The Leasing Company buys the asset and leases it to you.
You can choose to rent the item beyond the primary term or purchase title to the equipment from a third party, usually your broker, for a nominal amount.
Hire purchase is a method of buying goods through making instalment payments over a pre-determined term. Under a hire purchase contract, the buyer does not obtain ownership until the full amount of the contract is paid. Sometimes a final ‘balloon’ payment can help reduce the monthly cost.