The lease agreement for a Jeep Cherokee has been finalized, and the new owner will own the car.
Jeep Cherokee, a 2018 SUV that debuted last year, will be leased by the Progressive Leasing Company of Greater Lansing, Michigan, said a spokesperson for the company.
Progressive leases cars through a fleet of independent dealerships in the United States.
Jeeps are a common vehicle in India and the company is looking to expand its business to other parts of the world.
The company said that its leasing business has expanded by more than 400 percent in the past year and expects to add 1,000 new dealerships.
Progressive leased a Jeep Wrangler SUV from Hyundai in the US for about $1.2 million in 2016.