Question

Suppose that you are at the end of your automobile lease. The leasing company has just informed you that the​ car's market value is greater than its residual value and they will be sending you a refund. What type of lease did you​ have?

Answer 1

The answer is Open-end lease

Step-by-step explanation:

In a Open-end lease agreement, At the end of the agreed upon lease period, the lessee must make a balloon payment that is the difference between the fair market value of the asset and the residual value of the vehicle.