An automobile lease contract is signed between a car rental company and a person who wants to use the car by paying a rental charge and other costs for a fixed amount of time. Usually car dealers offer the option of automobile leasing which is accepted by someone sees this as a cost-effective way of acquiring a vehicle. N some cases, after the automobile lease contract is over, the dealer also offer to sell the car to the lessee.
Sample Automobile Lease Contract:
This automobile lease contract is made and entered on June 21, 2011 between Real Auto Group, hereinafter referred to as “Lessor”, and Matt Smith, hereinafter referred to as “Lessee.”
The term of the car lease contract shall be for a period of 1 year, commencing from June 21, 2011 to June 21, 2012.
The lessor agrees to lease the car (registration number DL83048, a Honda City), to the lessee who agrees to take good care of the car and drive safely.
The lessee agrees to pay the lessor a sum of $200 per month for using the car and will also be responsible for any maintenance costs, repairs work etc incurred during the lease period.
The automobile lease contract can be cancelled by either the lessor or lessee by giving a 2 weeks’ advance notice.
The lessee must give explanation if there are any damages to the car and is responsible for paying for fixing the damage.
Both parties understand and agree to the above terms and conditions.
Signature: Real Auto Group
Signature: Matt Smith
Witness: Tom Norman