Leasing an aircraft is different from the chartering process, according to the AOG Expediter. With a charter you are reserving only the occupancy of a seat on an aircraft with a predetermined destination. With a lease, you, as the lessee, have control of the entire aircraft, which includes all aspects as contained in the terms of the lease. There are different types of aircraft leasing options such as the ACMI lease and the dry lease.
In an ACMI lease the aircraft and the salaries of one or more complete crews, consisting of cabin attendants, engineers and flight deck crew, are included in the lease, according to Global Plane Search. Not included in an ACMI lease are crew per diem (daily expense allowances, including hotel accommodations) and aircraft insurance, which generally includes third-party and hull insurance. Other responsibilities of the lessee are fuel and any fees for parking, handling, storage or landing. Applicable import duties, visa fees and any local taxes are also the responsibility of the entity leasing the aircraft. Another aspect of the ACMI lease is the over flight/navigation charges generated by individual states to cover air traffic control expenses. The International Civil Aviation Organization issues a flight number to those operating flights. An ACMI lease requires that the lessee provides the flight number and, consequently, assumes responsibility for any of these over flight/navigation charges.
There are two basic types of dry leases: the operating lease and the finance lease, according to GlobalPlaneSearch.com. An operating lease is generally short compared with the economic life of the leased aircraft. A lessee will usually use an operating lease to acquire an aircraft for a period of two to seven years. A finance lease, also known as a capital lease, must meet certain criteria: term of the lease must be at least 75 percent or more of the usable life of the aircraft being leased, with lease payments equaling more than 90 percent of the aircraft's market value. The lessee has a purchase option at the end of the lease term at a prearranged price.
