financing
Lease
Contractual agreement to use an asset for periodic payments
Also known as: leasing, rental agreement, lease agreement
What You Need to Know
A lease is a contractual arrangement where one party (lessor) grants another party (lessee) the right to use an asset for a specified period in exchange for periodic payments. Common leased assets include vehicles, real estate, and equipment. Leases may include options to purchase at the end of the term.
Sources & References
This information is sourced from authoritative government and academic institutions:
- consumerfinance.gov
https://www.consumerfinance.gov/owning-a-car/leasing-a-car/
Related Calculators & Tools
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