A financial lease is a cancelable contractual arrangement whereby the lessee agrees to make periodic payments to the lessor, often for five or fewer years, for an asset's services.

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A financial lease is a non-cancelable contractual arrangement where the lessee is obligated to make periodic payments to the lessor for the full term of the lease, which is usually longer than five years.

A Financial Lease Is a Cancelable Contractual Arrangement Whereby the Lessee