What is the difference between an open or closed end lease?

An open lease is for someone who wants a lower residual value or who is looking to lease and then buy their car. The lessee guarantees the residual value. Closed end leasing allows you to lease with a specific mileage allowance and return the car at the end of the lease if you at or under this mileage with no additional cost. You are responsible for excess wear and tear on a closed end lease.

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Markville Toyota

5362 Highway #7
Directions Markham, ON L3P 1B9

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  • Friday 9:00PM - 6:00PM
  • Saturday 9:00PM - 6:00PM
  • Sunday Closed