Tractor/Trailer (TRAC) Leasing

Lower the cost of heavy trucks

TRAC is an acronym for "terminal residual adjustment clause." A TRAC lease is an open-ended lease in which your business guarantees the residual value of the leased equipment. As a result, TRAC leasing—most often used to finance heavy trucks, road tractors and trailers—can mean significant savings for you and your company. All TRAC leases are net of taxes, insurance, maintenance, and license. For both tax and book accounting, they are classified as tax leases.

Put TRAC leases to work

TRAC leases can be ideal for small and mid-size trucking companies with fleets of 10 to 100 trucks, as well as distributors and manufacturers with fleets of 5 or more trucks. You specify the vehicles, select the dealer, and negotiate the purchase price. Then First Citizens purchases the vehicles for you and assists the dealer in completing the licensing and title documents. Credit approval and execution of documents are handled by First Citizens.

Features & benefits

• Competitively low lease rates are comparable to commercial finance rates, so your payments remain low.
• With the fleet incentives that First Citizens Leasing receives from manufacturers, we make significant fleet purchase discounts available.
• Sales and property tax reporting liability shifts to First Citizens, so you save time and money.
• Leasing offers 100% financing. Only the first payment and last payment are required at closing.
• Vehicle residual values result in lower lease payments.

Find out more

At First Citizens, we've been leasing to businesses since 1987 and have expertise in structuring a wide variety of different leases in addition to TRAC leases. We're ready to meet your needs precisely.