A frequent false impression is that the payoff on your vehicle has some relevance to the vehicle's worth. These two numbers have completely nothing to do with one another, so don't be confused. "Loan terms" refers again to the particulars of a loan if you borrow money. Here’s extra on what "loan terms" means and how to evaluate them when borrowing. A closed-end lease is a kind of rental agreement that does not require the lessee to purchase the asset at the finish of the lease.