Open-End Leases

• Provides maximum flexibility on new and used vehicles
• No restrictions on mileage or usage
• Can be treated as an operating expense that does not need to be recorded on the balance sheet or capitalized and depreciated
• If the vehicle is worth more or less than the residual value, the equity or deficiency is settled out with the lessee after vehicle disposition has been completed

Closed-End Leases

• Also referred to as a net or true lease
• Rental payments are treated as an expense
• Fixed depreciation is guaranteed
• Excess mileage and wear and tear fees can be included in the payment or paid at the end (or not at all if applicable)
• Can walk-away from the vehicle at the end of the lease

Loans

• Allows you to purchase / own the vehicle
• Low interest and extended terms available
• New and used vehicles qualify for funding
• Purchaser retains all equity and ownership rights.
• Deduction on Taxes as specified in current tax regulations

	Summit began doing business in 2004 with 5 used vehicles that we paid a total of $20,000 for. We began leasing vehicles from Executive Leasing in 2005 and have never looked back. We have found Executive Leasing to be fair in pricing, creative in finding finance solutions, and even very helpful during a downturn in the economy. It is a pleasure to work with people who are at the top of their game.
	Summit Facility and Kitchen Services, LLC