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Open-end lease
This lease leaves open the amount you may have to pay at the end
of the lease term, as opposed to a closed-end lease. At the end
of an open-end lease, you will have to pay the difference between
the residual value and fair market value of the car, if the fair
market value is lower.
Origination
date
The date on which a loan was closed. See closing.
Origination
fee
A fee imposed by a lender to cover certain processing expenses in
connection with making a loan. Usually a percentage of the amount
loaned (often 1%).
Outstanding
balance
The balance owed on a debt on a given day.
Owner-occupied
A property that the owner occupies either as a principal residence
or second home.
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