Renting (also called leasing or letting) is where someone pays money to use something for a definite amount of time. This can be anything from a car or house to a DVD. The document that has all the details written on it is called the lease. The person who owns the item that will be leased or rented is called the lessor. The person who is paying the money to use the item is called the lessee. If it is a house, building, or land that is being leased, the person who pays the money is called the tenant. For example, a tenant farmer is a person who rents a farm from its owner.
In a closed-end lease (like a car), it is best to drive a vehicle with a residual value of at least 55%.