An assignor is a lessor that sells the lease agreement and transfers the ownership rights for the leased vehicle to an assignee. An assignee is a third party that buys a lease agreement from a lessor. You, the lessee, become obligated to the assignee, and the assignee generally assumes the responsibilities of the lessor, although some obligations may remain with the lessor. An assignee may be a lessor for purposes of Regulation M when the assignee has substantial involvement in the lease. The assignee is usually an automobile manufacturer's finance company, bank, or independent finance company.