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Open-End Lease (TRAC Lease): In an open-end lease, the customer assumes the risk for the market value of the vehicle at the end of the lease. This ‘estimated residual value’ is part of the lease agreement. There are no mileage restrictions or wear-and-tear clauses in an open-end lease. If the vehicle is sold at a price lower than the estimated residual value, the customer may owe all or a portion of the difference – Terminal Rental Adjustments Clause.

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