consumer lease

An agreement where you rent an item, like a laptop, TV or fridge, for a set amount of time. You make regular rental payments, typically weekly or fortnightly, until the lease ends. At the end of the lease, you don't own the item. The company you leased it from does. The lease agreement shows you the total amount you’ll pay, including fees. This might be double what it would cost to buy the item outright in a store. The agreement could also be called rent to own or rent to buy. But you may not have an option to buy the item outright at the end of the lease. Whether to buy or gift the item is up to the lease provider.