At Selig Leasing, our full-service leasing approach makes business vehicle leasing convenient. We offer auto financing options tailored to the needs of qualified businesses and lease programs tailored to match individual business needs so that you may find new ways to preserve capital and gain a competitive edge while Selig Leasing concentrates on saving you money and managing your fleet. It is what we call the Selig Double Play.
Our signature lease product is the Open-End Lease. With the guidance of the lessor, the lessee determines the depreciation rate on the vehicle and assumes responsibility for any gain or loss from the sale of the vehicle. Vehicles can be replaced based upon mileage rather than term. It combines the flexibility of ownership with the cash flow advantages and tax benefits you get from leasing. Open-End Leases generally are commercial leases, making it easier to manage a fleet of vehicles.
Advantages include freeing up capital and bank credit lines for more vital expenditures, no mileage restrictions or wear-and-tear charges, and it provides flexibility as your needs change. Open-End Leases are best for companies that like to have an equity interest in their vehicles, as well as a flexible vehicle replacement policy, and can use leasing as an alternate source of funds.
The Closed-End lease is set up for a specific number of months and pre-determined mileage limits. The lessee is responsible for abnormal wear-and-tear charges and any excess mileage. Closed-End Leases generally are suitable for lessees who need to minimize risk and be able to easily and accurately budget for their fleet, prefer a defined termination point and replacement policy of their leases and have predictable mileage habits.
Advantages include no depreciation risk (assumed by Selig Leasing) and insulation from used car market conditions, walk away convenience, as well as the off balance sheet financing and increased credit line availability afforded to lessees.