Lessee’s right to submit bid for purchase of vehicle; effect of lessee’s bid.
The lessee has the right at any time before the lessor establishes the value of the vehicle to submit a written bid for its purchase.
If the lessor accepts the lessee’s bid as the highest bid, the lessee has 5 days from the date of such acceptance within which to tender the full amount of the purchase price, and:
If the lessee tenders the full amount within the prescribed time and the lessor nevertheless elects not to sell the vehicle to the lessee, the bid establishes the residual value of the vehicle and the lessor must credit the amount of the bid against the lessee’s liability under the lease.
If the lessee fails to tender the full amount of the purchase price within the prescribed time, the lessee’s bid does not establish the residual value of the vehicle and the lessor must credit against the lessee’s liability the amount of the next highest bid.