(a) The residual value ($__________________) of the vehicle is based on a reasonable, good faith estimate of the value of
the vehicle at the end of the lease term. If the actual value of the vehicle at that time is greater than the residual value, you will have
no further liability under this lease, except for other charges already incurred [and are entitled to a credit or refund of any surplus.]
If the actual value of the vehicle is less than the residual value, you will be liable for any difference up to $ (3 times monthly payment).
For any difference in excess of that amount, you will be liable only if:
1. Excessive use or damage [as described in paragraph - ] [representing more than normal wear and use] resulted
in an unusually low value at the end of the term.
2. The matter is not otherwise resolved and we win a lawsuit against you seeking a higher payment.
3. You voluntarily agree with us after the end of the lease term to make a higher payment. Should we bring a lawsuit against you, we must
prove that our original estimate of the value of the leased property at the end of the lease term was reasonable and was made in good faith.
For example, we might prove that the actual value was less than the original estimated value, although the original estimate was reasonable,
because of an unanticipated decline in value for that type of vehicle. We must also pay your attorney's fees.
(b) If you disagree with the value we assign to the vehicle, you may obtain, at your own expense, from an
independent third party agreeable to both of us, a professional appraisal of the value of the leased vehicle
which could be realized at sale. The appraised value shall then be used as the actual value.
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