Using Contracts instead of Leasing option

I have a question to see if anyone has used contracts in a way to track leased equipment vs. the lease option. My issue is large amounts of equipment that have been leased through different companies with different EOL dates. To go through each asset to choose lease with expire date is a lot of work and it does not tie the lease company to the asset except as a vendor set up. But I notice if I add Contract and choose vendor, you can add several assets at one time.. The notification rules, would it be possible to put variables to notify technicians to prepare for replacement and return? An awesome feature which I haven't figured out a way to use would be a search by service tag #. Trying to look for an easier way to set this all up.

Thanks for any ideas.