Who uses the vehicle in a finance lease?

Study for the Specialist Automotive Finance Test. Use flashcards and multiple-choice questions with detailed explanations to get exam ready!

In a finance lease, the customer gains the right to use the vehicle for the lease period while the finance company remains the legal owner of the asset. The customer is the one who uses and benefits from the vehicle, and they typically handle running costs, maintenance, and insurance. Ownership stays with the financier for the term, and, depending on the agreement, ownership may transfer at the end or the asset may be returned. The other scenarios—where the finance company or the dealer uses the vehicle, or it’s returned on day one—don’t fit how a finance lease is structured, since the user during the lease term is the customer.