At the end of a lease agreement, the lessee must return the vehicle to the lessor. However, if a provision in the contract allows for the purchase of the vehicle, the lessee has the right to take advantage of that.
If the lessee wants to buy the vehicle, the payments made during the agreement tenure are counted as part of the purchase payment. Moreover, the lessee may have to pay any penalties that apply at the end of the lease agreement.
This section discusses the leased vehicle's specifications and legal and relevant technical information. Usually, it includes:
Moreover, this section also discusses how the lessee wants to use the vehicle, i.e., for personal, household, or family use.
This part discusses the start and end date of the lease agreement, and there may be additional provisions for early termination too.
Terms of Payment
Part of the vehicle agreement template discusses the payment terms, precisely the monthly payment amount, due dates, and penalties for late payments.
Talks about the intended use of vehicles and restrictions related to monthly mileage, geographical limitations, etc.
In this section, you will find insurance details, minimum liability amount, and other requirements to claim insurance for the vehicle.
Repair and Maintenance Responsibilities
Discusses the lessee's responsibilities to repair and maintain the vehicle for the lease agreement period.
This section of the vehicle lease agreement template discusses the consequences of default and the lessor's rights in such a situation. If the lessee fails to adhere to the agreement provisions, the lessor has the right to repossess the vehicle and terminate the contract.