Pratt & Whitney Canada (P&WC) has added a new lease-to-own option to its growing portfolio of Spare Engine Solutions. The portfolio, launched in 2020, also includes flexible options such as long-term leasing and on-wing leasing, complementing the existing short-term rentals offering to customers who are looking to prioritise their spending, reduce costs, better plan their monthly expenses and extend aircraft life.

“We are expanding our Spare Engine Solutions portfolio because more and more of our customers seek new ways to conserve cash and spur operational efficiency,” says vice president, customer service Irene Makris. “Our new leasing and ownership models serve customers who want alternatives that align with their individual situation. Through a constant dialogue with our customers, we are able to adapt our own business and introduce new solutions to meet those customer needs. These options also ensure their aircraft are kept in the air serving their missions and off the ground.”

With the lease-to-own option, customers can lease a new or used P&WC engine and own it by the end of the lease term.

Other options in the Spare Engine Solutions portfolio include long-term spare engine leasing for 12 months or more; on-wing leasing, where in some cases P&WC will purchase the customer's existing engine and lease one back to them, giving them access to capital and lowering their operating expenses, while extending the life of their mature aircraft; and short-term engine rental to cover scheduled or unscheduled maintenance.

“We have the largest global rental pool of more than 1,000 P&WC engines to support customers, and our Spare Engine Solutions cover all of our engine models from regional turboprops and business jet engines to PT6A and helicopter engines,” adds Makris. “Long-term leases and on-wing leases include all scheduled off-wing maintenance such as hot section inspections and overhauls.

“These two solutions can also be integrated into an existing or new Fleet Management Programme that provides access to the P&WC global service network, providing a unique one-stop-shop solution.”