Illinois Compiled Statutes 815 ILCS 636/10.110 – Residual value
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Terms Used In Illinois Compiled Statutes 815 ILCS 636/10.110
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
The estimated value of the vehicle at the end of the scheduled lease term, used by the lessor in determining the base lease payment, as established by the lessor at the time the lessor and lessee enter into a consumer lease.