|
|
Auto Lease Contract |
|||
Also see: |
An Auto Lease Contract is a legal agreement between a lease company (lessor) and a customer (lessee) for the leasing of a specific vehicle (by VIN number and description) for a specific amount of time, with specified conditions, for a specified cost. A lease contract specifies the vehicle, the price ("capitalized cost") on which the lease is based, any down payment ("capitalized cost reduction"), any trade-in allowance, taxes, length of lease ("term"), lease-end value ("residual"), financial costs, and fees. Fees may include a refundable security deposit, an acquisition fee (bank fee), and a lease-end disposition fee. It specifies certain terms and conditions such as the following:
Because lease contract forms are somewhat more complicated that loan agreement forms, and the language is different, extra care should be taken to read and understand any such contract before signing. After signing, there is no 72-hour or 3-day grace period in which a lease deal can be canceled. The Leaseguide.com Lease Kit contains a sample blank lease contract form and contract checklist that allows you to be prepared when a dealer presents you with an actual lease contract. It's better to read it before you visit your dealer than during the pressure of closing a deal. Watch for blank fields and inaccurate information. For more information, see: The Lease Guide
Comments and questions should be directed
to
. |
Return to