Car leasing is a system of possessing a new or used car by paying to use it for a specified time. Vendors offer a range of vehicles that customers can pay monthly to lease for a period as and when required. Leasing is similar to renting a car, but renting basically deals with short-time contracts, and leasing generally accounts for a time period spanning more than a year. The company that offers the car on a lease is called the lessor, and the customer is called the lessee.