Car Leasing 201 - Types of Auto Leases

Two Types of Auto Leases: Close-end and Open-end

Car leases, or vehicle leases, whatever suites you best, come in two main categories. There are closed-end (define: closed end lease) and open-end lease (define: open end lease) types.

Difference Between Close-End and Open-End Leases

There is a significant difference between these two types of car leases. Anyone considering signing a new car lease agreement or taking over a car lease agreement should be well aware of the differences.

Part I: Types of Auto Leases: Close End Leases