This is an interesting find:
An open-end lease usually has a short minimum term (one year), then continues on a month-to-month basis until the lessee terminates. Most open-end leases contain what is known as a TRAC clause (Terminal Rental Adjustment Clause). The TRAC clause provides that when the vehicle is turned in and sold by the lessor, if the proceeds from the sale exceed a value determined at lease inception, the lessee gets the excess. If the proceeds are less, the lessee must pay the difference. Most open-end leases do not contain mileage or wear-and-tear penalties, and often contain a “step-down” payment schedule, wherein payments decline annually.
Found here:http://www.fleet-central.com/af/t_remarketing.cfm?fromsite=af&action=articles_pick&storyID=1071&remarketing=1
