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What is truth-in leasing?


 

Transcript:

The truth in leasing rule requires that any time use of a large aircraft, meaning one greater than 12,500 pounds gross takeoff weight is sold. The terms of that sale must be clear and well documented. It must be in writing and signed with one copy kept on board the plane and one copy sent to the FAA at least 24 hours before the lease’s first flight. The agreements need certain specific disclosures right above the signature line and the parties must contact the FAA at least 48 hours before the first flight, providing information so the FAA has the opportunity to investigate further if they have a concern.

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