A plan much like renting in which one pays a set sum of money each month for the use of a vehicle rather than purchasing it outright. An open-end lease allows one to pay an additional amount at the end of the agreed upon term to purchase the vehicle. A closed-end lease calls for the ownership and possession of the vehicle to revert to the lessor at the end of the term.
© 2000 - 2002 Vincent T. Ciulla