Texas AutoLease absorbs that cost and you simply walk away. An open-ended lease agreement is just the opposite. It means that any potential loss of value at the end of the term is your responsibility. However, if the car is worth more at the end of the lease than the residual value, you receive the difference. This is a riskier agreement on the consumer's part, which is why closed-end leases are more popular.
Early termination occurs when a lease is terminated prior to the end of the scheduled term.
Early termination usually results in additional charges. A purchase option in a lease allows the lessee to buy the vehicle at the end of the lease. Excess wear and use clauses in a lease protect the lessors anticipated value by insuring that the vehicle is well maintained. Generally equal to one months payment and required with the first payment. If you exceed the mileage allowance on a Closed End Contract.