How does leasing differ from renting?

A lease is essentially a long-term rental. Leases usually have a one year minimum. Rentals may last one day.

>>How does leasing differ from renting?
>>Are there different kinds of leases?
>>What will a lease cost me?
>>May I renew or extend my lease at the end of the term?
>>May I escape my lease early?
>>What is a purchase option?

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