Didn't get a chance to read most replies, but what I did seemed correct. I will add, sorry if this is already explained this way, that items that are normally 'leased' are items that commonly have a known depreciation and tangible value as used items, even if damaged. Bicycles are different from cars in this way - if you lease a Pinarello Dogma and the frame snaps in a crash and one of the Campy S Record shifters gets broken, the total value of what remains, or of what would become of the bike after repairs are made, would not be the same ballpark as a car that was crashed and repaired. Furthermore, repairs, along with safety and road worthiness requirements on cars are generally standardized, while bike repairs are often done by a 'shade-tree' or other unregulated/non-standardized service provider - not that that's necessarily bad, but it's not secure enough for financial institutions to think it's a good investment.