One Dollar Purchase Option

At the end of the lease period the Lessee gets to own the lessee for a payment of $1.  The monthly payments are usually higher than other types of Leases.  Since it qualifies as a purchase you can write off $24,000 in the year the lease begins.

True Lease (or Fair Market Value)

Allows the Lessee to purchase the equipment at fair market value at the end of the lease.  Each payment is written off as an expense. 

Fixed Price Purchase Option

A fixed price is established for ownership at the end of the lease (normally 10% balloon payment).  The regular monthly payments are usually lower.