End of Lease Options

At the end of the Lease Period (three years) you have the following options:

Purchase

• 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.

Trade-In

• 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.