Asset Based Finance Citibank by Citibank

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If you answer any question incorrectly, you should return to the text and read that section again. 3 Directions: Select the correct answer to each question. Check your answers with the Answer Key on the next page. Question 1: A full service lease is one in which: ____ a) the lessee must provide all its own services such as maintenance and insurance. ____ b) a lessor provides additional services to the lessee such as equipment, maintenance, and insurance. ____ c) a third party receives the lessee payments and remits the proper amounts for services to the maintenance and insurance providers.

Depending solely upon one source of equipment financing can be dangerous. Using a variety of financing sources makes good business sense whether credit is in short supply or not. Also, banks commonly have, by regulatory law, built-in limits on the amount of funds they may loan to any single customer. Additional source of financing Over the last 30 years, many economic factors have led to shortages in capital through conventional capital financing sources. To sell their products, many manufacturing companies turned to leasing to make financing available to those customers who otherwise could not afford the equipment.

Sometimes the answer is not as clear. In these cases, the transaction classifier must decide if the lessee is likely to become the owner. V01/11/96 P12/03/99 DRAFT 2-4 Economic life of equipment FINANCIAL REPORTING AND TAX CLASSIFICATIONS 3. The lease term is equal to or greater than 75% of the estimated economic life of the leased property. FASB 13 defines economic life as the useful life in the hands of multiple users, given normal repairs and maintenance. If the lessee will use the equipment for a major portion of the equipment’s economic life, the lease should be classified as a capital lease.

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