Definitions for "OPEN END LEASE"
(See closed end lease) - A lease which provides the provision for extending the lease on predetermined terms after a set period of time.
A lease in which the lessor is not responsible for the value of a vehicle when the lease is done. Under this arrangement the lessee is responsible for the difference between the current actual market value at the end of the lease and the residual value. Also known as a "finance" lease.
An automobile lease under which the estimated residual value of the car is used to determine lease payments; if the car is actually worth less than this value at the end of the lease, the lessee must pay the difference.