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Can you pay off a closed-end lease early?

Yes. If you have a RISC or an installment loan, you can pay off your balance at any time. If you have a closed-end consumer lease agreement, you can exercise your early buyout option at any time.

What is the benefit of a closed-end lease compared to an open-end lease?

Closed-end leases have set monthly payments and offer no surprises; an open-end lease can give you a windfall or a charge, depending on the vehicle condition and market.

What is a closed-end lease on a vehicle?

A closed-end lease offers several advantages, including fixed monthly payments, no responsibility for the vehicles residual value, lower down payments, and the ability to drive a new car frequently.

What is the advantage of a closed-end lease when compared to buying a new car?

Describe two advantages of leasing a car over buying one. Lease payments for a new car are lower than loan payments for the same car. Leases require only a small down payment, or no down payment at all.

What is the difference between open ended and closed ended lease?

A closed-end lease is a rental agreement that puts no obligation on the lessee (the person making periodic lease payments) to purchase the leased asset at the end of the agreement.

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What is the difference between a closed-end car lease and an open-end car lease quizlet?

For a closed-end lease, each month, the lessee makes a fixed payment based on estimated usage. When the lease ends, the lessee returns the car and pays for mileage in excess of the estimate. For an open-end lease, each month, the lessee makes a fixed payment based on the cars residual value.

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What is the difference between open ended and closed ended lease?

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What is the difference between a closed-end car lease and an open-end car lease quizlet?

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