With a leased license you pay for the right to use vBulletin for 1 year, including 1 year of support and updates.
With an owned license you pay for the lifetimes right to use vBulletin, and it comes with 1 year of support and updates. If you want to update to a new version that is released after your first year of included Upgrades, you can purchase a new year of updates at any time (for the renewal you will pay $30).
It doesn't make any sense to allow you to use the software on a leased license after your license expires, since you paid for 1 year of use.
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