Asked by Sarah Randolph on Jun 10, 2024
Verified
A finance lease is equivalent to a consumer lease.
Finance Lease
A type of lease in which the lessor does not select, manufacture, or supply the goods but acquires title to the goods or the right to their possession and use in connection with the terms of the lease.
Consumer Lease
A lease that has a value of $25,000 or less and exists between a lessor who is regularly engaged in the business of leasing or selling and a lessee who leases the goods primarily for a personal, family, or household purpose.
- Comprehend the differences between finance and consumer leases.
Verified Answer
Learning Objectives
- Comprehend the differences between finance and consumer leases.
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