At the end of your car lease period,you intend to turn in the car,and you will not pay extra at that time based on the residual value of the car.You have ____ lease.
A) a residual
B) an open-end
C) a purchase option
D) a closed-end
E) none of these

Question

Quizplus · Accepted Answer

In a closed-end lease, the lessee returns the vehicle to the lessor at the end of the lease term, with no further obligation unless there is excessive wear and tear or mileage. The residual value of the car is predetermined and does not affect the lessee at the end of the lease term. Therefore, the lessee will not have to pay extra based on the residual value of the car, making it the appropriate lease type for the situation described in the question.

At the End of Your Car Lease Period,you Intend to Turn