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1、confirmingpagesPART7"""""CHAPTERDEBTFINANCING25Leasing!Mostofusoccasionallyrentacar,bicycle,orboat.computers,andDeereisalargelessorofagriculturalUsuallysuchpersonalrentalsareshort-lived;wemayandconstructionequipment.rentacarforadayorweek.ButincorporatefinanceTheothertwomajorgroupsoflesso
2、rsarebankslonger-termrentalsarecommon.Arentalagreementandindependentleasingcompanies.Leasingthatextendsforayearormoreandinvolvesaseriesofcompaniesplayanenormousroleintheairlinefixedpaymentsiscalledalease.business.Forexample,in2008GECapitalAviationFirmsleaseasanalternativetobuyingcapitalS
3、ervices,asubsidiaryofGECapital,ownedandequipment.IntheU.S.,about30%ofnewcapitalleasedoutnearly1,500commercialaircraft.Theequipmentisleased.Trucksandfarmmachineryareworld’sairlinesrelylargelyonleasingtofinancetheiroftenleased;soarerailroadcars,aircraft,andships.fleets.Justabouteverykindof
4、assetcanbeleased.ManyLeasingcompaniesofferavarietyofservices.SomeofthepandasinAmericanzoosareleased,withtheactasleasebrokers(arrangingleasedeals)aswellasproceedsgoingtopandaconservation.beinglessors.Othersspecializeinleasingautomobiles,Everyleaseinvolvestwoparties.Theuseroftheassettrucks
5、,andstandardizedindustrialequipment;theyiscalledthelessee.Thelesseemakesperiodicpaymentssucceedbecausetheycanbuyequipmentinquantity,totheowneroftheasset,whoiscalledthelessor.Forserviceitefficiently,andifnecessaryresellitatagoodexample,ifyousignanagreementtorentanapartmentprice.forayear,y
6、ouarethelesseeandtheowneristhelessor.WebeginthischapterbycatalogingthedifferentYouoftenseereferencestotheleasingindustry.Thiskindsofleasesandsomeofthereasonsfortheiruse.referstolessors.(AlmostallfirmsarelesseestoatleastThenweshowhowshort-term,orcancelable,leaseaminorextent.)Whoaretheless
7、ors?paymentscanbeinterpretedasequivalentannualSomeofthelargestlessorsareequipmentcosts.Theremainderofthechapteranalyzeslong-termmanufacturers.Forexample,IBMisalargelessorofleasesusedasalternativestodebtfinancing."""""25-1WhatIsaLease?Leasescomeinmanyforms,butinallcasesthe
