Ron leases a car from Uptown Motors and pays $225 a month as a lease payment.Which one of the following terms applies to Ron?

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Quizplus · Accepted Answer

Ron is the lessee, which means he is the person who has leased the car and is responsible for making lease payments. A lessor is the person or company that owns the asset being leased, in this case, Uptown Motors. A guarantor is a person who agrees to pay a debt or fulfill an obligation if the primary borrower or lessee is unable to do so. A trustee is a person or entity that holds property or assets for the benefit of another party. A manager is a person who oversees and directs the operations of a business or organization.

Ron Leases a Car from Uptown Motors and Pays $225