How did it all start?
The history of lease relations dates back to more than four thousand years ago. To our surprise the basic principles of lease relations back then did not differ considerably from the ones applied today.

The first transaction
No one knows with certainty when the first lease transaction was carried out. However, the first tangible evidence of such activity dates back to approximately 2000 B.C. In 1984 during excavation in the Sumerian city of Ur scientists came across the prototypes of the first leases. Those were clay tablets describing all details of the lease. Those tablets gave scientists reason to believe that the first lessors were priests living in the temples of Ur.

The first "leasing" company
Scientists have found evidence that about 400-450 B.C. the first "leasing" company in the history of mankind opened for business. It was a family business in the ancient city of Nippur in Southeastern Babylon. The family was an undisputed leader on the market of "lease" services in the Persian Empire. They were specialists in the lease of land, but offered also lease of a number of other products, such as cattle, farming equipment, etc.

The birth of modern leasing
1954 is considered the birth year of leasing as we know it. Then the traditional concept of renting was enhanced with a new feature which gradually generated a huge growth for the industry worldwide. This was the ability for the lessee to benefit from the accelerated depreciation of the leased asset in the form of tax relief.

European leasing today
Today the specialization of lease operations depends on the specific world region where they are conducted. Vehicle leasing is typical in Europe. It is the preferred method of purchasing passenger cars, vans and trucks. According to statistics 50% of the total volume of all property purchased on the European leasing market is accounted for by vehicles, while the rest is plant, equipment, computers etc. The high popularity of car leasing in Western Europe is explained with the fact that car manufacturers are forced to seek alternative ways to realize their products on the market, and leasing is among the most efficient ones.