record

A thorough evaluation of the aircraft’s maintenance history and safety record is paramount. This is critical for ensuring operational reliability and passenger safety.

Maintenance History: Review maintenance logs meticulously. Look for any instances of non-compliance or significant repairs. A consistently well-maintained aircraft is preferable.
Safety Record: Scrutinize the aircraft’s safety record. Check for any accidents or incidents. A reputable aircraft with a strong safety record provides greater confidence.
Independent Verification: Seek a professional aviation maintenance review or a safety assessment by a qualified third party.

Thorough investigation into the aircraft’s maintenance history and safety record is crucial to minimize risks and ensure reliability.

Understanding Lease Agreements

A private jet lease agreement is a legally binding contract outlining the terms and conditions of the lease. Understanding these terms is crucial for both the lessee (the party renting the aircraft) and the lessor (the owner of the aircraft). A well-structured agreement protects both parties’ interests and clarifies responsibilities throughout the lease period.The agreement serves as a roadmap for the entire lease process, specifying everything from the aircraft’s use to the payment schedule.

Careful review and negotiation are essential to ensure that the agreement aligns with the lessee’s needs and protects their interests.

Key Terms and Clauses

A comprehensive private jet lease agreement encompasses various crucial elements. These elements define the rights and obligations of both parties. Understanding these terms is essential to navigating the lease process smoothly.

Lease Duration: This clause specifies the period for which the aircraft is leased. It is typically expressed in months or years, and may include options for renewal or termination. For example, a lease might be for 36 months with an option to extend for another 24 months.
Payment Schedule: This section details the payment structure, including the amount, frequency (monthly, quarterly, or annually), and due dates. It often includes stipulations for late payment penalties. For example, a lease might require monthly payments of $100,000, with a 10% penalty for late payments.
Insurance: The agreement should clearly Artikel who is responsible for insuring the aircraft during the lease period. The lessee and lessor must ensure the insurance covers potential risks and liabilities. Lessor-provided insurance may include specific coverage limits or exclusions.
Maintenance: The lease agreement will detail the maintenance responsibilities of each party. This might involve pre-determined maintenance schedules or specifications for particular maintenance actions. For example, the lessor might be responsible for scheduled overhauls, while the lessee is responsible for routine checks.
Operational Costs: This clause encompasses expenses associated with operating the aircraft, including fuel, crew costs (if applicable), and landing fees. It defines which party is responsible for paying these costs. For instance, the lessee may be responsible for all fuel expenses.
Aircraft Specifications: This section provides a detailed description of the aircraft, including its model, registration, and any special features or limitations.

Responsibilities of Lessee and Lessor

Understanding the responsibilities of both the lessee and the lessor is crucial to avoid disputes.

Lessee Responsibilities: These responsibilities generally include operating the aircraft according to regulations, maintaining proper insurance coverage, and adhering to the terms of the agreement. It’s critical to have a thorough understanding of the regulatory environment for private aviation operations.
Lessor Responsibilities: Lessor responsibilities often involve ensuring the aircraft is maintained in good working order, providing the required documentation, and complying with all relevant regulations. The lessor is responsible for ensuring the aircraft is in a safe condition for operation.

Aircraft Maintenance, Insurance, and Operational Costs

These elements are integral to the overall cost of operating a leased aircraft.

Aspect	Lessee Responsibility	Lessor Responsibility
Aircraft Maintenance	Routine checks and inspections, minor repairs	Scheduled maintenance, major overhauls, structural repairs
Insurance	Coverage for personal liability, third-party claims	Coverage for hull, comprehensive risks, liability (may include lessee’s operations)
Operational Costs	Fuel, crew (if applicable), landing fees, and other expenses related to the use of the aircraft	Any pre-agreed operational costs (potentially including insurance premiums or hangar fees)

Understanding these clauses is critical to a successful lease.

Managing Operational Costs

Private jet ownership comes with a range of operational expenses. Understanding these costs and implementing effective management strategies is crucial for maximizing the return on investment. This section details the various operational costs and methods for minimizing them, allowing you to make informed decisions about your private jet lease.

Fuel Costs

Fuel represents a significant portion of operational costs. Factors such as aircraft type, flight distance, and fuel efficiency all impact the fuel expenditure. Fluctuations in fuel prices also play a critical role. Managing fuel costs requires a proactive approach, encompassing careful flight planning, leveraging efficient flight paths, and exploring alternative fuel options where available.

Careful flight planning, including optimization of routes and altitudes, can significantly reduce fuel consumption. Consider using flight planning software to identify the most fuel-efficient routes.
Utilizing aircraft with superior fuel efficiency is another effective strategy. Modern aircraft designs often incorporate features that improve fuel economy.
Monitoring fuel prices and purchasing fuel strategically, especially during periods of low cost, can help control fuel expenditures.

Crew Costs

Crew costs, including pilots, cabin attendants, and maintenance personnel, vary significantly depending on the lease agreement. Factors such as the frequency of flights, the number of crew members required, and the qualifications of the crew affect these costs. Optimizing crew scheduling and leveraging technology to streamline crew management are vital for cost control.

Implementing efficient crew scheduling, such as using software to optimize flight schedules, can help reduce unnecessary overtime costs.
Exploring alternative crew arrangements, such as utilizing part-time or contract crew, can potentially lower staffing costs.
Leveraging technology to manage crew scheduling and communication can improve efficiency and reduce administrative overhead.

Maintenance Costs

Regular maintenance is essential for aircraft safety and longevity. Scheduled maintenance, unscheduled repairs, and parts replacements all contribute to the overall maintenance costs. A proactive maintenance plan, including preventative maintenance and utilizing certified maintenance providers, is crucial to minimize these expenses.

Implementing a preventative maintenance schedule that adheres to manufacturer recommendations can identify potential issues early, avoiding more costly repairs.
Working with a reliable and certified maintenance provider can ensure quality workmanship and potentially negotiate better rates.
Keeping detailed records of maintenance activities, including costs and dates, is crucial for future budgeting and planning.

Total Cost of Ownership (TCO) Calculation

Calculating the total cost of ownership (TCO) is crucial for evaluating the long-term financial implications of private jet leasing. The TCO incorporates not only the lease payments but also all operational costs, including fuel, crew, maintenance, and insurance. Using a TCO calculator, which is available from various aviation consultants, helps assess the total financial burden of owning a private jet.

Total Cost of Ownership = Lease Payments + Fuel Costs + Crew Costs + Maintenance Costs + Insurance Costs + Other Operational Expenses

Examples of TCO calculations consider factors such as the aircraft’s usage frequency, flight distances, and fuel prices. The results provide a comprehensive view of the financial commitment, helping to make informed decisions.

Safety and Compliance

Private jet leasing involves a high degree of responsibility, extending beyond the financial aspects. Ensuring the safety and compliance of the aircraft and its operations is paramount. This section delves into the critical regulatory framework and certifications governing private jet operation. Understanding these requirements is essential for both the lessee and the lessor to maintain a safe and compliant operation.Thorough adherence to safety and compliance regulations is crucial for the smooth and secure operation of private jets.

These regulations, enforced by various international and national authorities, are designed to protect passengers, crew, and the general public. Compliance also mitigates potential legal and financial risks.

Regulatory Requirements and Certifications

Private jet operations are heavily regulated to ensure safety standards are met. These regulations cover various aspects, including aircraft maintenance, pilot qualifications, and operational procedures. A key component of these regulations is the adherence to international standards and certifications.

Aircraft Maintenance: Regular maintenance checks and inspections are mandatory. These checks are performed by qualified technicians, ensuring the aircraft remains airworthy and in compliance with stringent maintenance standards. Documented records of these inspections are crucial for demonstrating compliance.
Pilot Qualifications: Pilots operating private jets must hold the necessary licenses and certifications. These certifications validate their proficiency in handling complex aircraft in diverse weather conditions. Furthermore, ongoing training and experience are essential to maintaining their proficiency and adhering to the latest safety procedures.
Operational Procedures: Strict operational procedures are Artikeld in various manuals. These manuals detail crucial aspects, including pre-flight checks, emergency procedures, and communication protocols. Adherence to these procedures minimizes the risks of accidents and ensures smooth operations.

Roles of Regulatory Bodies

Regulatory bodies play a critical role in ensuring the safety and compliance of private jet operations. Their oversight and enforcement of regulations are essential for maintaining a high standard of safety within the industry. These bodies monitor various aspects of private jet operations, including aircraft maintenance, pilot qualifications, and operational procedures.

International Civil Aviation Organization (ICAO): ICAO sets international standards and guidelines for the safe operation of aircraft worldwide. These standards are the basis for many national regulations.
Federal Aviation Administration (FAA) (USA): The FAA oversees and enforces regulations for private jet operations within the United States. They conduct inspections and audits to ensure compliance with regulations.
Other National Aviation Authorities: Numerous other national aviation authorities worldwide exist to enforce their own regulations and ensure compliance with safety standards within their jurisdictions.

Certifications and Compliance Standards

Different certifications and compliance standards apply to private jet operations, depending on the type of aircraft and the jurisdiction. Maintaining compliance with these standards is critical for maintaining safety and avoiding potential penalties.

Certification/Standard	Description	Example
FAA Part 91:	General aviation rules for private and business aircraft.	Operating a light jet for personal use under FAA regulations.
ICAO Standards:	International standards for aircraft safety and operations.	Meeting international standards for flight crew training and aircraft maintenance.
EASA (European Union Aviation Safety Agency):	Sets standards for aircraft safety and operations in Europe.	Operating a turboprop aircraft within the European Union.
Other National Standards:	Standards established by various countries.	Complying with specific requirements set by the UK CAA for aircraft operating in the UK.

Legal Considerations

Private jet leasing, while offering unparalleled convenience and luxury, involves significant legal complexities. Navigating these legal aspects is crucial for a smooth and compliant operation. Understanding the legal frameworks, potential pitfalls, and the importance of professional legal counsel are paramount to a successful private jet leasing experience.Thorough knowledge of the legal environment is essential for mitigating risks and ensuring compliance with regulations.

This includes understanding the intricacies of international agreements and national laws governing aircraft operations, maintenance, and financial transactions. Failure to adhere to these regulations can result in substantial penalties and operational disruptions.

Legal Aspects of Leasing Contracts

Leasing agreements for private jets are intricate legal documents. They Artikel the terms and conditions of the lease, including the aircraft’s specifications, usage limitations, maintenance responsibilities, and financial obligations. These agreements often contain provisions regarding insurance, liability, and dispute resolution. Understanding the nuances of these provisions is vital for both the lessor and lessee.

Legal Frameworks Governing Private Jet Operations

Private jet operations are subject to a complex web of regulations. These regulations often vary depending on the country of operation and the aircraft’s registration. Federal Aviation Administration (FAA) regulations in the United States, for example, Artikel standards for aircraft maintenance, pilot certification, and flight operations. International agreements, such as those established by the International Civil Aviation Organization (ICAO), further influence these operations.

Understanding these frameworks is critical to ensure compliance.

Potential Legal Issues and Risks in Private Jet Leasing

Several legal issues and risks can arise during the private jet leasing process. Misunderstandings or ambiguities in the lease agreement can lead to disputes over maintenance responsibilities, usage restrictions, or financial obligations. Furthermore, violations of aviation regulations can result in penalties or even the grounding of the aircraft. Incorrectly registered aircraft can create significant legal and operational hurdles.

Importance of Consulting with Legal Professionals

Given the complexity of private jet leasing, consulting with legal professionals specializing in aviation law is highly recommended. These professionals can provide expert advice on the legal implications of specific lease agreements, help to mitigate potential risks, and ensure compliance with all applicable regulations. A qualified attorney can also assist in navigating complex international legal issues. Experienced legal counsel can prevent potential legal disputes and offer invaluable guidance throughout the entire leasing process.

They can also assess and explain the legal implications of different lease structures and negotiate favorable terms.

Last Word

In conclusion, leasing a private jet involves a multifaceted process requiring careful consideration of various factors. This guide has provided a structured approach, outlining the key steps from initial research to finalizing the lease agreement. Understanding the intricacies of aircraft selection, lease agreements, operational costs, and legal considerations is vital for a smooth and successful experience. We hope this guide has empowered you to confidently navigate the world of private jet leasing.

Commonly Asked Questions

What are the common types of private jet leasing agreements?

Common types of private jet leasing agreements include fractional ownership, wet lease, and dry lease. Fractional ownership allows for shared use of a jet, while wet lease includes crew, and dry lease provides the aircraft only.

What documents are typically required for a lease application?

Required documents for a lease application may include financial statements, credit history, and proof of identity, depending on the specific leasing company and their criteria.

How can I compare different private jet leasing companies?

Research and compare companies based on their fleet size, aircraft types, customer service reviews, and financial stability. Consider factors such as reputation, experience, and the range of services offered.

What are the typical operational costs associated with private jet leasing?

Operational costs include fuel, crew fees, maintenance, insurance, and hangarage. Managing these costs effectively requires careful planning and potentially negotiating favorable terms with the leasing company.