Owned Licenses' support expires, which means while you can still run vBulletin, you won't receive any new version updates. You can add an extra year of support by paying $30, anytime. On a Leased License, once it expires, you must remove it from your server unless you pay the fee for another year, which is $85.
Great and helpful! Thats good because i dont know how to update it anway. I got the proffesional installation. (Me=Beginner)