A lease-purchase agreement is an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes, for an initial period of four months or less that:

(1) Is automatically renewable with each payment after the initial period;

Terms Used In Hawaii Revised Statutes 481M-2

  • Lessee: means a natural person who rents personal property under a lease-purchase agreement. See Hawaii Revised Statutes 481M-1
  • Personal property: All property that is not real property.
(2) Does not obligate or require the lessee to continue leasing or using the property beyond the initial period; and
(3) Permits the lessee to become the owner of the property.

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