At the end of the Lease Period (three years) you have the following options:
- Pay the agreed value and purchase vehicle (as per Clause 9 of the Lease Agreement).
- At the end of the hiring period the hirer agrees to pay the Synod the agreed value of the vehicle and ownership of the vehicle is transferred to the hirer.
- The Agreed Value is ‘Item E’ in the Schedule of the Lease Agreement.
Extend the Lease
- You may apply to extend the lease for a period of one year
- The Lease Agreement terms will be amended
Auction by the Synod
- You may request the Synod to dispose of the vehicle at auction.
- The vehicle will be surrendered to the Synod
- The vehicle will be appraised by the auctioneer and an ‘expected realisation figure’ will be provided.
- The Lease Agreement Agreed Value and auction costs will be deducted from the auction proceeds
- Any remaining balance owed will be paid by the hirer.
- Subject to approval by the Synod, the vehicle may be traded-in for a new vehicle.
- Proceeds from the trade-in will be used to payout the Agreed Value
- Any remaining balance owed will be paid by the hirer
To discuss these options, please contact Ministry Support.