What is the difference between a RENTAL and a LEASE?
Here’s the short version: A Lease (also known as a buy-back or purchase-repurchase) is a brand-new car that includes virtually all insurances, no deductible and a guarantee of precisely the make & model you want. Accident, damage & theft claim resolution is far simpler than with a rental. A lease is much more economical for any period over 21 days than virtually any rental with equivalent insurance coverage. A Rental is an oft-used fleet car whose price merely includes basic insurance with a deductible and a host of optional additional coverage. Resolution of accident, damage and theft claims is more complex than with a lease. Rentals are available for periods 7 days or longer.
Related Questions
- Will interns be required to submit a lease/rental agreement to reflect monthly costs or will they just receive a flat per diem rate of 55% (based on the per diem rate of the respective area)?
- With the lease with rental income option, is the income guaranteed?
- What is better for me, a lease or month-to-month rental?
