Vehicle Lease Agreement template is a sample documents that state the rights and obligations of both car rental agency and car lessee. A well designed sample vehicle lease agreement can help those who is thinking leasing a car to get a better deal and protection.
Vehicle Lease Overview
Vehicle lease provide an option for those who do not want to purchase a automobile. Many people are having difficult decision on whether to purchase or lease a car? There are many factors to consider, if you make the decision only through financial perspective. When you make a new purchase, you pay for the entire cost of a vehicle, regardless of how many miles you drive it or how long you keep it, However, owning a new car may incur other cost such as repair and maintenance cost etc.
Vehicle lease can help you get a car with no or less payment at the beginning. When you lease, you pay only a portion of a vehicle's cost, which is the part that you "use up" during the time you're driving it. It is beneficial to those who do not have a sound financial health at present. With a car lease, you pay little money out of pocket, and you make smaller monthly payments.
Vehicle Lease Agreement Template
In the course of building your own vehicle lease agreement template, you need to consider the key terms and conditions for the protection of your own rights. The following is a sample vehicle lease agreement for your reference.
1: Parties to this contract__, Lessor and Lessee__
2: Vehicles Leased and Contract Duration___ (Give leased terms and duration)
3: Party A provides a vehicle _____(Give details of leased vehicle)
4: The rent shall be paid in ____ by monthly. Before party B use the vehicle, party A should give invoice to party B, party B pay the rent.
5: During the term of the lease, Lessee shall pay all expenses related to the use of the vehicles such as toll charges and parking charges. Lessor shall submit the written substantiation of these expenses when claiming the monthly payment.
6: During the time of the lease,lessor guarantees that the vehicles are in good operating conditions and the accessory equipment is complete. Lessor shall carefully check the vehicles and its legal documents.
7: Lessor’s Rights and Obligations. For example: Under the following circumstances, Lessor has the right to repossess the car, andcharge lessee for the losses incurred, While charging lessee the rentals for the time actually leased.
8: Lessee's Rights: Should lessor cause lessee not being able to use the vehicle during the term of the lease, lessee has the right to terminate the contract and lessor should compensate lessee for the directly related financial losses.