How To Make a Proper Vehicle Lease Agreement
A vehicle lease is an ideal solution for anyone who needs a car or any vehicle but doesn’t want to buy it. By choosing this option, you agree to pay a monthly fee for using a new or second-hand car offered by a leasing company.
As with any other lease, you need a legal document—a vehicle lease agreement—designed to protect both parties’ expectations and interests. If you aren’t sure what it should contain or how to write it, we offer you answers to all the related questions.
What Is a Car Lease Agreement?
A car lease agreement is a legal contract signed by the following parties:
- Lessor—An individual or a company that owns the vehicle
- Lessee— A person who pays the vehicle owner for using their car for an agreed period
The purpose of this document is to establish the main terms and conditions of the deal between the parties in as many details as possible. If you define the rules both entities find satisfying and comprehensible, there will be no reason for future disputes.
Why Do You Need a Car Lease Agreement?
Besides being a firm guarantee for both parties, a vehicle lease agreement covers all necessary aspects you should consider once you decide to use the car lease option. Here is why you should sign it:
- It clarifies all dilemmas and misunderstandings—If you are unsure about the specific lease-related situations or terms, it’s enough to check them in your copy of the agreement. It contains solutions for all potential problems that may occur and prevents miscommunication and arguments
- The agreement allows you to lease a car or other vehicle without a car dealership—Car dealerships usually provide a dealership lease form as a guarantee, but what if you want to use a car that belongs to an individual or a friend? In such cases, a car lease agreement can safeguard the rights of the involved parties
- It will serve as evidence if something goes wrong—If the other party breaks any rules stipulated in the contract, you can use it as proof in case you decide to file a lawsuit against them
Is an Auto Lease Agreement Legally Binding?
A car lease contract becomes legally enforceable only if both entities sign it and get it notarized. Depending on the particular state legislature, you may need a witness to sign the contract as well.
What Sections Should a Vehicle Lease Agreement Contain?
Missing an important clause can make a huge difference and turn your contract into a vague and incomplete document.
To prevent this, check out the table below showing all relevant sections you should put in your contract:
Responsibilities of the lessee
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