Free Sample Vehicle Lease Agreement Template
SAMPLE VEHICLE LEASE AGREEMENT
This Vehicle Lease Agreement ("Agreement") is made and entered into on this 15th day of May 2055, by and between [Your Company Name], the Lessor, and Zena Frami, the Lessee.
I. Vehicle Description
The vehicle subject to this lease agreement is described as follows:
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Detail |
Information |
|---|---|
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Make and Model |
2023 Toyota Camry SE |
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Year |
2023 |
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VIN |
4T1BF1FK6HU323456 |
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Odometer Reading |
10,500 miles |
II. Lease Term
The term of this lease shall be for 36 months, commencing on June 1, 2055, and ending on May 31, 2058.
III. Monthly Payment
The Lessee agrees to pay a monthly lease payment of $399.00. Payments will be due on the 1st of each month and shall be made to the Lessor at [Your Company Address] or any other address designated by the Lessor.
IV. Security Deposit
The Lessee shall pay a security deposit of $1,000.00 to the Lessor upon the signing of this agreement. This deposit will be refunded upon termination of the lease, less any charges for damage or excess mileage.
V. Vehicle Use and Maintenance
The Lessee agrees to:
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Use the vehicle for personal purposes only and not for any commercial activities.
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Maintain the vehicle in good condition and perform regular maintenance as recommended by the manufacturer.
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Not modify or alter the vehicle in any way without written consent from the Lessor.
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Notify the Lessor of any damage or mechanical issues that arise during the lease term.
VI. Insurance
The Lessee agrees to maintain insurance on the vehicle with coverage that meets the following minimum requirements:
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Comprehensive coverage
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Collision coverage
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Liability coverage with limits of at least $100,000/$300,000
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Uninsured motorist coverage
The insurance policy must name the Lessor, [Your Company Name], as an additional insured party.
VII. Excess Mileage
The Lessee is allowed 12,000 miles per year. Any mileage exceeding this limit will incur a fee of $0.15 per mile. If the Lessee exceeds the limit, an additional fee of $300 may be applied at the end of the lease term.
VIII. Termination of Lease
At the expiration of the lease term, the Lessee must return the vehicle to the Lessor in good condition, subject to normal wear and tear. The Lessee may have the option to purchase the vehicle at the end of the lease for a purchase price of $18,000, or the current market value, whichever is lower.
IX. Default
If the Lessee fails to make timely payments or otherwise breaches the terms of this agreement, the Lessor may terminate the lease and repossess the vehicle. In case of default, the Lessee will be liable for any unpaid balances, late fees, and any associated legal costs incurred by the Lessor.
X. Governing Law
This agreement shall be governed by and construed under the laws of Ohio.
IN WITNESS WHEREOF, the parties hereto have executed this Vehicle Lease Agreement as of the date first above written.
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Lessor's Details |
Lessee's Details |
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[Your Name]