Car Lease Agreement Template

By | July 23, 2016

In today’s society, it is nearly impossible to make it through life, without owning a vehicle. Without a reliable car, you should have a terrible time trying to make it back and forth to school, work, and to the grocery store. Unfortunately, vehicles are anything, but affordable and their reliability is usually disappointing. So, it is common for consumers to find themselves in need of a good vehicle. Many will fulfill their needs by leasing a car. If you intend to lease someone a vehicle, it is absolutely vital to make sure you utilize the car lease agreement template to your advantage. The benefits of doing so will be examined in greater depth below.

The Basics

First and foremost, it needs to be known that the Federal government makes it a requirement that leasing companies disclose pertinent details, before allowing a consumer to sign a lease. If you happen to run a leasing company, you’ll want to become familiar with the car lease agreement as quickly as possible, because you will be dealing with it on a regular basis. The lease agreement will act as a contract between the leasing agency and the consumer. It’ll detail the amount of money to be paid upfront, as well as any monthly payments that will be required.

The document helps to ensure that both ends of the arrangement are treated fairly throughout the duration.

Informs Everyone

If you’re leasing a vehicle to a client or acquiring the vehicle, you’ll want to make sure the document comes into play. Truly, it is beneficial for both parties involved for a handful of reasons. First and foremost, the document will provide the client with the information he or she needs regarding the payment plan. It’ll inform both parties how much collateral will be required, before the vehicle can change hands. Once the document is agreed upon by both parties, everyone will know precisely how much money will change hands.

The leasing agency will know how much to collect, while the consumer will fully realize their financial obligations over the long-term.

No Hidden Fees

As someone, who wishes to lease a vehicle, you’ll want to know precisely how much you’ll be required to pay and you’ll want to do your best to avoid hidden charges. Many leasing companies will actually charge extra for excessive wear and use. In order for this happen, the company must provide you with this information upfront. Make sure it is clearly visible on the document. Generally, most leasing agencies will charge a specific amount for each mile driven over a certain amount. For instance, if 15,000 a year is deemed to be standard, you may be charged an additional ten or fifteen cents for each mile over 15,000 for the year.

Other Things To Include

Aside from the aforementioned information, it is also essential to make sure you include some basic details. It is wise to acquire signatures from both parties to ensure they’re fully aware of the details of the contract. Make sure the document contains contact details for both in case there is a need to reach out. And finally, the vehicle’s make, model, mileage, and current condition must be noted!