Vehicle Lease Agreement - Free Legal Template
This Vehicle Lease Agreement outlines the terms and conditions for leasing a vehicle from a Lessor to a Lessee. It details vehicle specifications, payment terms, insurance responsibilities, and conditions for early termination or end-of-lease. The agreement also includes provisions for indemnification and governing law.
VEHICLE LEASE AGREEMENT
This Vehicle Lease Agreement (hereinafter referred to as the "Agreement") is made and effective [starting date] (the “Effective Date”), and is entered into
BY AND BETWEEN: | [lessor name], having address [address of the lessor], hereinafter referred to as the “Lessor”. |
AND: | [lessee name], hereinafter referred to as the “Lessee”, having address [address of the lessee], collectively referred to as the “Parties”. |
Whereas, the Lessor is the legal owner of the vehicle and is willing to lease the vehicle to the Lessee.
Whereas, the Lessee intends to lease the vehicle from the Lessor.
Now, therefore, for the consideration set herein, receipt of which is duly acknowledged, the parties agree as follows:
This Agreement is a lease only and shall not create any other right or interest in the vehicle, except for the terms in this Agreement.
The vehicle being leased possesses the following features:
Make: [vehicle make].
Model: [vehicle model].
Color: [vehicle color].
Mileage: [vehicle mileage].
License: [vehicle license].
The Lessee has paid the amount of [paid amount] to the Lessor, from which refundable security amounts is [refundable security amounts].
Amount due at Lease Signing is [amount due at lease signing].
The cost of the vehicle at the end of the lease period will be [cost of vehicle at end of lease period], excluding any repair and wear and tear of the vehicle. The following ingredients are included in the lease cost:
Retail price of the vehicle [vehicle retail price].
Agreed value of the vehicle between the Lessor and Lessee [agreed vehicle value].
Amortized amount over the period of the lease [amortized amount].
The vehicle depreciation rate is [vehicle depreciation] per month.
Lease rate of Lessor [lease rate].
Other fees/taxes: [other fees/taxes]
The lease is made for a period of [lease period], starting from [start of lease period] to [end of lease period].
The payable shall be paid on a monthly basis on the first day of every month.
The Parties have not set any mileage limit.
In the event of theft, Lessee is responsible for all the payments until the amount is recovered from the insurance agency.
Lessee is responsible to maintain an insurance policy for the vehicle in the form of any bodily injury and total loss from theft or collision. The Lessor shall be informed of the insurance by the Lessee.
Lessee is responsible to pay any tax, assessment, or fee incurred during the lease period.
At the end of the lease term, the residual value of the vehicle shall be determined in good faith and a reasonable estimate. If the residual value of the vehicle is greater than its actual value, the Lessee shall pay for the difference, and if the residual value of the vehicle is less than the actual value, the Lessee will have no further liability.
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