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What does it mean to close on a lease?

Lease Closing Date means a date on which Lease Documents with respect to some or all of the Leased Assets are executed and delivered and all conditions precedent to the performance of the obligations thereunder are satisfied or waived in ance with the terms thereof.

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

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 a closed-end consumer lease agreement?

A closed-end lease is a vehicle leasing arrangement where the lessee returns the vehicle at the end of the lease term with no obligation to purchase. The lessee is only responsible for excess mileage and wear-and-tear charges. This type of lease is also known as a walk-away lease.

What is the Federal Consumer Leasing Act disclosure?

Such disclosure is intended to help consumers compare one lease with another, as well as compare the cost of leasing with the cost of buying on credit or the opportunity cost of paying cash. The act also sets limits on balloon payments sometimes due at the end of a lease and regulates advertising.

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 a closed-in motor vehicle lease?

Closed-end leases are fixed, predictable, and do not hold you responsible for the residual value of a vehicle. Lower Costs in Certain Cases: If your fleet requires low, predictable mileage, a closed-end lease can be a very affordable option.

Can you buy out a closed-end lease?

End-of-lease options include buying the car for the predetermined residual value. The lease buyout option isnt a good choice if the cars residual value exceeds the market value. Extending the lease for a few months might be an option if you need more time to find another vehicle.

What disclosures are on a vehicle lease agreement?

The gross capitalized cost, including a disclosure of the agreed upon value of the vehicle, a description such as the agreed upon value of the vehicle [state the amount] and any items you pay for over the lease term (such as service contracts, insurance, and any outstanding prior credit or lease balance), and a

Model Closed-End or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures 2025

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