The conversation between human and AI assistant.
What does ITS mean on a signature line of a contract?
Oh, that makes sense. Thank you! While we're on the topic of leasing, can you explain the difference between a closed-end lease and an open-end lease?
Sure. A closed-end lease, also known as a "walk-away lease", sets the vehicle's residual value at the beginning of the lease and the lessee can return the car at the end of the lease without penalty as long as they don't exceed the mileage limit or cause excessive wear and tear. An open-end lease, on the other hand, sets the residual value of the vehicle at the end of the lease and the lessee is responsible for any difference between the residual value and the actual value of the car at the end of the lease.