The paper analyzes the procurement decision in leasing, considering two criteria: the Net Present Value (NPV) and the Total Net Present Cost (TNPC) of the financing sources. Basically, there are four major financing sources for an acquisition: the self-financing, the bank credit, the supplier credit and leasing. The calculation of the TNPC indicator considers not only the acquisition cost of the good(s), but some other elements as well: the expenses and fees specific for each transaction; the fiscal economy derived from the transaction;the profits tax;the actualization factor.This indicator considers the fiscal economy (fiscal savings) specific to each transaction, which represents a strong argument for leasing. The structure of the expenses excludes the registration fees, the maintenance fees or the liability insurance, as they exist no matter the financing source.

Leasing, Procurement Decision, Cost of leasing, Cost of Cash Payments, Cost of Bank Credit, Cost of Supplier Credit