Types of Leases

There are three main types of leases: the financial lease, the operating lease, and the sale and leaseback. Financial leases are most general. Financial lease provides that periodic payments be made. Ownership of the machinery reverts to the lessor at the end of the lease term. The given lease couldn’t be canceled and the lessee has a legal obligation to continue payments to the end of the term, and the lessee agrees to maintain the machinery. The operating lease could regularly be canceled under terms written in the lease contract. Maintenance of the asset is generally the responsibility of the lessor. The sale and leaseback is same as the financial lease. The owner of an asset sells it to another person and at the same time leases it back to use it for a specified period of time.
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