chevron-down Created with Sketch Beta.
March 18, 2013

Buying, Selling, or Leasing a Vehicle

Auto Leasing

What is a purchase option?

It allows you to buy the car when your lease term ends. The lessor must state the purchase price or the basis for setting this price in the initial lease contract. Purchase options are more common in open-end leases than in closed-end leases.

>>How does leasing differ from renting?
>>Are there different kinds of leases?
>>What will a lease cost me?
>>May I renew or extend my lease at the end of the term?
>>May I escape my lease early?
>>What is a purchase option?

Practical Law Home | Vehicle Home | Buying a New Car | Lemon Laws | *Auto Leasing*