Extending a Lease

[piercejoelm]

I have another airline leasing an aircraft from me, they requested for me to extend the lease another month at same rate to allow them to get a replacement. Can I extend the lease somehow, or do I have to let it drop, causing them to lose all their flights, and send the lease directly to them afterward?

[StephenM]

Hi there,

Currently it just has to drop, there is no way to extend a lease at the moment.

[piercejoelm]

Is it something in the works? I, being new to the game and to leasing out aircraft in general, find that the option would definitely be instrumental. I have been trying to lease out my smaller aircraft as I upgrade to bigger more profitable ones, which seems to be working, it just seems to be a pain for the lease to lose all their routes just to make them again after it drops . . .

[1993matias]

The one who flies the leased plane gets a notification when the lease is about to expire. With the hotswap feature, it is quite easy to transfer routes to another aircraft, although it still could be a bit irritating.

[travelling_salesman]

If you're replacing one or two leased aircraft it doesn't make much of a difference. however, if you have, say 20 leases expiring more or less at the same time and you'd just like to extend them it's very inconvenient.

A feature to extend leases would be very much appreciated!

[1993matias]

It's in the development, slowly progressing. But don't expect it soon though

[norge]

But don't expect it soon though

You say that too often tbh

[1993matias]

But it's true

[Hal]

There is one more big deal with this option as its contract there are two parties and maybe second party will be not interested to extend lease due age of plane and mx costs that are for for this a/c and will be rather offering new a/c. 

[1993matias]

As we have thought of it until now, both parts (the lessor and the lessee) have to agree on an extension before it has effect