Open End Lease — Fleet Leasing Services

An open-end lease is a popular option for businesses, particularly those wanting more flexibility and control over their vehicles. Let’s learn more about this type of lease, and what sets it apart from closed-end leases. If you have any questions, don’t hesitate to contact us. Unlike closed-end leases where the lessee returns the vehicle at the end of the term, open-end leases place the responsibility for the vehicle’s residual value squarely on the lessee’s shoulders. This means the lessee is responsible for paying the difference if the vehicle’s market value is lower than the estimated residual value stated in the agreement. Conversely, if the vehicle’s market value is higher, the lessee can potentially benefit from selling the vehicle for a profit.

How Does an Open End Lease Contract Benefit Your Business?

Open-end lease contracts provide added benefits for your business, including the following:

• Information regarding costs over time and the real value of the vehicles under consideration for your fleet
• Greater transparency in determining interest rates and real costs of operation
• Lower monthly costs depending on the type of lease arrangement
• Added flexibility in retaining or disposing of vehicles to suit the evolving needs of your business

Glesby Marks offers both operating leases and capital leases. Our fleet leasing experts can help you determine which fleet leasing contract is best for your business. We are here to help you every step of the way. Open-end leases often allow for greater customization and mileage flexibility, making them suitable for businesses with varying vehicle needs and usage patterns. However, they also require careful consideration of the potential risks associated with residual value fluctuations. Our fleet financing experts will provide you with the best options for your vehicle fleet requirements. Contact us to get started.