lease-purchase

[lees-pur-chuhs]

noun

1. the continuing use of property or goods under a lease for a stipulated period with option for the lessee to buy and with part of the rental charges credited toward the purchase price.

adjective

1. of or relating to lease-purchase.

Word History and Origins

Origin of lease-purchase¹

First recorded in 1950–55

Example Sentences

Online lookups of the make and model show that after paying the lease-purchase price of about $20,000, I could turn around and sell it for $28,000-$30,000.

Read more on Slate

Although statistics quantifying the level of activity in the movement are hard to come by, the Terner Center for Housing Innovation at University of California Berkeley in a 2017 report said: “Particularly in the wake of the financial crisis, the benefits of this type of alternative model have led to a resurgence of interest in lease-purchase, and both public and private-sector actors have been exploring the viability of lease-purchase products to responsibly and sustainably help families enter homeownership.”

Read more on Washington Post

The Department of Public Safety will get two new helicopters for $15 million and begin a $20 million lease-purchase plan for its patrol vehicles designed to replace all vehicles by 2026.

Read more on Washington Times

His resignation occurred about the same time the company announced it had defaulted on a $400,000 lease-purchase payment to the mine’s current owner, Placer Mining Co.

Read more on Seattle Times

Mayor Jean Stothert has said the city would issue $50 million in lease-purchase bonds, which she said can be managed without a tax increase.

Read more on Washington Times