When a closed-end lease expires,
A)you simply walk away because there are never any additional charges.
B)you may have to pay an additional amount if the resale value of the car is less than anticipated.
C)you may have to pay additional charges for excess mileage and damage to the vehicle.
D)ownership of the car is transferred to the consumer.

Question

Quizplus · Accepted Answer

With a closed-end lease, you may have to pay additional charges for excess mileage and damage to the vehicle when the lease expires. These charges may vary depending on the terms of the lease agreement. Option A is not true because there may be additional charges, and option B is only applicable if the resale value of the car is less than anticipated. Option D is not true because ownership of the car stays with the leasing company.

When a Closed-End Lease Expires