Financial and operational lease endings

On expiry of the term of your financial lease agreement you may:

• Pay all the amounts payable under the agreement and become the owner of the property;
• In the case of financial lease with residual value agreement, you may apply for the extension of the agreement on the terms and conditions acceptable to both parties.

On expiry of the term of the leasing agreement and upon payment of all the purchase instalments and other amounts during the financial lease agreement, you will become the owner of the leased property. If the property is subject to registration, “Swedbank lizingas” will send you a statement of expiry of lease agreement. You can also receive this document by visiting a customer service branch of “Swedbank lizingas”. If the property is not a subject to registration, you will receive the statement of expiry of the lease agreement upon filling of an application.

If the property is subject to registration, upon receipt of a statement of expiry of lease agreement, you must immediately contact the State Enterprise Regitra and declare the change of ownership of the property in the Register of Vehicle Owners. As part of this obligation, you are obliged to submit to the State Enterprise Regitra, within 5 (five) working days from the date of issue of a statement of expiry of lease agreement, a declaration of acquisition of the property in your name and a declaration of transfer in the name of “Swedbank lizingas”.

If your agreement is a financial lease agreement with residual value, you may apply for its extension. In such case you are obliged to cover the residual value within an additional period. Please write us to verslas@swedbank.lt for the extension of the agreement no later than one month prior to expiry date, specifying the term for which you want to extend the agreement. If we will not receive your notice within the said term we will deem that you intend to end the agreement by paying all the instalments (including the residual value) according to the current schedule.

Termination of CASCO and motor third party liability insurance

Upon expiry of the term of your financial lease agreement you should check whether insurance contracts obtained from or through Swedbank lizingas have not expired. You can see all insurance contracts concluded with Swedbank P&C Insurance, AS, Lithuania branch on the Swedbank’s Internet Bank for Business, where you can apply to change them.

If you have questions concerning the expiry of your agreement, please write us to verslas@swedbank.lt or call at 1633.

Please be informed, that “Swedbank lizingas” has the right to refuse to extend the agreement.

On expiry of the term of your operational lease agreement you may:

• Apply for the extension of the agreement on the terms and conditions acceptable to both parties.
• Acquire the property on the terms set by “Swedbank lizingas”.
• Return the property to “Swedbank lizingas”.

Please notify us about your decision via email lizingas@swedbank.lt no later than one month prior to expiry of the agreement. If we will not receive your notice within the said term we will deem that you intend to return the property to “Swedbank lizingas”. We would like to remind you that any property insurance contracts concluded with “Swedbank lizingas” or through its intermediation are terminated upon expiry of the agreement. The property must be returned by delivering it to the address indicated by “Swedbank lizingas”. If the property return date is not a business day, the return will take place on next business day.

Please be informed, that “Swedbank lizingas” has the right to refuse to extend the agreement or sell the property.

If you wish to extend the agreement, please apply for the extension by writing us to lizingas@swedbank.lt and providing the following additional information:

• The term of extension desired;
• The run in km (present or at the end of the current lease term) for vehicles or the number of operating hours for equipment;
• The estimated run in km (for vehicles) or the number of operating hours (for equipment) at the end of the extended lease term.

If you wish to purchase the property:

• “Swedbank lizingas” will prepare an offer for the acquisition of the property at a price corresponding to the market price of the property;
• If the terms of the offer are acceptable to you, you will pay the specified price to “Swedbank lizingas” and the title to the property will be transferred to you under a sale and purchase agreement;
• If you have purchased the property leased under an operating lease agreement from “Swedbank lizingas” under a sale and purchase agreement, you must immediately declare the change of ownership of the property at your own expense in the Register of Vehicle Owners. As part of this obligation, you must submit to the State Enterprise Regitra, within 5 (five) working days from the date of acquisition of ownership, a declaration of acquisition of the property in your name and a declaration of transfer in the name of “Swedbank lizingas”.

If you wish to return the property to “Swedbank lizingas”, please make sure that the property meets the conditions stipulated in the agreement including the following:

• The run of the vehicle or the operating hours of the equipment do not exceed the maximum permissible value under the agreement. Otherwise an invoice will be issued to you for the excess kilometres or operating hours;
• The property is clean both externally and internally (if necessary chemical cleaning of the passenger compartment has to be done), in good repair and technical condition (according to the manufacturer‘s requirements and the state technical inspection requirements), and in the same state as you have received it, considering normal wear and tear. This means that the property must be complete according to the manufacturer‘s specification, with all the additional equipment transferred/installed for you, spare key/keys and remote control unit/units; without any visible or hidden external or internal defects etc.

Please note that should you fail to return the property in due time, “Swedbank lizingas” will be entitled to charge penalty at the rate equal to double lease fee.

Termination of CASCO and motor third party liability insurance
Upon expiry of the term of your operational lease agreement you should check whether insurance contracts obtained from or through Swedbank lizingas have not expired. You can see all insurance contracts concluded with Swedbank P&C Insurance, AS, Lithuania branch on the Swedbank’s Internet Bank for Business, where you can apply to change them.

If you have questions concerning expiry of the agreement please write us to lizingas@swedbank.lt