Lease

A Motor Vehicle lease is a contract to use a motor vehicle for a fixed period of time for an agreed amount of money. The contract is between a Lessor who provides the vehicle and a Lessee who will use the vehicle. It is commonly offered by dealers as an alternative to vehicle purchase but is widely used by businesses as a method of acquiring (or having the use of) vehicles for business, without the usually needed cash outlay. At the end of the primary term (usually 2, 3 or 4 years) the vehicle has to either be returned to the leasing company or purchased for the residual value.

Usage Note: Depending on the usage of the Lease data, the Lessee and/or Lessor data may be included as part of the Lease or held in a separate objects.

Synonyms: Alternate names for a lease include: "Car Lease", "Auto Lease" and "Rent-to-Own Contract".