Open-End Lease Law and Legal Definition
According to 15 USCS Appx 12 CFR § 213.2 (i), [Title 15. Commerce and Trade; Chapter 41. Consumer Credit Protection; Consumer Leasing. (Regulation M)] the term open-end lease means “a consumer lease in which the lessee's liability at the end of the lease term is based on the difference between the residual value of the leased property and its realized value.”
