Car Leasing Glossary - Purchase Option

Purchase Option (car leasing term)

The terms of a lease under which amount that the lessee may pay the lessor at the end of the lease to purchase the vehicle. The price the lessee will pay is usually the residual value.

The lessee's right to purchase the leased vehicle, either at the end of the lease or during the lease term, as specified in the lease agreement. The lease agreement may or may not include a purchase option.

Car Leasing Purchase Option Fee