Purchase Lease Payments
Purchase Lease Payments : The payments for which the arrangement is a financing plan for the purchase of the property by the lessee. The ownership of the property passes to the lessee upon expiration of the lease, sometimes with an additional payment far below the expected market value of the property. The property covered by such leases may or may not have been booked as owned assets, either during or after the period of the lease, in the transit agency's internal accounting records
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