Loanfactz Definitions

Lessor

A lessor is the leasing company or lender or individual, such as a car dealership, business, manufacturer, financial institution or landlord, who * leases property to another.

Glossary For This Page
(In Alphabetical Order)

* Lease
A contract agreement between the lessee (you) and the lessor (leasing company, business, or landlord, etc.) for temporary use of a vehicle, property, an apartment, machinery, or personal property, etc., for an agreed period of time and for a specified payment.

In the case of a vehicle, the lessee (you) pays to the leasing company monthly payments without actually buying the vehicle. The company leasing the vehicle continues to own the vehicle. The vehicle is returned to the leasing company when the lease expires unless the lessee (you) decides to buy the vehicle, if the contract allows for that option.

In the case of a rental agreement between a property owner and a tenant, the tenant (you) signs a contract for use of the property for an agreed period of time and a specified payment of rent. Example: The tenant (you) signs a contract to lease an apartment from a landlord (owner of the apartment) for 12 months at 850 dollars a month.

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