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A lease is a contract that is typically entered into by
a lessee (the individual who will be driving the given vehicle)
and a lessor (the individual or company that actually owns
the vehicle). The lessee is agreeing to pay for the use
of the vehicle over the period of the lease. Payment are
determined by depreciation, which is the value that the
vehicle is expected to lose over the term of the lease.
The lessee also assumes financial responsibility for any
damage done to the vehicle over the period of the lease.
At lease end, the lessee must return the vehicle to the
lessor, unless the lessee decides to purchase the vehicle
at lease end.