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Right to designate the third party
What is the third buyer’s nomination right? Third-party buyer who names the right to name is a technical term from the right to rent. It determines the right of the lessee to designate a third party as the buyer of the leased vehicle. This buyer purchases the leased vehicle at the ordinary end of the contract at an amount above the contractual dealer purchase price that is due for payment when the lessor buys it again.
The lessee can exercise the buyer’s right of determination of a third party if there are differences at the end of the contract with the lessor regarding the residual value settlement of the vehicle. At the end of the term of the contract, the lessee must compensate for the difference between the original calculated value and the residual value at the end of the contract. For example, the lessee was involved in a vehicle accident, drove more than the agreed distance, or might not handle the leased property with sufficient care.
Right to nominate a third party buyer
If the lessee uses his right to nominate a third party buyer, he can reduce the difference, because in this case the third party buyer buys the rental vehicle at a value above the market value (purchase price achieved). Based on his duty to minimize damage, the landlord must ensure the optimal use of the rental property. The tenant is free to choose the name of his third party, which can be a natural person or another car dealership.
In addition, it is advisable for the tenant to conclude a kilometer contract with the landlord, as this does not result in any unpleasant additional payments. With this order, the tenant only pays for the kilometers he has actually covered, of which 1000 additional kilometers mainly belong under the goodwill area. Miles that have not been driven will be refunded to the renter. In the event of behavior contrary to the contract, the tenant must pay the landlord a minimum remuneration for the period of use not granted to him .
The third buyer designation claim also applies if the landlord dissolves the rental contract due to improper payment of the installments by the tenant. The lessor has a regular right to remuneration in the contract, since the loss consists of the amount of the open lease payments and the residual value. The residual value and the outstanding leasing installments are deducted.