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The leasing company incurs heavy costs at the start of a lease, and expects to have you continue to lease the equipment for a specified length of time.

If you want out early, the "liquidated damages" are the amount you need to pay to be let out of the contract. The leasing company doesn't have to prove their actual damages; by signing the lease, the two parties have agreed that a specified amount is necessary and sufficient.

A lease purchase contract is simply a lease that has a balloon payment at the end of the lease which purchases the equipment.

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13y ago

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