Comparative law notes
This phrase will be the best fit in a leasing context. An open-end lease requires the consumer/lessee to pay the difference between the vehicle's residual value and its actual value when the lease ends. This amount is called the deficiency. Conversely, if the car's value at lease end exceeds the residual value, the consumer can purchase the car and collect the difference on resale. Most residual values are calculated to prevent this outcome regardless of how well the vehicle is preserved.