The specific name given in the United Kingdom to closed end leases, i.e., leases with a fixed term (24 months, 36 months, etc.) wherein the lessor assumes most risks of ownership, notably depreciation and funding, defined levels of administration, and certain expenses of licensing or registration.
In the U. K., maintenance and tire costs are often included as lessor responsibilities. Insurance in the U.K., however, either covering the vehicle itself or liability for 3rd party injuries or property damage, is almost never included, but is instead the responsibility of the lessee or the driver.
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