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Closed-end
A closed-end lease is a lease agreement in which you are not responsible for the
difference in value when the actual value of the vehicle at the scheduled
end of the lease is less than the residual value. But you may be responsible
for excess wear charges, excess mileage charges, and other lease requirements. |
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Open-end
An open-end lease is a lease agreement in which the amount you owe at the end
of the lease term is based on the difference between the residual value
of the leased property and its realized value. Your lease agreement will
require you to pay the difference if the realized value is less than the
residual value. Or you may get a refund if the realized value is greater
than the residual value at scheduled termination. More
info |
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Single-payment
A single-payment lease is a lease agreement that requires a single large payment made in advance rather than periodic payments made over the term of the lease. Because you are making this payment in advance, this lump-sum payment should be less than the total amount you would pay in periodic payments over the term of the lease. |
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Multiple-payment
A multiple-payment lease is a lease agreement in which you make payments periodically, usually monthly. Most leases are multiple-payment
leases. |
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New and used vehicles
New and used vehicles are generally available for leasing. However, not every
lessor offers leases on both new and used vehicles. The lessor may use the
same lease agreement and may have some of the same policies for new and
used vehicles. More
info |
