Definitions for "Lease term"
This is the duration of the lease. 24 and 36 month leases are the most common but you can lease a vehicle for 12, 48, or even 60 months if you choose. Remember that your monthly payment will change depending on the length of the lease.
The length of time for a tenant to occupy a property according to the lease.
Length of lease agreement.
a contract that is typically entered into by a lessee (the individual who will be driving the given vehicle) and a lessor (the individual or company that actually owns the vehicle)
Also known as the base term. The fixed, generally non-cancellable period of time (usually overlooking any early termination provisions) during which the lease is in force and during which the lessee will owe rentals and have the use and custody of the leased equipment. For accounting purposes, includes all periods covered by fixed-rate renewal options which at lease inception are likely, for economic reasons, to be exercised. For tax purposes, includes all periods covered by fixed rate renewal options without regard to economic considerations.
The fixed term of the lease.
The specific period of time in which the Landlord grants to the tenant the right to possession of real estate.
The tenure or the period of the lease agreement is known as lease term.
The contracted term of the agreement.