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Commonly Asked Questions about Leasing

A car lease allows you to drive a vehicle from a dealership for an agreed upon amount of time and miles, and pay for its usage rather than for the full purchase price of the vehicle. You make monthly payments to be able to drive the car.
Leasing [N] [S] ( Psalms 4:2 ; 5:6 ) an Old English word meaning lies, or lying, as the Hebrew word kazabh is generally rendered.
While leasing and renting share many similarities, there are some subtle distinctions between the two. The main difference is the length of tenancy. A rental agreement is usually short term or month-to-month, while a lease is typically for a longer period of time, usually six months or more.
Choosing whether to buy a car or lease can be an important financial decision. The most important factor to consider is that leasing is like renting, and your payments wont go towards owning the car, unless theres an option to purchase it. Instead, youll need to return the car once the lease ends.
1. a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation.
Introduction. A lease refers to a contract where one party grants a right to use a property or land to another party in return for consideration and for a specific period of time. Both the parties enter into a lease agreement specifying the terms and conditions of the agreement.
The vehicle remains the property of the leasing company throughout the length of the lease term because you are, in effect, merely hiring it. But youre responsible for covering any maintenance costs, such as servicing, which come up during the course of your contract, as well as any repair costs.