Types of Leases

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There are two types of automotive leases available today, the "closed-end lease" and the "open-end lease".

Closed-End Lease
 In the closed-end lease the residual value of the car at the end of the lease is pre-determined before the lease is signed. At the end of the lease period, you have the option to purchase the car for this price (plus a nominal administrative fee) or, the vehicle may simply be turned in to the dealer and you walk away. This is the most popular type of lease today.

Open-Ended Lease
The open-ended lease works the same way as the closed-end lease except that the residual value of the car is estimated at the start of the lease. When the lease expires, the estimate is compared to the actual market value of the car, and, you guessed it, you pay the difference which can be substantial. This type of lease is seldom used today for non-commercial leases while most consumers find closed-end leases best meet their needs.

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Expert Lease Pro?

Expert Lease Pro is more than just a lease calculator or wizard. It is a powerful easy-to-use tool to help you negotiate the best possible deal on a lease or purchase and to help make the right lease/buy decision. With Expert Lease Pro you can pick-apart any deal so you always know exactly where your money is going. It can save you money by helping you spot hidden fees or tricks used by dishonest dealers to separate you from your hard-earned cash. Expert Lease can calculate lease and loan payments forwards and backwards, perform lease/buy analysis, compare leases, and more.