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Closed-end lease
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 that Toyota Financial Services (TFS) uses.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Automotive
- Category: Automobile
- Company: Toyota
- Product:
- Acronym-Abbreviation:
Other Languages:
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