In the first case, we are renting or leasing. In the second case, we are lease-purchasing. Operating Lease . Lease-purchase and capital lease are basically interchangeable terms.
Leases are more complicated than the normal every-day purchase of goods or services.
Accordingly you should observe and comply with the special rules and procedures that govern leases. Lease-purchases are complicated. The State of Oklahoma has established a strict process for lease-purchases because they cause the state to incur debt. All lease-purchases must be reviewed and approved by the state's Bond Oversight Commission. If you agree to a lease-purchase arrangement without going through the proper procedures, you may be guilty of breaking the law, and you may be subject to fines and other penalties.