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FIB - Scams 101 - Ye Olde Archives
Posted By: pete In Response To: Re: Difference between "leasing", "monthly payments", or "rent-to-own"? (Sandi Bowman)
Thursday, 15 December 2005, at 7:47 p.m.
With a lease, the leasor retains title to the goods. If there are "property taxes" or other based on the value of the property the taxes are billed to the leasor, who in turn has the right (if in the contract) to pass the taxes on to the leasee.
While I imagine some individuals and companies write their own leases, most leases are written by leasing companies who handle the details and will often pay the seller a few "points" for directing the lease their way. Both the points and the monthly payment amounts are negotiable, many times with a table being supplied to the seller, showing monthly payments at differing commission rates to the seller.
The seller bills the leasing company. They are the owners of the goods. In the lease to the end user there will be a Buy Out clause at the end of the lease. It can be anything from a fixed percentage of the value, to a specific dollar amount, to "fair market value", which can be a penny on something like 5 year old computer systems.
When selling on term, or easy payment, the title usually goes to the buyer, even though the seller or finance company can retain a lien on the goods, which assures that if the buyer re-sells the goods the lienholder will get paid before the original buyer gets any money.
Renting is just that. While you may have a written document, you provide the goods and they pay you monthly the agreed upon amount. There may or may not be a time limit. It might just auto renew from month to month, until one party has had enough.
This is not legal advise. It's just a quick distinction between the terms you mentioned.
As noted above, see an attorney. Talk to some small loan companies and your banker. Get some feel from professionals, not a bunch of forum junkies.
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