Auto Lease

Auto lease is a long-term agreement for the use of a vehicle. The term and monthly rate are specified in the lease term. Under certain circumstances, leasing may be more practical than buying a car. However, your payments do not give you any ownership of the vehicle, and it must be surrendered at the end of the lease period (or purchased if desired). There may also be restrictions governing the number of miles you can put on the vehicle and how you can use it during the period of the lease.