Car Lease Agreement Forms are entered into and made by both the lessee and the lessor of a car. The lessor is the person who owns the car or vehicle, and the lessee is the person leasing it. A lessee can either be an individual or a company. Before leasing a car, it is important to read and understand the terms and conditions. A Car Lease Agreement outlines the responsibilities of both the lessee and the lessor to protect both of their interests.
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Types of Car Lease Agreements
- Commercial Vehicle Lease Agreement: This is used for leasing cars or vehicles for business purposes.
- Car Park Lease Agreement: This is used for leasing a parking space.
- Car Lease Purchase Agreement: This is a car leasing agreement with the option to purchase the car after the lease is up.
- Car Lease Transfer Agreement: This is an agreement for transferring your car lease to someone else. The person then assumes your car lease, thereby assuming the remaining payments on the car. Having someone assume your lease can be an alternative to terminating the agreement and paying an early termination fee. For the person taking over the lease, it is also beneficial because the qualifications are easier, the terms are shorter, and there are lesser fees to be paid up front.
No matter what kind of car lease you get, a lease agreement is always necessary. This outlines the responsibilities of the lessee and the lessor so that their interests can be protected. For example, it can be stipulated in the Car Lease Agreement that if there are any damages to the car that is outside the normal wear and tear, the lessee will have to pay for the repairs, which is only fair. If you are looking to buy a car instead of leasing one, you may also look at our Vehicle Purchase Agreements.
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Components of a Car Lease Agreement
- Lease Length or Term: This is the number of months you will be leasing the car. Make sure that the length of your car lease is ideal for you because you will be charged an early termination fee if you wish to terminate your lease before its term ends.
- Amount Due at Signing: This is the down payment or the total amount you pay on the day you sign your lease.
- Monthly Payment Breakdown: There are a number of factors that have to be considered when calculating your monthly payment. They would have to factor in the capitalized cost reduction (any rebate, trade-in allowance, or other credits that will reduce the agreed value of your car), residual value (value of the car at the end of your lease, which is also the buyout price), depreciation, (value for the normal use of the car during your lease), rent charge (amount charged in addition to depreciation), and sales tax.
- Mileage Charges: There is a limit in the mileage you can drive the car per year. If you go over this limit, the lease should have information on how much the charges would be.
- Purchase Option: This is the amount you have to pay if you decide to purchase the car at the end of your lease. You may also want to check out our Car Purchase Agreement samples.
- Maintenance and Insurance: There should be insurance in place in the event that the car gets damaged or stolen.
- Early Termination: The fees involved in the early termination of your lease should also be clearly indicated.
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