Closed-End Lease, Glossary and Terms, Automotive, Motorcycle, Boat Dealers
List of United States Automotive, Motorcycle, Boat, Dealers, Service Stations
In a lease contract, specifies the vehicle's residual value at the end of the lease term. The lessee is not responsible for the value of the vehicle at term end, but he may face charges for excess wear-and-tear and excessive mileage. Also called a walk-away lease.