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What is a lease?
Home » Automobiles » Leasing a Car » What is a lease?Leasing is a fairly simple concept, but most people don't really understand it and are often skeptical of it. Leasing is seen by some as a cheap rent-to-own scheme or even as a scam. But leasing is a well-respected and helpful financial concept that is used for not only automobiles, but in real estate and various kinds of equipment as well.
As with other financial or business transaction, in order for a consumer to have a successful lease, they must be informed about the process of leasing and what it involves.
Signing a leasing contract means that you agree to make regular monthly payments, keep appropriate insurance, pay any vehicle taxes and licensing fees, and take good care of the vehicle. Further, you agree that you'll keep the car for a specified number of months -- typically 24, 36, or 48 months -- and you're expected to stick it out to the end.
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