CLFP EXAM - History & Purpose of Leasing Questions With Answers Graded A+ Assured Success
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Course
CLFP - History & Purpose of Leasing
Institution
CLFP - History & Purpose Of Leasing
Which was the first general equipment company? - ️️In 1954, US Leasing
Corporation became the first general equipment leasing company to take advantage of
tax benefits (section 167 - accelerated depreciation) of ownership while passing along
the right to use equipment to another party
How d...
CLFP EXAM - History & Purpose of
Leasing
Which was the first general equipment company? - ✔️✔️In 1954, US Leasing
Corporation became the first general equipment leasing company to take advantage of
tax benefits (section 167 - accelerated depreciation) of ownership while passing along
the right to use equipment to another party
How dis independent leasing companies start? - ✔️✔️In early 1900, independents
formed because they realized that many railroad companies did not want long term
ownership of assets. They offered more short term leases with ownership going to the
lessor at the end. This was the beginning of the operating lease.
Currently how big is the leasing industry? - ✔️✔️American companies acquire $1 billion
in equipment each year of which 55% is leased.
What % of companies lease? - ✔️✔️8 of 10
How old is leasing? - ✔️✔️4000 years ago the Sumerians produced leases on clay
tablets for ag tools, water rights and animals. The Code of Hammurabi is an ancient
record of Babylonian dating back to 1700 bc
What is the Statue of Whales? - ✔️✔️In 1284 ad, the Statue of Whales was writtento
deal directly with leasing of personal property. It was further clarified in 1571 by a
statute that defined who owned leased equipment.
How did leasing get started in the United States? - ✔️✔️The onset of the Industrial
Revolution ( in the 1700's) provides opportunity for leasing particularly in railroads.
What is the Philadelphia Plan? - ✔️✔️The most well-known railroad finance plan
considered to be the precursor of today's conditional sales contract, equipment finance
ageement and money over money leases
How did vendor leasing companies start? - ✔️✔️After WWII, mfg sought to expand.
They turned to independent leasing companies which were not related to the vendor or
end user. This led to vendoe leasing programs
Why did Captive Leasing companies start? - ✔️✔️Manufacturers saw benefit in
financing their products. They also felt leasing may be a god way to retain control of the
products at lease end.. examples include Bell Telephone, Hughes Tool Company and
United Shoe Machinery Company
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