Free Auto Lease Agreement Template
AUTO LEASE AGREEMENT
This Auto Lease Agreement ("Agreement") is made and entered into on May 10, 2055, by and between GraceSpace, with a principal address at Providence, RI 02901 ("Lessor"), and [Your Name], residing at Toledo, OH 43601 ("Lessee").
I. Vehicle Description
The Lessor agrees to lease to the Lessee the following vehicle:
|
Detail |
Description |
|---|---|
|
Make |
Toyota |
|
Model |
Camry |
|
Year |
2024 |
|
VIN |
4T1BF1FK0FU123456 |
|
Odometer Reading |
10 miles |
II. Lease Term
The term of this lease will be for 36 months, commencing on June 1, 2055, and terminating on May 31, 2058.
III. Monthly Lease Payment
The Lessee agrees to pay the Lessor a monthly lease payment of $350.00. Payments are due on the 1st of each month.
Payments can be made by:
|
Payment Method |
Details |
|---|---|
|
Bank Transfer |
Via [Lessor's Bank Name] |
|
Check |
Payable to Jamie Crooks |
|
Online Payment |
Through inquire@brandopia.mail |
IV. Security Deposit
A security deposit of $1,000.00 is required and shall be refundable at the end of the lease term, subject to the condition of the vehicle. Any damages or overdue payments may be deducted from the deposit.
V. Insurance
The Lessee is required to maintain insurance coverage for the leased vehicle with the following minimum coverage:
|
Coverage Type |
Amount |
|---|---|
|
Liability Insurance |
$50,000 |
|
Personal Injury Protection |
$10,000 |
|
Property Damage |
$25,000 |
Proof of insurance must be provided to the Lessor before taking possession of the vehicle.
VI. Maintenance and Repairs
The Lessee is responsible for maintaining the vehicle in good condition. The Lessee must conduct routine maintenance at authorized service centers. The vehicle must be returned in the same condition, barring normal wear and tear. Significant damage will be assessed by the Lessor, and additional charges may apply.
VII. Use of Vehicle
The vehicle shall only be used for personal, non-commercial purposes. The vehicle must not be used for:
|
Prohibited Use |
Consequences |
|---|---|
|
Ride-sharing Services |
Violation of Agreement |
|
Delivery Services |
Penalty Charges |
|
Racing |
Early Termination |
Unauthorized use will be considered a violation of this Agreement.
VIII. Termination
This Agreement may be terminated early by mutual consent or if the Lessee fails to make payments or violates any terms. Early termination fees will apply, calculated as 50% of the remaining monthly payments.
IX. Option to Purchase
At the end of the lease term, the Lessee may purchase the vehicle for $15,000. The Lessee must notify the Lessor of their intent to purchase at least 30 days before the lease expires.
X. Governing Law
This Agreement shall be governed by the laws of the state of Illinois. Any disputes arising from this Agreement will be resolved in the courts of Cook County, Illinois.
XI. Signatures
IN WITNESS WHEREOF, the parties have executed this Auto Lease Agreement as of the date first above written.
|
Lessor's Details |
Lessee's Details |
|---|---|
|
|
|
[Lessor's Name]