Car Rental Leases Are Either "Open-End" or "Closed-End

question 71

Multiple Choice

Car rental leases are either "open-end" or "closed-end." The basic difference between the two is that

• A)monthly payments are variable under the closed-end lease,but fixed under the open-end lease.
• B)monthly payments are variable under the open-end lease,but fixed under the closed-end lease.
• C)with a closed-end lease you may be liable for additional payments if the resale price of the auto is less than estimated in the lease agreement.
• D)with an open-end lease you may be liable for additional payments if the resale value of the auto is less than estimated in the lease agreement.

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