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Commercial Law

Municipal Leasing: Favorite Son or Leasing's 'Red-Headed Stepchild'?

This article addresses a few of the primary challenges for traditional leasing companies entering the municipal leasing market.


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There is some dispute as to the origin of the term “red-headed step child,” but its usage since the early 20th century has been to denote a child who is unwanted, neglected and misunderstood by his or her parents. For many banks and other lessors, the limited competition, strong credits and tax benefits of “muni leasing” make it a favorite. In many respects, however, municipal leasing (which term we will use for equipment financing and leasing for state, county and city governments and agencies generally) is equipment finance’s red-headed stepchild.

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