VEHICLE AGREEMENT
This Auto Lease Agreement ("Agreement") is made and entered into by and between GoWorld Rentals, starting now referred to as "Lessor," and [Your Name], starting now referred to as "Lessee." The parties agree to the following terms and conditions regarding the lease of the vehicle described below:
I. Vehicle Information
The details of the vehicle to be leased are as follows:
Detail | Description |
|---|
Make and Model | Toyota Camry |
Vehicle Identification Number (VIN) | 4T1BF1FK0JU192830 |
Year | 2023 |
Color | Silver |
Odometer Reading | 12,350 miles |
II. Lease Term
The lease term is as follows:
Start Date | End Date | Duration |
|---|
1st January, 2055 | 1st January, 2056 | 12 months |
III. Payment Terms
Payment terms for the lease are as follows:
Payment Type | Amount |
|---|
Monthly Payment | $450 |
Payment Due Date | 1st of each month |
Late Payment Fee | $50 |
IV. Security Deposit
The security deposit details are as follows:
Deposit Amount: $900 (refundable upon vehicle return)
V. Insurance
The required insurance coverage is as follows:
Insurance Type | Description |
|---|
Required Coverage | Comprehensive (Liability, Collision, Theft) |
Insurance Provider | Allstate Insurance |
Policy Number | XYZ123456789 |
VI. Use of Vehicle
The vehicle is leased for personal use only. The following restrictions apply:
Restriction | Details |
|---|
Commercial Use | Not allowed (e.g., ride-sharing, delivery services) |
Modifications | Unauthorized modifications prohibited |
Off-Roading/Racing | Not allowed |
VII. Maintenance and Repairs
The Lessee is responsible for regular maintenance. The details are as follows:
Maintenance Task | Frequency |
|---|
Oil Changes | Every 5,000 miles |
Tire Rotations | Every 7,500 miles |
Brake Inspections | Every 10,000 miles |
Fluid Checks | Regular checks as needed |
The Lessor will cover any major repairs not caused by the Lessee’s negligence.
VIII. Termination and Default
The terms related to termination and default are as follows:
Early Termination Fee | $500 |
Repossession Notice | 10-day notice required |
In case of a default (such as non-payment or violation of terms), the Lessor has the right to repossess the vehicle after providing a 10-day notice.
IX. Signatures
By signing this Agreement, both parties agree to the terms outlined above.
Lessor's Details | Lessee's Details |
|---|
 [Lessor's Name]
GoWorld Rentals | [Your Name] |
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