Open Ended Leases (TRAC Lease)
The open end finance lease provides the flexibility and economics of ownership. Open end leases have a 12 month minimum term and no mileage restrictions. The lessee determines the depreciation rate on each vehicle which leaves them responsible for any gain or loss from the sale of the vehicle at the termination of the lease. Under this type of lease, vehicles are generally replaced based on mileage rather than a set term. Most companies who lease vehicles for their sales and service fleets use this type of lease.
