Despite the reduced vehicle rates and easy car loan terms available these days, many people still prefer to lease a vehicle instead of buying one. A Vehicle Lease Agreement allows an individual to use a vehicle for 2-3 years, and then hand it over to the lease provider to get a new model. A lease allows a person to use a vehicle that he could never afford to purchase. But before a vehicle lease starts, do not forget to get a vehicle lease agreement signed on paper.
Closed-End Vehicle Lease Agreement
This lease type is more common among individual consumers, as you hand over the vehicle at the end of the lease, without any other responsibilities except for any payments for mileage or damage charges. Most lease companies give you an option to purchase and keep the vehicle, or sell it out to make a profit.
Open-End Vehicle Lease Agreement
This kind of lease is more preferred by commercial people, as all the financial risks are handled by the lessee. The limit to the annual number of miles is much more than a closed-end lease agreement. You will need to pay the difference between the residual value of the vehicle at the end of the lease, and its actual market value.
Personal Contract Hire Vehicle Lease Agreement
In this lease type, the monthly payment of the lease is calculated as per the expected depreciation of the vehicle. The actual price of the vehicle and its value at the end of the agreement play a very important role in determining the cost of the lease. The better you keep your car, the lower payments you will have to make. Next time, you may be able to lease a much more prestigious car than the last one.
Personal Contract Purchase Vehicle Lease Agreement
Instead of handing the car back to the leasing company at the lease end, you are given the option to purchase it. After paying a deposit amount, you can pay the remaining amount in monthly installments. Apart from this, you may also be offered a newer model in exchange for the car you used till date.
Agreement of Rental Lease of Vehicle
Leased Vehicle Model Agreement
Sample Motor Vehicle Lease Agreement Template
Finance Vehicle Lease Agreement
Car Rental Lease Contract Agreement
Motor Vehicle Lease Agreement
Vehicle Equipment Lease Agreement
Uses of a Vehicle Lease Agreement
- Allows a lessee to use a vehicle for a fixed period of time in exchange of a monthly rent
- To clearly cite the terms and conditions of the lease
- To make things clear between the leasing company and the lessee
Target Audience of a Vehicle Lease Agreement
- Vehicle owners and prospective lessees
- Those who are low on capital but want to run a personal vehicle
- Those who want to use a new car every 2-3 years
- Those who want to use a luxurious car but cannot afford to buy one
Benefits of a Vehicle Lease Agreement
- It saves time by allowing you to create a lease agreement quickly and easily
- It is designed by experienced professionals, thus ensuring that not a single clause is missed out
How to Create a Vehicle Lease Agreement
The Sample Vehicle Lease Agreement should contain all the elements that need to be considered while entering a lease, including the party details, the make and model of the vehicle, the mileage limits, the calculations and rents, etc. Get it done by a professional, or use an online template to create it yourself.
A vehicle lease agreement types available here are created by professionals, which means that you can be sure that nothing is left out. Just download it, fill in the details, customize it as per your requirements, print it out, and get it signed. It serves as a ready-made template to make a vehicle lease agreement in a professional manner.
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