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In a financial lease, the lessor will purchase the selected car by paying the full amount to its current owner and will acquire it. Under a contract with you, the lessor will provide the car for your use for an agreed term in exchange for a specific monthly payment, and at the end of the period, the car will be transferred into your name. The maintenance of the car, including the payment of insurance and taxes, is the responsibility of the lessee, although the lessor often covers these costs and includes them in the repayment plan. It is important to know that in the event of the car's loss or destruction, the consequences are borne by the lessee. Even though the lessee is not the owner of the vehicle, they must continue to fulfill their primary obligation under the financial lease agreement, namely: to make the installment payments.
In an operating lease, the lessor is the owner of the car that you will rent. The lessor may have purchased it from a previous owner or be a manufacturer and direct distributor. This directly affects the warranty conditions and maintenance of the asset. In this case, the lessor will provide you only with the right to use the car, and the contract does not include a transfer of ownership. With an operating lease, the rental term is shorter, and there is the possibility to terminate the lease during the contract period, but there is no option for purchase, and the lessee is obligated to return the asset at the end of the contract.
