The Motor Vehicle Sales Authority of British Columbia

The VSA's glossary of terms

All A B C D E F G H I L M N O P R S T U V W

Term	Definition
Lease or Lease Agreement	A written agreement under which a vehicle owner allows another party to use the vehicle for a specified period of time at a pre-determined monthly fee.
Lease Purchase Option	A Lease Purchase Option grants the lessee the right to purchase the vehicle during the term of the lease. The lessee can gain credit towards the purchase price with each lease payment.
Lemon	In the USA approximately 20 states have lemon laws. When a new vehicle has major problems and is bought back by the manufacturer, it may be marked by the state as a lemon car. A CarProof vehicle history report often will tell if a car has been branded a lemon in the U.S.
Lessee	A person who leases or rents a motor vehicle from a lessor for a period of time.
Lessor	The company or person that owns a motor vehicle and is leasing it to the lessee for a period of time under an agreement in writing and in the ordinary course of the person's business.
Lien	A form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation.
Life Insurance	An optional insurance plan which aids the policy holder’s beneficiary in cases of death. Coverage varies from plan to plan.
Limited Warranty	Usually a parts and labour discount provided by the dealership to reduce the cost of future repairs if the vehicle is repaired at the dealership.