Open-end leases are leases in which you return the vehicle at the end of the lease and you have no further responsibilities.

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Open-end leases differ from closed-end leases in that with an open-end lease, you are responsible for any difference between the residual value (the value the vehicle is estimated to have at the end of the lease) and the actual value of the vehicle when it is returned. This means you can end up owing money at the end of the lease if the vehicle depreciates more than expected. Closed-end leases, on the other hand, limit your responsibility to returning the vehicle in good condition and not exceeding the mileage limits specified in the lease agreement.

Open-End Leases Are Leases in Which You Return the Vehicle