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Leasing

Leasing:

 

Short-term aircraft rental.

Whether a client is new to the aviation field, unsure of which aircraft to choose from, experiencing exponential growth in their company, has their own aircraft unavailable due to repairs or maintenance, or has a poor experience with aircraft ownership due to huge market devaluation. This program is ideal for those who are seeking a short-term aircraft lease from 3 months to three years or longer.

The benefit of this program is the extreme flexibility and a wide variety of aircraft, but the elimination of unexpected maintenance make costs. By paying a specified hourly reserve (which varies for each aircraft) for engines, airframe and avionic maintenance, the lessee is alleviated of the financial exposure of any unanticipated repairs, or even routine maintenance costs that occur during the period of the lease. This eliminates all of the maintenance surprises that can decimate your budgets for the year. This means that all you care about is the aircraft getting to your destination – not worry about the next maintenance.

Long-term lease.

Long-term lease is ideal for those who have thoroughly explored their aircraft requirements and can confidently commit to a specific aircraft for their dedicated use over an extended period of time. The benefit of a long-term lease is the lower running rate (generally 0.6% to 0.85% of the aircraft hull value) when based on seven to ten year term which offers the lessee a lower monthly payment. Typically, the monthly lease rate covers only the aircraft, leaving the client responsible for the cost of maintenance and operating expenses.

Operating lease.

From a financial reporting perspective, Operating Lease has the characteristics of a usage agreement and also meets certain criteria established by the FASB. Such a lease is not required to be shown on a balance sheet of the lessee. The term is also used to refer to leases in which the lessor has taken a significant residual position in the lease pricing and, therefore, must salvage the equipment for a certain value at the end of the lease term in order to earn its return rate.

The criteria for meeting FASB 13 classification of an operating lease are:

Title for the equipment does not automatically transfer to the lessee during or by the end of  the lease term. There is no bargain purchase price. The no-cancellable lease term is less than 75% of the asset’s economic life. The present value of the minimum lease payments, discounted at the lessor’s interest rate implicit in the lease, is less than 90% of the leased asset’s FMV.

Synthetic lease.

A Synthetic Lease, also referred to as an off-balance sheet loan, is a financing instrument which combines the off-balance sheet characteristics of an operating lease and the tax and economic characteristics of conventional debt financing. Simplified, a Synthetic Lease looks like an operating lease for FASB purposes, and a loan for tax purposes. A synthetic Lease is structured by adding a fixed-price purchase option and a rental adjustment clause with a liability cap to a True Lease. The lease must meet the FASB-13 requirements for an operation lease. Because no upside potential exists for the lessor, and the lease documentation states that the transaction is intended as a loan for federal tax purposes, the Synthetic Lease typically qualifies for tax treatment as a CSC.

The structure of a Synthetic Lease provides an alternative for a customer who places a premium on retaining full tax benefits of ownership and control the property financed.

Capital lease

A Capital Lease has the characteristics of a purchase agreement, and also meets certain criteria established by the Financial Accounting Standards Board Statement No. 13 (FASB 13). Such a lease is required to be shown as an asset and a related obligation on the balance sheet. Two typical Capital Lease sub-forms are the Direct Financing Lease, which is the most similar to a bank loan, and the Sales-Type Leases, which, as implied, involve the sale of a product.

Low-high step lease

Low-High Step is a lease structure designed for those who want to minimize their cash flow into the early stages of their aircraft program. This lease payment is established at a lower rate (could be as low as 0.58%) for the first half of the lease and then the percentage increases to a higher rate at perhaps 0.71% . Clients are offered an early buyout option to purchase the aircraft before the lease’s percentage rate increases.

Full wet lease services can be provided in conjunction with partner operators of the highest standards. Quality dry lease solutions can also be offered with Jet Spectre’ taking care of all the formalities.

Aircraft are sourced through our vast network of contacts – airlines, financial institutions, operators of individuals.

Crews are provided through specialist partner service of providers, operators and through our network of industry experts.

Maintenance services are provided by PART 145 maintenance organisations under the supervision of specialists either employed by Jet Spectre or by external consultants who are experts in the field.

Insurance is offered through partner companies with whom Jet Spectre has gained extensive quality experience.

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Definition of the scheme of acquisition

Speaking about schemes of acquisition of Aircraft, it is necessary to mention three main options: purchase on own means, credit purchase or receiving the plane for long-term rent (leasing).

Repayment — acquisition of the plane at once for overall cost. Such option is often used and depends only on financial opportunities and desire of the buyer.

The credit is the most widespread scheme of acquisition of Aircraft. Financing of purchase carries out bank with which the buyer also makes all subsequent mutual settlements. Critical parameters of terms for crediting — the size of an initial contribution, a format of pledge and completeness of disclosure of information on the client, term of the credit, condition of early repayment — determine the size of an interest rate.

Leasing can be used in two options. The first — as one of schemes of financing (crediting) of purchase of VS when the owner of the plane is the leasing company (LC) which will organize financing, and the real owner of the plane rents it at LX. The second option — lease of the plane at the third-party owner. In fact, this option isn’t acquisition of the plane, and only allows to receive it in the order for a certain time. It is possible as “dry rent” (dry lease) — lease only of the plane, and “wet rent” (wet lease) — lease of the plane, for example, with crew, an insurance, servicing (ACMI — Aircraft, Crew, Maintenance, Insurance). Such option allows quickly enough and without considerable investments to receive the vessel in the order and to begin flights. However the choice of the planes available to rent in the market, is limited, and not all desires of the buyer on type, a complete set and age of VS can be satisfied. It can quite turn out that it is the new plane of the necessary class and type, but it is possible to bring in its complete set and finishing of change only with the permission of the leasing company, until repayment it isn’t property of the buyer.

After the choice like the plane, on the basis of the analysis of the factors considered above, it is necessary to make the decision on where and as the plane will be acquired:

  • at the producer in the terms established by the producer for construction “from scratch” especially for the buyer;
  • at the producer in process of emergence of offers because of refusal of the buyers who ordered the plane earlier;
  • after repayment of line at the buyer who ordered the plane earlier;

In the secondary market. At acquisition of the new plane which will be under construction especially for the buyer terms of production fluctuate from 1,5 to 2,5 years now.

Procedure of acquisition of the plane

At acquisition of the new plane the term of purchase can be considerably reduced because of refusal of the buyer, but, the additional equipment or re-equipment of interior perhaps is required that will demand additional expenses.

The repayment of turn in itself costs money, and for the rest — to similarly previous option.

Acquisition of the plane in the secondary market defines need of carrying out technical audit, serious studying of history of the plane and its technical documentation.

In this case there are no t