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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WFi3x83wQt1huyT4+b8sR0RgVBSg9YZZqPZ9dC4yw0lHzLl6wBoAu3EN65x+IRy6
 eFcj1OyTZPEXPYw+ZPWxUg==

<SEC-DOCUMENT>0000919574-08-009267.txt : 20081201
<SEC-HEADER>0000919574-08-009267.hdr.sgml : 20081201
<ACCEPTANCE-DATETIME>20081201174021
ACCESSION NUMBER:		0000919574-08-009267
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081126
FILED AS OF DATE:		20081201
DATE AS OF CHANGE:		20081201

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JACOBS SY
		CENTRAL INDEX KEY:			0001166408

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15369
		FILM NUMBER:		081223380

	MAIL ADDRESS:	
		STREET 1:		ONE FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WILLIS LEASE FINANCE CORP
		CENTRAL INDEX KEY:			0001018164
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
		IRS NUMBER:				680070656
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		773 SAN MARIN DRIVE
		STREET 2:		SUITE 2215
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94998
		BUSINESS PHONE:		4154084700

	MAIL ADDRESS:	
		STREET 1:		773 SAN MARIN DRIVE
		STREET 2:		SUITE 2215
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94998

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JACOBS ASSET MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001351063

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15369
		FILM NUMBER:		081223379

	BUSINESS ADDRESS:	
		STREET 1:		ONE FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		212-271-5126

	MAIL ADDRESS:	
		STREET 1:		ONE FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p943306_ex.xml
<DESCRIPTION>WILLIS
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-11-26</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001018164</issuerCik>
        <issuerName>WILLIS LEASE FINANCE CORP</issuerName>
        <issuerTradingSymbol>WLFC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001166408</rptOwnerCik>
            <rptOwnerName>JACOBS SY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ONE FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10003</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001351063</rptOwnerCik>
            <rptOwnerName>JACOBS ASSET MANAGEMENT, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ONE FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10003</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>642350</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By JAM Partners, L.P.</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2008-11-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1271</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.90</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>411967</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By JAM Special Opportunities Fund, L.P.</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2008-11-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>560</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.80</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>412527</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By JAM Special Opportunities Fund, L.P.</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>35100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These securities are owned by JAM Partners, L.P. (the &quot;Partnership&quot;).  These securities may be deemed to be beneficially
 owned by JAM Managers L.L.C., the general partner of the Partnership, Jacobs Asset Management, LLC, the investment manager
 of the Partnership, and Sy Jacobs, the managing member of both JAM Managers L.L.C. and Jacobs Asset Management, LLC.  Each
 such Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary
 interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the
 securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.</footnote>
        <footnote id="F2">These securities are owned by JAM Special Opportunities Fund, L.P. (the &quot;Fund&quot;).  These securities may be deemed to be
 beneficially owned by JAM Equity Partners, LLC, the general partner of the Fund, Jacobs Asset Management, LLC, the
 investment manager of the Fund, and Sy Jacobs, the managing member of both JAM Equity Partners, LLC and Jacobs Asset
 Management, LLC.  Each such Reporting Person disclaims beneficial ownership of the reported securities except to the extent
 of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the
 beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any
 other purpose.</footnote>
    </footnotes>

    <remarks>+ The Reporting Person hereby disclaims beneficial ownership over the securities reported on this Form 4 except to the extent
 of his pecuniary interest therein.  This report shall not be deemed an admission that the Reporting Person is the beneficial
 owner of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any
 other purpose.</remarks>

    <ownerSignature>
        <signatureName>/s/ Sy Jacobs (+)</signatureName>
        <signatureDate>2008-12-01</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Jacobs Asset Management, LLC (+), By: /s/ Sy Jacobs, Managing Member</signatureName>
        <signatureDate>2008-12-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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