1. LEASES DEFINITIONS DURATIONS FILING CURRENT TRENDS REPORTING

2. LEASE “Lease” means a transaction evidenced by a written document in which a Lessor vests exclusive possession, control, and responsibility for the operation of a Vehicle in a Lessee for a specific term. A long-term Lease is for a period of 30 calendar days or more. A short-term Lease is for a period of less than 30 calendar days.

3. LESSEE “Lessee” means a Person that is authorized to have exclusive possession and control of a Vehicle owned by another under terms of a Lease agreement.

4. LESSOR “Lessor” means a Person that, under the terms of a Lease agreement, authorizes another Person to have exclusive possession, control of, and responsibility for the operation of a Vehicle.

5. DURATION SHORT TERM LONG TERM

6. FILING OF LEASES Jurisdictions Availability of Records Who is responsible for Reporting

7. CURRENT TRENDS/REASONS WHAT ARE THE CURRENT TRENDS

8. Business Reasons for Leasing Financial Benefits –Sales tax may be streamlined in the lease in much smaller increments vs. full amount at time of purchase/title/registration –Allows for capitalization of the leased assets (or treated as an operating lease) –Allows cap costs of the asset over the span of the lease term rather than up front

9. Business Reasons for Leasing Maintenance –May allow maintenance under the leased (costs passed through to the lessee) –Roadside assistance –May have access to better network of maintenance locations

10. Business Reasons for Leasing Newer Assets –Advanced Technology –May help company image (e.g., environmental practices/perspective) –Keeps fleet younger in age and promotes replacement cycles

11. Other Reasons???