A lease that gives the lessee the option of either buying the car at the end of the term at a set price or walking away without liability for any unexpected reductions in the vehicle's value (oth [..]

A closed-end lease is an agreement that allows one party to use a second party's property temporarily without any obligation to purchase the property at a later date. Closed-end leases are common [..]

A lease contract in which there is no residual value at the end of the lease. See also Leasing.

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 exces [..]

A lease arrangement under which you, as the lessee, will have no responsibility to the lessor for the market value of the vehicle at scheduled lease termination, if the vehicle does not have excess ki [..]

A type of lease that established the residual value of the vehicle at the beginning of the lease. This is the only type of lease car buyers should consider unless they are very familiar with other lease options. At the end of the lease, the car may be purchased for the residual value, but there is no obligation to do so.

A lease in which you are not responsible for the difference if the actual value of the vehicle at the scheduled end of the lease is less than the residual value, assuming you have stayed within the mileage and wear limits stated in your lease agreement. However, you are responsible for other lease requirements.

A lease where the lessee is NOT obligated to buy the vehicle. NOTE: Some closed-end leases offer lessees a purchase option at the end of the lease term, either for a pre-specified amount (residual) or [..]

With this type of SmartLease, your business assumes maintenance of the leased vehicle but isn't responsible for the residual value when you return the vehicle at the end of the lease.