OPERATING LEASE ASSETS, NET

6 Months Ended

Jun. 30, 2020

The Company has operating leases, including leased vehicles and commercial equipment vehicles and aircraft which are included in the Company's Condensed Consolidated Balance Sheets as Operating lease assets, net. The leased vehicle portfolio consists primarily of leases originated under the Chrysler Agreement.

Lease extensions granted by the Company are not treated as modifications. Income continues to accrue during the extension period and remaining lease payments are recorded on a straight-line basis over the modified lease term.

Operating lease assets, net consisted of the following as of June 30, 2020 and December 31, 2019:


(in thousands)	June 30, 2020		December 31, 2019

Leased vehicles	$	21,854,377	$	21,722,726
Less: accumulated depreciation	(4,647,703)		(4,159,944)
Depreciated net capitalized cost	17,206,674		17,562,782
Manufacturer subvention payments, net of accretion	(1,034,636)		(1,177,342)
Origination fees and other costs	67,584		76,542
Leased vehicles, net	16,239,622		16,461,982

Commercial equipment vehicles and aircraft, gross	28,916		41,154
Less: accumulated depreciation	(5,685)		(7,397)
Commercial equipment vehicles and aircraft, net	23,231		33,757

Total operating lease assets, net⁽¹⁾	$	16,262,853	$	16,495,739

The following summarizes the future minimum rental payments due to the Company as lessor under operating leases as of June 30, 2020 (in thousands):


2020	$	1,439,765
2021	2,093,714
2022	974,427
2023	233,673
2024	4,072
Thereafter	7,817
Total	$	4,753,468

During the three-month and six-month periods ended June 30, 2020 the Company recognized $23.1 million and $50.1 million, respectively, of net gains on the sale of operating lease assets that had been returned to the Company at the end of the lease term compared to $48.5 million and $72.5 million for the corresponding periods in 2019. These amounts are recorded within Miscellaneous income, net in the Company's Condensed Consolidated Statements of Operations.