Type of lease where you can buy the car if you wish to, or you can return it with no obligations.
A type of lease in which the lessee is not responsible for the value of the vehicle at the end of the lease. The lessee is liable for excess mileage and excessive wear and use. This is also called a guaranteed trade-in, net lease, or walk-away lease. This is the only type of lease Toyota Financial Services (TFS) utilizes.
The most popular form of automobile lease, often called a "walk away lease" because at the end of its term the lessee simply turns in the car, assuming the present mileage limit has not been exceeded and the car hasn't been abused.
The lessee is committed only to the stated monthly payments, with no further financial obligation at the end point of the lease.
All leases with Land Rover Financial Services are closed-end. This is a lease in which you are not responsible for the difference if the actual value of the vehicle at the scheduled end of the lease is less than the residual value. You may, however, be responsible for excess wear and excess mileage charges if they apply.
A true lease in which the lessor assumes the depreciation risk. The lessee bears no obligation at the end of the lease. This term is used to distinguish the lease from an open-end lease.
Leases in which the lessee's financial obligation rests only with the negotiated monthly lease payment. Since the residual value of the vehicle is stated in the lease contract, the lessee is not financially responsible if the actual value of the vehicle is less than the stated residual value. The lessee need only return the vehicle at the end of the lease term with no further obligation.
A lease in which the lessee is not responsible for the value of a vehicle when the lease is done. Under this arrangement the lessee may return the vehicle at the end of the term and have no further obligation for the car. Also known as a "walk-away" lease.