Which arrangement allows the lessee rights to asset appreciation?

A secured loan provides the lessee access to the underlying asset while also allowing for potential appreciation in value. When a lessee finances an asset through a secured loan, they typically own the asset outright and can benefit from any appreciation in its market value over time. This ownership aspect is crucial; as the asset appreciates, the lessee may realize financial gain if they choose to sell the asset or if it enhances their business's operational efficiency.

In contrast, a true lease is structured such that the lessor retains ownership of the asset. The lessee has the right to use the asset for a specified period in exchange for lease payments, but they do not gain the rights to any appreciation in value. At the end of a true lease, the asset typically returns to the lessor, preventing the lessee from benefiting from any increase in value.

Therefore, the arrangement that allows the lessee to benefit from asset appreciation is indeed a secured loan, as it entails ownership and the rights associated with eventual asset value appreciation.