Lease-Sale Programs of Passenger Vehicle Licenses and Vehicles

Sale of Lease-Sale Programs of Passenger Vehicle Licenses and Vehicles, The Lease-Sale Programs will consist of two different options for drivers:

• One option is a “PVL Lease-to-Purchase” arrangement, whereby the Sellers will lease a PVL to a driver on weekly basis, and upon the driver’s completion of lease payments for 114 consecutive weeks the Sellers will transfer the PVL to the driver. The Sellers will pay $2,000 toward the fee for transferring the PVL to the driver. Under this option, the drivers would utilize their own vehicle and maintain their own insurance. The Sellers would prepare and file the required lease application with the County, and the Debtors will pay the PVL renewal fees each year.
• The other option is a “PVL and Vehicle Closed-End Lease”, whereby the Sellers will allow a driver to use a PVL and a vehicle from the Sellers fleet in return for weekly payments. Upon the Sellers completion of payments for 114 consecutive weeks, the Sellers will transfer the PVL and the vehicle to the driver and the Sellers will pay $2,000 toward the PVL transfer fee, as well as the PVL renewal fees each year. The drivers would obtain their own insurance with the Sellers as insured parties.