I'm Real Pastino for Pod TechNet with another BearingPoint podcast. Joining me is Dan Geron, who is a manager in the FS practice, and he's here to talk about commercial equipment leasing. Dan, welcome to the podcast. Thank you very much, Dan. First question for you, what is a lease for those who don't know, and why would somebody lease versus doing a loan? Well, a lease is simply another form of financing, but depending on the structure, usually can be accounted for differently. There are several accounting rules and tax validations that have to go into place to really determine if the leases are a true lease or if it needs to be accounted for as a loan. But one of the biggest things that needs to be taken into account is the residual. A residual is what you pay at the end of the lease. If the residual is considered at the time that you buy the equipment to be cheaper than the fair market value, then it's going to potentially need to be accounted for as a rental lease, because that is considered a bargain purchase option. There are many reasons why a lease is favored as financing over a loan, and some of those that come into play are, one, the monthly payment. Because there is a residual on a lease, then that means inherently that the monthly payment is going to be less. Also, there's usually a lower amount of money that has to be paid to start a lease. You can usually get into the lease with just a first payment or maybe the first and last payment, and that's it. It may be only a thousand, two thousand dollars, versus say ten thousand dollars. Also, at the end of the lease, you can, like I said,...
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