Apple can already use its push notification system to install a configuration profile on a device and lock it down. That’s how corporate MDMs work. The only difference between an iPhone a random consumer bought and one a business bought is its status in Apple’s database.
This reads like an extension of the existing Apple Business Manager + MDM solution. Might even be a relatively good thing if it is more restricted on the leasing company’s side than a full MDM.
Of course, ideally they’d just make these things more affordable.