Engine Lease Finance Corporate has become the first spare engine lessor customer for CFM International “s (CFM) new product offering for leasing companies called Portable Maintenance for Lessors (PML). The two companies signed a Memorandum of Understanding (MOU) with plans to sign a definitive agreement by year-end.
The product will be the first of its kind in the industry and will enable leasing companies to control maintenance costs throughout the life of an aircraft, regardless of the operator to which it is leased. Under the terms of the agreement, CFM would provide engine maintenance, repair and overhaul services for leased fleets. The PML is designed to be transferrable between lessees, which will enable them to more accurately predict maintenance costs.
“Our leasing company customers have been asking us for a product like this for along time,” said Jean-Paul Ebanga, president and CEO of CFM International at today’s signing ceremony. “There were a lot a challenges to developing this kind of program offering, but we are very pleased with where we have ended up and we anticipate more and more lessors to take advantage of the flexibility the PML provides.”