Open-End Lease definition
Open-End Lease means a lease obligation in respect of a single vehicle which may arise pursuant to a master lease agreement providing for the lease of a fleet of vehicles or pursuant to a lease agreement providing for the lease of a single vehicle that, in each case, obligates the lessee thereunder to pay the lessor at lease termination any deficit between the sales proceeds from the sale of the vehicle subject thereto and the book value thereof (other than the portion of any deficit resulting from the sales proceeds being less than 16% of the fair market value thereof determined in accordance with such lease).
Open-End Lease means a lease in which the lessee may owe additional amounts that is, a “balloon” payment, depending on the value of the motor vehicle at the end of the lease term.
Open-End Lease means the member of the credit union assumes the risk and responsibility for any difference in the estimated residual value and the actual value of the property at lease end.
Examples of Open-End Lease in a sentence
Open-End Lease This lease is the lessee's most flexible lease method.
More Definitions of Open-End Lease
Open-End Lease means a lease in which the lessee is responsible for any difference between the residual value and the actual value of the leased property at the end of the lease.
Open-End Lease means a consumer lease in which the 21 ▇▇▇▇▇▇'s liability at the end of the lease term is based on the 22 difference between the residual value of the leased property and 23 its realized value.