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Vehicle Lease Agreement

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Vehicle Lease Agreement Powered By Docstoc
					Vehicle Lease Agreement
This Vehicle Lease Agreement can be used by a Lessor and a Lessee to lease a
vehicle. Customize the Vehicle’s specifications, the monthly payment amount, the down
payment, early lease termination fees, and much more. Lease arrangements should
always use a written agreement to avoid complications and disputes between the
parties. In addition, the lease payments can be broken down in further detail under
“Schedule A” of this agreement. This agreement is ideal for small businesses or
individuals that want to lease a vehicle.




      © Copyright 2014 Docstoc Inc.                                    1
                           VEHICLE LEASE AGREEMENT

THIS VEHICLE LEASE AGREEMENT (hereinafter referred to as the “Lease”) is entered
into this ___ day of __________, 20__ [Instructions: Insert the date of this agreement]
between ___________________ [Instructions: Insert the name of the individual or company
leasing out the Vehicle, referred to as the “Lessor”] with an address of
_______________________________ [Instructions: Insert the address of the Lessor]
(hereinafter referred to as the “Lessor”), and ___________________ [Instructions: Insert the
name of the individual that will lease the Vehicle, referred to as the “Lessee”] with an
address of _______________________________ [Instructions: Insert the address of the
Lessee] (hereinafter referred to as the “Lessee”), and ___________________ [Instructions:
Insert     the     name       of   party     providing  credit]  with    an    address    of
_______________________________ [Instructions: Insert the address of the Creditor]
(hereinafter referred to as the “Creditor”).

WHEREAS, Lessor is the fee owner of the Vehicle (as subsequently defined herein); and

WHEREAS, Lessor desires to lease the Vehicle to Lessee upon the terms and conditions as
contained herein; and

WHEREAS, Lessee desires to lease the Vehicle from Lessor on the terms and conditions as
contained herein;

NOW, THEREFORE, for and in consideration of the covenants and obligations contained
herein and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

By signing, Lessee (including any co-Lessee) agrees to lease this Vehicle according to the terms
of this Lease.

1. VEHICLE SPECIFICATIONS

The Vehicle described in this Lease is as follows (hereinafter referred to as the “Vehicle”):

Make: ________________________

Model: _______________________

Year: __________

Color: _____________




© Copyright 2014 Docstoc Inc.                                                           2
Mileage at Delivery: ____________

License Plate: ______________

VIN Number: ____________________________

[Instructions: Insert the description of the Vehicle above]

2. DOWN PAYMENT

The amount due at signing or delivery is as follows: ___________________. [Instructions:
Insert the itemized amount due. The parties may wish to further break this down into
categories such as capitalized cost reduction, first monthly payment, refundable security
deposit, title fees, registration fees, etc.] This amount shall be payable as follows:
___________________. [Instructions: Insert the itemized manner of payment, including
applicable amounts payable in net-trade in allowances, rebate and/or non-cash credits,
cash, etc.]

   a. Optional language: Lessee hereby acknowledges and agrees that any security deposit
      paid hereunder may be used by Creditor to pay any and all amounts owed by Lessee
      hereunder which Lessee fails to pay. Further, Lessee hereby acknowledges and agrees
      that it shall not receive any interest on any such security deposit. Upon the termination of
      this Lease according to its terms, and upon Lessee’s payment of all amounts due
      hereunder and performance of all obligations set forth herein, such security deposit shall
      be refunded to Lessee within thirty (30) days of the aforementioned lease termination.

3. MONTHLY PAYMENTS

Lessee’s first monthly payment of $______ [Instructions: Insert the first monthly payment
amount] is due on the __ day of _________, 20__. [Instructions: Insert the date the first
monthly payment is due] Subsequent monthly payments of $______ [Instructions: Insert the
monthly payment amount] are due on the ____ [Instructions: Insert which day of the month
lease payments are due e.g. “1st” or “5th”] day of each month for a total of ____
[Instructions: Insert the total number of months of the lease] months. Lessee’s total monthly
payments are: $ ____. [Instructions: Insert the total amount of the lease payments] Lessee
shall    mail     the    monthly    lease    payments      to   the    following      address:
___________________________________. [Instructions: Insert the name and the address
where Lessee should send monthly lease payments to]




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   a. The parties agree the monthly payment was calculated based on the following items,
      which are set forth more particularly on Schedule A: gross capitalized cost; capitalized
      cost reduction; adjusted capitalized cost; residual value; depreciation and amortized
      amounts; rent charges; number of lease payments; monthly sales/use tax, and other
      amounts as set forth in greater detail.

   b. Gross capitalized cost shall include the following amounts: agreed upon Vehicle value,
      sales/use taxes and other applicable taxes, title fees, license and registration fees,
      extended warranty and service contract, lessor services, acquisition fee, documentation
      fee, life insurance premium and disability insurance premiums.

   c. The estimated total amount to be paid by Lessee for official and license fees, registration,
      title and taxes over the Lease term, whether included within Lessee’s monthly payments
      or otherwise are: $_____. [Instructions: Insert the estimated license fees, registration
      fees, title fees, and taxes that are included in the Lessee’s monthly payments] The
      actual total of such fees and taxes may be higher or lower than this estimated total
      depending on the tax rates in effect or the value of the leased property at the time any
      such fee or tax is assessed.

4. LATE PAYMENTS

Any scheduled payment which is not received by the ___ [Instructions: Insert the day of the
month by which payment must be received] day of the month in which it is due shall be
deemed late. Lessee shall pay a late charge for each such payment of $____. [Instructions:
Insert late payment charge, whether a flat fee or a percentage of the total payment and
indicate as such]

5. TERMINATION FEE

In the event Lessee does not purchase the Vehicle in this manner set forth in this Lease, Lessee
shall pay a disposition fee of $ _____ [Instructions: Insert the termination fee. If there will be
no termination fee, delete this clause in its entirety] at the termination of this Lease.

6. LEASE TERMINATION

This Lease shall terminate upon (a) the end of the term as defined herein and (b) the return of the
Vehicle as set forth herein to Lessor, and (c) the payment by Lessee of all amounts owed
pursuant to this Lease. Lessee hereby acknowledges and agrees that Creditor may cancel this
Lease in the event of Lessee’s default.

7. EARLY TERMINATION


© Copyright 2014 Docstoc Inc.                                                          4
Lessee hereby acknowledges and agrees that in the event Lessee terminates this Lease except as
otherwise set forth herein, Lessee may be subject to early termination fees.

8. EXCESSIVE WEAR AND TEAR

Lessee hereby acknowledges and agrees that Lessee may be charged for excessive wear and tear
to the Vehicle based upon standards of normal use. Further, Lessee acknowledges and agrees it
shall be responsible for repairs of all damages which are not a result of normal wear and tear.
Repairs which are hereby deemed non-normal wear and tear damage include but are not limited
to tires which are unmatched, unsafe or have less than 1/8 inch of remaining tread in any place;
electrical or mechanical defects or malfunctions; gloss, paint, body panels, trim and grill work
that are broken, mismatched, chipped, scratched, pitted, cracked or if applicable dented or rusted;
interior rips, stains, burns or worn areas; and all damage which would be covered by collision or
comprehensive insurance whether or not such insurance is actually in force. These repairs shall
also include but are not limited to those necessary to return the Vehicle to any pre-accident
condition, and any such repairs must be made with original manufacturer parts or those of equal
quality. If such repairs are not made prior to returning the Vehicle at the schedule Lease
termination, Lessee will pay the estimated cost of such repairs, even if the repairs are not made
prior to any subsequent sale of the Vehicle.

9. VEHICLE RETURN

Lessee hereby acknowledges and agrees that if it does not purchase the Vehicle upon Lease
termination as set forth herein, Lessee shall return the Vehicle to Lessor unless Creditor specifies
another location. If Lessee fails to return the Vehicle, Lessee must continue to pay the monthly
payments PLUS other damage to Creditor, including any amounts payable pursuant to any
default provisions set forth herein. Payment of any such amounts shall not permit Lessee to
continue to retain the Vehicle.

10. MILEAGE

At the end of the Lease, unless Lessee purchases the Vehicle, Lessee shall pay to Lessor ___
[Instructions: Insert how many cents Lessee will be charged for each mile over the allotted
mileage amount] cents per mile in excess of _______ [Instructions: Insert the total miles
Lessee is allotted under this lease] miles shown on the odometer. Optional Language: At the
scheduled Lease termination, Lessee will receive a credit of ___ cents per unused mile for the
number of unused miles between ___ and ___ miles, less any amounts Lessee owes pursuant to
this Lease. Lessee will not receive any credit if the Vehicle is destroyed, if the Lease is subject




© Copyright 2014 Docstoc Inc.                                                           5
to early termination, if any purchase option is exercised, if Lessee is in default or if the credit is
less than $1.00.

11. OPTION TO PURCHASE

Lessee, if not in default, shall have the option, upon the termination of this Lease, to purchase the
Vehicle from Lessor in cash for the purchase price of $_______, [Instructions: Insert the
option price of purchase] which price shall not include any applicable official fees and/or taxes
which may be due. [Instructions: If the Lessee will not have an option to purchase the
Vehicle, delete this clause in its entirety]

12. INSURANCE

Lessee shall be responsible to obtain and maintain insurance on the Vehicle during the term of
this Lease, in an amount and manner acceptable to Creditor, and sufficient to protect Lessee and
Creditor. LESSEE HEREBY ACKNOWLEDGES AND AGREES THAT NEITHER LESSOR
NOR CREDITOR IS PROVIDING VEHICLE INSURANCE OR LIABILITY INSURANCE
PURSUANT TO THIS LEASE. Such insurance shall include but not be limited to (a)
comprehensive fire and theft insurance with a maximum deductible of $1,000, and (b)
automobile liability insurance with minimum limits for bodily injury or death of $25,000 for any
one person and $50,000 for any one accident, and $10,000 for property damage, unless the
jurisdiction in which the Vehicle is registered or titled establishes or charges greater minimum
automobile liability insurance limits than those previously listed. In any such instance, Lessee
must insure the Vehicle and the Creditor at the higher minimum limits established by such
jurisdiction. Lessee will list the loss payee and additional insured as requested by Lessor, and
must         provide       Creditor        with        proof        of       such       insurance.

Lessee authorized Creditor, on its behalf, to receive and endorse checks or drafts, and settle or
release any and all claims under the insurance related to Creditor’s ownership of the Vehicle.
Lessee also assigns to Creditor any other insurance proceeds related to this Lease or Creditor’s
interest in the Vehicle.

If Lessee or Creditor obtains a refund for any amounts paid to third parties for insurance, service
contracts or any other amounts paid to a third party included in the gross capitalized cost of this
Lease, Lessee must pay to Creditor the entire amount of the refund and Lessee authorizes the
Creditor to subtract the refund from the amount owed by Lessee under this Lease.

If Lessee titles or registers the Vehicle in, or changes the garage location to a jurisdiction where
Creditor has established minimum automobile liability limits greater than those listed above for
bodily injury or death and property damage insurance, Lessee must insure the Vehicle and the



© Copyright 2014 Docstoc Inc.                                                             6
Creditor     at     the     higher      minimum        limits    established      by       Creditor.

13. APPLICABLE LAWS

Lessee shall not use or permit others to use the Vehicle in violation of any applicable law or
contrary to the provisions of any insurance policy covering the Vehicle or outside the jurisdiction
where the Vehicle was first titled or registered by Lessee for more than thirty (30) days without
Creditor’s written consent or as a private or public carrier or in any manner which would
invalidate any applicable warranty. Lessee will keep the Vehicle and Lease free and clear of all
liens and/or encumbrances. Lessee shall not assign or sublease the Vehicle or this Lease without
Creditor’s                       prior                      written                        consent.

Upon execution of this Lease, Lessor will assign same to Creditor, which creditor or its assignee
will administer this Lease. Lessee must then pay all amounts due under this Lease to such
Creditor. In the event such rights and obligations to administer are assigned to any assignee,
such assignee shall have the power to act as Creditor’s behalf to administer, enforce and defend
this Lease. If Lessor has agreed to repair or maintain the Vehicle, obtain any insurance or
perform any other services, Lessee will look only to the Lessor for these services.

14. MAINTENANCE AND REPAIR

Lessee shall be responsible for proper Vehicle maintenance. Lessee must maintain service and
maintain the Vehicle at its sole cost and expense, except to the extent any such service and
maintenance is covered by applicable manufacturer warranty. Any such service and
maintenance must use parts and materials meeting or exceeding manufacturer specifications,
including those noted in the owner’s manual and maintenance schedule. Lessee shall be
responsible for documenting any and all such maintenance performed and necessary repairs
made to the Vehicle. Lessee shall also be responsible at its sole cost and expense for the
operating costs of the Vehicle, such as gas and oil. Lessee is hereby advised manufacturer may
invalidate warranty coverage on parts affected by a failure to maintain the Vehicle as required
pursuant to manufacturer specifications.

15. WARRANTIES

The Vehicle is covered by the following warranty: ______________________. [Instructions:
Insert the warranty to be provided. If lengthy, it may be attached as an additional
schedule] If the Vehicle is of a type normally used for personal use and the Lessor, or the
Vehicle’s manufacturer, extends written warranty or service contract covering the Vehicle within
ninety (90) days from the date of the execution of this Lease, Lessee shall receive implied
warranties of merchantability and fitness for a particular purpose covering the Vehicle.



© Copyright 2014 Docstoc Inc.                                                          7
Otherwise, Lessee understands and agrees that no such implied warranties shall be applicable
except      as      otherwise      required      pursuant      to      applicable       law.

16. FEES AND TAXES

Lessee shall promptly pay all fees, charges and taxes relating to the Lease or Vehicle (except for
any other party to this Lease’s income taxes). Lessee will pay such amounts even in the event
they    are     assessed    upon      or     after   the     termination     of    this    Lease.

17. TITLE

During the term of this Lease, the Vehicle will remain titled in the name of Creditor. Lessee will
register the Vehicle as directed by Creditor and will pay any and all applicable licensing, title
and registration costs and fees, at Lessee’s sole cost and expense.

18. CONSENT TO OBTAIN CREDIT REPORT

By executing this Lease, Lessee expressly authorizes Creditor to obtain consumer credit reports
from consumer reporting agencies for any reason and at any time during the term of this Lease in
connection with this Lease. Lessee hereby waives any further notice, agreement or
acknowledgement        of      any      such       credit      report      being       obtained.

19. INDEMNIFICATION

Lessee will indemnify and hold harmless Lessor, Creditor and their assigns from any loss or
damage to the Vehicle and its contents and from all claims, losses, injuries, expenses and costs
related to the use, maintenance, or condition of the Vehicle. Lessee will promptly pay all fines
and tickets imposed upon the Vehicle or its driver. If Lessee does not pay as set forth herein,
Lessee will reimburse Creditor and pay a $20.00 administration fee, unless such fee is prohibited
by applicable law, for every such fine, ticket or penalty that must be paid on Lessee’s behalf.

20. ACTS OF THEFT

In the event the Vehicle is stolen or destroyed, Lessee will apply to creditor (a) the unpaid
adjusted capitalized cost plus (b) all other amounts then due under this Lease, minus (c) any
insurance proceeds received by Creditor. Notwithstanding the fact that this Vehicle is insured,
Lessee shall remain responsible for all scheduled amounts due pursuant to this Lease until
Creditor receives the amount noted above.

21. DEFAULT



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Lessee will be in default if (a) Lessee fails to make any payment when due or (b) a bankruptcy
petition is filed by or for Lessee, or (c) any governmental authority seizes the Vehicle and does
not promptly or unconditionally release the Vehicle to Lessee or (d) Lessee has provided false or
misleading material information when applying for this Lease, or (e) Lessee fails to maintain any
other                   agreement                   in                 this                Lease.

If Lessee is in default, Creditor may cancel this Lease, take back the Vehicle and sell it at a
public or private sale. Lessee also gives Creditor the right to go on Lessee’s property to
peacefully retake the Vehicle. Even if Creditor retakes the Vehicle, Lessee must still pay at once
(a) the difference, if any, between the unpaid adjusted capitalized cost and the value which could
be realized at the sale of the Vehicle plus (b) all other amounts then due under this Lease. The
value which could be realized at the sale of the Vehicle at Lessee’s option will be (a) the net
amount received by Creditor upon the Vehicle sale at wholesale, or (b) as determined by a
professional appraisal obtained by Lessee at its sole cost and expense within ten (10) days from
default, from an independent third party agreeable to Creditor. Lessee must also pay all
expenses, including reasonable attorney’s fees, payable by Creditor to obtain, hold and sell the
Vehicle, collect amounts due and enforce Creditor’s rights pursuant to this Lease. Lessee
authorizes Creditor to cancel Lessee’s insurance and apply any proceeds to any and/or all
obligations pursuant to this Lease.

22. EARLY LEASE TERMINATION

If Lessee is not in default, Lessee may terminate this lease early by returning the Vehicle to
Lessor and paying the following: (a) an early termination fee of $_______ [Instructions: Insert
the early lease termination fee] plus (b) the difference, if any, between the unpaid adjusted
capitalized cost and the Vehicle’s fair market value plus (c) all other amounts then due and
owing under this Lease. Lessee will never pay more than the sum of the remaining unpaid lease
payments, plus any excess wear and use and mileage charges, and all other amounts then due
under this Lease.

If Lessee is not in default, Lessee may purchase the Vehicle from Lessor at any time for the sum
of the remaining payments, less any unearned rent charges, if any, plus the purchase option price
and all other amounts then due under this lease.

23. FEDERAL LAW REQUIREMENTS

Federal law requires Lessee to complete a statement of the Vehicle’s mileage upon the
termination of this Lease.




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24. ENTIRE AGREEMENT

This Lease sets forth all of the agreements between Lessor and Lessee for the Vehicle Lease.
There is no other agreement, written or oral with respect to same. Any change to this Lease must
be in writing and signed by Lessee and Creditor.

25. SECURITY INTEREST

Lessee hereby acknowledges and agrees that Lessor and/or Creditor may reserve any legally
permissible security interest in the Vehicle to secure performance of Lessee’s obligations
pursuant to this Lease.

26. GOVERNING LAW

Except as otherwise provided by applicable law in the jurisdiction where Lessee resides, this
Lease shall be subject to the laws of the jurisdiction of Lessor’s principal place of business, as set
forth in this Lease. If any provision of this Lease or the application thereof shall, for any reason
and to any extent, be invalid or unenforceable, neither the remainder of this Lease nor the
application of the provision to other persons, entities or circumstances shall be affected thereby,
but instead shall be enforced to the maximum extent permitted by law.

27. SUCCESSORS AND ASSIGNS

The covenants, obligations and conditions herein contained shall be binding on and inure to the
benefit of the heirs, legal representatives, and assigns of the parties hereto.

28. SECTION HEADINGS

The descriptive headings used herein are for convenience of reference only and they are not
intended to have any affect whatsoever in determining the rights or obligations of the Lessee,
Lessor, or Creditor. The pronouns used herein shall include, where appropriate, either gender or
both, singular and plural.

29. NON-WAIVER

No indulgence, waiver, election or non-election by Creditor or Lessor under this Agreement shall
affect Lessee's duties and liabilities hereunder.

/

/

/



© Copyright 2014 Docstoc Inc.                                                             10
IN WITNESS WHEREOF, this Lease is executed by the parties as of the date noted in the first
paragraph;



LESSEE



__________________________



LESSOR



__________________________



CREDITOR



__________________________




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                                      SCHEDULE A

                                      GROSS COSTS



[Instructions: Insert how the monthly payments are calculated. e.g. the gross capitalized
cost; capitalized cost reduction; adjusted capitalized cost; residual value; depreciation and
amortized amounts; rent charges; number of lease payments; monthly sales/use tax, and
other amounts]




© Copyright 2014 Docstoc Inc.                                                     12
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© Copyright 2014 Docstoc Inc.                                                                                               13

				
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Description: This Vehicle Lease Agreement can be used by a Lessor and a Lessee to lease a vehicle. Customize the Vehicle’s specifications, the monthly payment amount, the down payment, early lease termination fees, and much more. Lease arrangements should always use a written agreement to avoid complications and disputes between the parties. In addition, the lease payments can be broken down in further detail under “Schedule A” of this agreement. This agreement is ideal for small businesses or individuals that want to lease a vehicle.