Automobile Lease Law and Legal Definition
Automobile lease is a way to structure the purchase of an automobile. It is a transaction which allows an individual to drive a car for an agreed upon period of time. In an automobile lease, rather than buying a car outright, the buyer rents the vehicle from the seller for a certain period of time, after which the buyer either returns the car or purchases it for a price agreed upon in the lease. Advantages of automobile leases are payments are usually lower than on a car loan, and it is easier to qualify.