How to Create a Car Lease Agreement
Leasing a car is acquiring the rights of using the car for a certain period of time, normally 36 months of three years. The general rules of leasing automobiles are the same in most of the states in America but each state has its own stipulated rules for drafting a motor vehicle lease agreement.
Auto lease agreement or a lease contract states clearly what the two parties (motorist and leasing company) are required to do so as to lease or during the lease period and after it. These agreed upon rules are very important as they enable the two parties to be held and committed to the lease protecting both the motorist and the auto lease company.
These are the instructions that you will follow when creating a car lease agreement.
- State clearly at the start of the agreement the names of the people involved in it, include who is the lessor (party that owns the vehicle) and who is the lessee (party that leases the vehicle).
- Indicate all the details of the car that you are planning to lease, state its make, model, shape and vehicle identification number just to make it clear.
- List the amount of time that you are intending to acquire the rights of using the vehicle for.
- Come up with and state the date that you are planning to start the car lease. State clearly and emphasize that the lessor must deliver the vehicle to the lessee on this stipulated date, by stating this date you must also state the date that the lessee should turn over the car to the lessor or the lease expiry date.
- Include the total amount of money that you are supposed to pay in the whole lease period and also determine and state on the agreement of the monthly payment that you are going to make.
- Sometimes you may decide to make some down payment so as to enable you to reduce your monthly payment; in case you are planning to make any down payments you should list this in the car lease agreement.
- If there is any amount of deposit that you are required to make, ensure to include it in the agreement.
- Make sure that you and the other party have copies of the lease agreement.
Tips
Consider seeking the advice of a legal advisor when drafting the lease agreement since it is a document that can be used against you in a court of law when you go against it. There are lots of cheap lawyers that can help you in drafting his kind of agreement.
Sometimes you can download agreement samples that you can use as your agreement but make sure that this document is current and the regulations comply with your state’s laws. Do not use it if it is out of date or not according to your laws.
Also sometimes it is a good idea to consult with a bilforhandler (car dealer in Danish) about priser på biler (car prices in Danish) and conditions. Make sure that you do not go against your lease agreement.
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