"lease"
means an agreement in terms of which—
| (a) | temporary possession of any movable property is delivered to or at the direction of the consumer, or the right to use any such property is granted to or at the direction of the consumer; |
| (b) | payment for the possession or use of that property is— |
| (i) | made on an agreed or determined periodic basis during the life of the agreement; or |
| (ii) | deferred in whole or in part for any period during the life of the agreement; |
| (c) | interest, fees or other charges are payable to the credit provider in respect of the agreement, or the amount that has been deferred; and |
| (d) | at the end of the term of the agreement, ownership of that property either— |
| (i) | passes to the consumer absolutely; or |
| (ii) | passes to the consumer upon satisfaction of specific conditions set out in the agreement; |