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2500 W. Reno Ave., Oklahoma
City, Oklahoma 73107 • (800) 749-9998 or (405) 232-3551
Types of Leases
OPEN–END OR TERMINAL RENTAL ADJUSTMENT CLAUSE (TAROK) LEASE
The lessee is responsible for the vehicles residual value at lease maturity. Either the lessee or lessor will be responsible for selling the leased vehicle. The lessee receives money back if the used vehicle’s selling price is more than its residual value.
CLOSED-END OR FAIR-MARKET-VALUE (FMV) LEASE
The lessee has no residual value responsibility. The lessee is responsible for meeting turn-in conditions (including mileage, tires, body damage, and excess wear and tear). The lessee has three options at end of lease: purchase vehicle at the Fair Market Value, return the vehicle, or extend the lease.
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