Requires no down payment or security deposit . Mileage allowance is usually higher at 18,000 miles per year. At the end of the loan, the borrower can sell or trade in the car and pay off the loan balance, or keep the car and refinance the amount owed, or return the car to the lender as payment for the balance. The person who signs the lease for the vehicle. The person who grants the lease .
Market value See fair market value .
The number of miles, specified in a lease , that a car may be driven over the life of the lease. Mileage charge Extra charges the lessee must pay if the car is driven over the lease's mileage allowance, usually 12,000 to 15,000 miles per year. Money factor A leasing term that expresses the cost of borrowing. To convert the money factor to a recognizable interest rate, multiply it by 24. The money factor is negotiable, and consumers who lease a new car should look for a money factor close to the current interest rate charged for new-car loans.