The total cost of an open-end lease will depend upon the resale price of the auto at the end of the leasing period.

Question

Quizplus · Accepted Answer

The resale price of the auto, also known as the residual value, is a key factor in calculating the total cost of an open-end lease. The lessee is typically responsible for any difference between the residual value of the vehicle and its actual resale value at the end of the lease, as stated in the lease agreement. Therefore, the total cost of the lease will depend on this variable.

The Total Cost of an Open-End Lease Will Depend Upon