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lease

A contract between lessor and lessee for a specified time period and a specific payment. The title to the vehicle remains in the name of lessor as owner unless and until the lessee exercises his/her purchase option. Or, in layman's terms: A contract for a specified time period and a specific payment. The title to the car is in the name of the lessor, unless the lessee exercises the purchase option to take ownership of the car.

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