FLEET LEASING VS. BUYING
Unlike vehicles for personal use, work vehicles are business assets. As such, most of our fleet clients choose to lease their fleet vehicles instead of buying them. Leasing is a more flexible alternative that optimizes your business cash flow and helps minimize your total cost of ownership.
THE MIKE ALBERT DIFFERENCE: PERSONAL SERVICE AND CUSTOMIZATION
Our 60+ years of experience has taught us that the best way to win a client’s business for the long run is through exemplary personal service. That means service that’s delivered by a team of fleet leasing andfinancing experts that are as nimble and knowledgeable as they are attentive and helpful.
You deserve better than a cookie-cutter solution.
We look at your unique commercial vehicle financing needs by assessing your current fleet vehicles and their utilization, as well as your industry, operations and budgeting factors. Then we collaborate with you to determine the lease type, terms, rates and conditions that best suit your business objectives while minimizing your out-of-pocket expenses.
We understand that changes in your business and the economy over time may require adjustments to your vehicle financing strategy. Our team is always at the ready to make modifications that help you keep your fleet up and running safely and cost-efficiently.
Avoid overpayment with our matched depreciation
Most commercial vehicle leases are configured to depreciate quickly in a straight line down to $0. But vehicles still have value at the end of their leases. That’s why we match your vehicle’s depreciation to the remaining book value at the end of your lease, saving you from overpayment. In fact, with matched depreciation, many of our clients save up to $150 per month per vehicle.
Free up more cash with our purchase lease-back program
If you’re like many of our clients, your business could benefit from a cash infusion. We can make that happen. More often than not, we find positive equity tied up in a client’s existing fleet. We can unlock that cash by purchasing your fleet and leasing it back to you.
The benefits you can reap:
- Instant cash - We cut you a check for the full market value of your fleet, which you can use to hire additional employees, lease additional vehicles, invest in technology or marketing, and strengthen your business.
- Reduced cash outflow - Typically, your monthly payments will be lower.
- Improved budget control - Our experts provide an optimal vehicle cycling strategy to minimize maintenance expenses and ensure your fleet costs are always manageable.
- Streamlined management - With all your vehicles with Mike Albert, cost-efficiency is maximized and management is simplified.
- Deferment option - In some cases, if you want, we can use the existing equity to defer lease payments for months, providing even more near-term cash.
CLOSED-END FLEET LEASES
On a strict budget? Need to know your total cost of ownership up front? Can’t afford to be exposed to market price volatility, rate fluctuations or seasonal resale factors? A closed-end lease may be your best answer.
With a closed-end lease, you can protect your business from residual risk by returning the vehicles at lease-end with no resale obligation. Mike Albert assumes the risk that comes with the depreciation and remarketing of your vehicles.
As a leader in closed-end leasing, we provide more flexibility in terms of mileage by offering you two different options: our mileage credit program and our unlimited mileage program.
OPEN-END FLEET LEASES
An open-end lease has a minimum term (typically 12 months) which you can terminate anytime after the term ends. When you do, you can either purchase the vehicle for the residual value or turn it in for resale. In that case, if the market value exceeds the residual value, you receive the gain. If the market value is less, you pay the difference.
An open-end lease may be the best solution for your business if:
- You have remarketing expertise and want to try to resell your vehicles for a profit.
- Your vehicles have been specially upfitted for on-the-job tasks.
- Your fleet has frequently changing needs.
- Your vehicles are subjected to rough usage.
- You’re a private equity owned company.
To better fit your financing preferences, we offer two types of rates on our open-end leases: floating and non-float.
Learn more about the differences of choosing between open or closed-end fleet leasing.