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A lease is a legal contract, and thus enforceable by all parties under the contract law of the applicable jurisdiction.. In the United States, since it also represents a conveyance of possessory rights to real estate, it is a hybrid sort of contract that involves qualities of a deed.
Vehicle leasing is the leasing (or the use) of a motor vehicle for a fixed period of time at an agreed amount of money for the lease. 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.
Then there’s also the option of a lease buyout, which is written into most contracts and permits the lessee to purchase the car outright for a previously agreed-upon sum.
A Lease-Purchase Contract, also known as a lease purchase agreement or rent-to-own agreement, allows consumers to obtain durable goods [1] or rent-to-own real estate [2] without entering into a standard credit contract. [1] It is a shortened name for a lease with option to purchase contract.
Consider the pros of leasing a car. When you lease a car, you sign a contract allowing you to drive it for a period, such as three or four years, after making a down payment, such as 10%.
Can a car lease be refinanced? A car lease isn't like a traditional loan, so to lower your payments, you'll have to get a loan and buy the vehicle outright.
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