For starters, there are two basic lease types: open-end and closed-end. With an open or closed-end lease, the residual value of the vehicle is established at the onset of your lease. And unlike an open-end lease, a closed-end lease residual value is guaranteed by NCF, and is the responsibility of, the leasing company upon its maturity. With an open-end lease, you (the lessee) assume responsibility for the vehicle’s residual value at the end of the lease.
For your protection and peace of mind, all NCF leases are closed-end. We assume the risk. So if the market value is higher than the residual value we have established, and you decide to purchase the vehicle, you come out ahead. If the market value is lower, you are protected.
Our lease program allows for 24,000 km of driving per year. That’s about what the average Canadian drives in a year. If you’re a high-use driver and expect to exceed the standard lease’s 24,000 km yearly limit, you may find it more economical to buy extra kilometres upfront.
It's the difference between paying 8¢/km in the beginning and 10¢/km at maturity. And that's yet another way your Alma Nissan Dealership can tailor the lease to meet your needs.