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)a money factor

Question

Quizplus · Accepted Answer

The lease described in the scenario is a closed-end lease, also known as a "walk-away" lease. In a closed-end lease, the lessee returns the vehicle at the end of the lease term, and as long as the car is in good condition and hasn't exceeded the mileage limit, the lessee has no further financial obligation. The residual value is predetermined at the beginning of the lease, and the lessee is not responsible for any difference between the residual value and the actual value of the car at the end of the lease. This type of lease is common for personal use and consumer leasing.

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