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12 May, 11:43

Suppose that you are at the end of your automobile lease. The leasing company has just informed you that the car's market value is greater than its residual value and they will be sending you a refund. What type of lease did you have?

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  1. 12 May, 14:23
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    The answer is Open-end lease

    Explanation:

    In a Open-end lease agreement, At the end of the agreed upon lease period, the lessee must make a balloon payment that is the difference between the fair market value of the asset and the residual value of the vehicle.
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