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<!--Based on XBRL 2.1-->
<!--Created on: 11/9/2020 9:11:12 PM-->
<!--Modified on: 11/9/2020 9:11:12 PM-->
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  <element id="al_DepositsOnFlightEquipmentPurchasesAppliedToAcquisitionOfFlightEquipmentUnderOperatingLeases" name="DepositsOnFlightEquipmentPurchasesAppliedToAcquisitionOfFlightEquipmentUnderOperatingLeases" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_LongTermPurchaseCommitmentMinimumQuantityRequiredInNextTwelveMonths" name="LongTermPurchaseCommitmentMinimumQuantityRequiredInNextTwelveMonths" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xsd:element name="NumberOfClassesOfCommonStock" id="al_NumberOfClassesOfCommonStock" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestNumber" id="al_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestNumber" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <element id="al_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" nillable="true" type="num:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xsd:element name="ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock" id="al_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="Boeing73789MAXMember" id="al_Boeing73789MAXMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="B787910Member" id="al_B787910Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfAircraftOwned" id="al_NumberOfAircraftOwned" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfAircraftOnOrderWithManufacturers" id="al_NumberOfAircraftOnOrderWithManufacturers" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="EquityIncentivePlan2010Member" id="al_EquityIncentivePlan2010Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="EquityIncentivePlan2014Member" id="al_EquityIncentivePlan2014Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <element id="al_CompanyBackgroundAndOverviewAbstract" name="CompanyBackgroundAndOverviewAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_RestrictedStockWithTotalShareholderReturnConditionsMember" name="RestrictedStockWithTotalShareholderReturnConditionsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_OrganizationAbstract" name="OrganizationAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_NumberOfLongRangeVariants" name="NumberOfLongRangeVariants" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_DebtInstrumentUnamortizedDiscountAndIssuanceCosts" name="DebtInstrumentUnamortizedDiscountAndIssuanceCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_ExportCreditFinancingMember" name="ExportCreditFinancingMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_SyndicatedUnsecuredRevolvingCreditFacilityMatureOn5May2020Member" name="SyndicatedUnsecuredRevolvingCreditFacilityMatureOn5May2020Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_AircraftHeldForSaleMember" name="AircraftHeldForSaleMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_A330900NeoMember" name="A330900NeoMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_LineOfCreditAmountMaturing" name="LineOfCreditAmountMaturing" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_TaxWithholdingsOnShareBasedCompensationShares" name="TaxWithholdingsOnShareBasedCompensationShares" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_SyndicatedUnsecuredRevolvingCreditFacilityMatureOn5may2021Member" name="SyndicatedUnsecuredRevolvingCreditFacilityMatureOn5may2021Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_NumberOfAircraftManaged" name="NumberOfAircraftManaged" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_MinimumAircraftDeliveryDelaysThatCouldTriggerLesseeCancellationClauses" name="MinimumAircraftDeliveryDelaysThatCouldTriggerLesseeCancellationClauses" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_Boeing737789MaxMember" name="Boeing737789MaxMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_BlackbirdCapitalIILLCMember" name="BlackbirdCapitalIILLCMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_EquityMethodInvestmentUnfundedCommitment" name="EquityMethodInvestmentUnfundedCommitment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_AirbusA3509001000Member" name="AirbusA3509001000Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_SyndicatedUnsecuredRevolvingCreditFacilityMatureOn5May2022Member" name="SyndicatedUnsecuredRevolvingCreditFacilityMatureOn5May2022Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_AmortizationOfPrepaidLeaseCosts" name="AmortizationOfPrepaidLeaseCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_FlightEquipmentHeldForSaleTextBlock" name="FlightEquipmentHeldForSaleTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_AgreementWithCoInvestmentVehicleNumberOfJointVenturesCompanyParticipated" name="AgreementWithCoInvestmentVehicleNumberOfJointVenturesCompanyParticipated" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_BlackbirdCapitalILlcAndBlackbirdCapitalIiLlcMember" name="BlackbirdCapitalILlcAndBlackbirdCapitalIiLlcMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_MediumTermNoteProgramMember" name="MediumTermNoteProgramMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_SyndicatedUnsecuredRevolvingCreditFacilityMatureOn5May2023Member" name="SyndicatedUnsecuredRevolvingCreditFacilityMatureOn5May2023Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_PropertySubjectToOrAvailableForLessorOperatingLeaseGross" name="PropertySubjectToOrAvailableForLessorOperatingLeaseGross" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_PropertySubjectToOrAvailableForLessorOperatingLeaseAccumulatedDepreciation" name="PropertySubjectToOrAvailableForLessorOperatingLeaseAccumulatedDepreciation" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_PropertySubjectToOrAvailableForLessorOperatingLeaseNet" name="PropertySubjectToOrAvailableForLessorOperatingLeaseNet" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_MediumTermNoteProgramDue2021Member" name="MediumTermNoteProgramDue2021Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_PaymentsForDepositsOnFlightEquipment" name="PaymentsForDepositsOnFlightEquipment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_A220300Member" name="A220300Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_UncommittedUnsecuredRevolvingCreditFacilityMember" name="UncommittedUnsecuredRevolvingCreditFacilityMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_MediumTermNoteProgram2.30PercentDue2025Member" name="MediumTermNoteProgram2.30PercentDue2025Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_MediumTermNoteProgram3.00PercentDue2030Member" name="MediumTermNoteProgram3.00PercentDue2030Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_NumberOfExtraLongRangeVariants" name="NumberOfExtraLongRangeVariants" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_ThunderboltAircraftLeaseMember" name="ThunderboltAircraftLeaseMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_FinancialInstitutionMember" name="FinancialInstitutionMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_LessorLeaseAccommodationArrangementsPercentage" name="LessorLeaseAccommodationArrangementsPercentage" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_ThirdPartyInvestorsMember" name="ThirdPartyInvestorsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_NumberOfInvestmentFunds" name="NumberOfInvestmentFunds" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_NumberOfAircraftSaleTransactions" name="NumberOfAircraftSaleTransactions" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_NumberOfPurchaseCommitmentOptions" name="NumberOfPurchaseCommitmentOptions" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_LineOfCreditFacilityIncreaseInBorrowingCapacity" name="LineOfCreditFacilityIncreaseInBorrowingCapacity" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_MediumTermNoteProgram3.375PercentDue2025Member" name="MediumTermNoteProgram3.375PercentDue2025Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_Covid19Member" name="Covid19Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_LongTermPurchaseCommitmentQuantityRequiredAircraftCanceled" name="LongTermPurchaseCommitmentQuantityRequiredAircraftCanceled" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_MediumTermNoteProgram2.875PercentDue2026Member" name="MediumTermNoteProgram2.875PercentDue2026Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_UnrecognizedRentalRevenue" name="UnrecognizedRentalRevenue" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_PercentageOfLesseesInFleet" name="PercentageOfLesseesInFleet" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="al_PropertyPlantAndEquipmentNumberOfAircraftHeldForSale" name="PropertyPlantAndEquipmentNumberOfAircraftHeldForSale" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
</xsd:schema>
