Best Options in Puerto Rico, Simple & Accessible

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An open-end lease is a type of rental agreement that obliges the lessee (the person making periodic lease payments) to make a baloon payment at the end of the lease agreement amounting to the difference between the residual and fair market value of the asset.

A closed-end lease is a rental agreement that puts no obligation on the lesse (the person makingperiodic lese payments) to purchase the leased asset at the end of the agreement. A closed-end lease is also called a "true lease", "walkaway lease", or "net lease".