Free Vehicle Sublease Agreement Template
VEHICLE SUBLEASE AGREEMENT
This Vehicle Sublease Agreement (the "Agreement") is made and entered into on March 15, 2055, by and between:
Sublessor:
[Your Name]
Worcester, MA 01601
(555) 123-4567
[Your Email]
-AND-
Sublessee:
Whitney Goodwin
Baton Rouge, LA 70801
(555) 987-6543
whitney@you.mail
I. Vehicle Information:
The Sublessor agrees to sublease to the Sublessee, and the Sublessee agrees to accept, the following vehicle:
|
Vehicle Details |
Information |
|---|---|
|
Make |
Honda |
|
Model |
Civic |
|
Year |
2022 |
|
VIN |
2HGFC2F66KH678901 |
|
License Plate |
LA 456XYZ |
II. Term of Agreement:
The term of this sublease will begin on April 1, 2055, and end on April 1, 2056, unless terminated earlier according to the terms of this Agreement.
III. Payment Terms:
-
Sublease Fee: The Sublessee agrees to pay the Sublessor a total sublease fee of $250 per month.
-
Payment Due Date: Payments will be due on the 1st of each month.
-
Payment Method: Payments will be made via bank transfer to [Your Name], Account Number: 1234567890, Routing Number: 0987654321.
IV. Security Deposit:
The Sublessee agrees to pay a security deposit of $500 upon execution of this Agreement. This deposit will be refunded to the Sublessee at the end of the term, subject to the condition of the vehicle. If the vehicle is damaged or if any payments are outstanding, the Sublessor may retain part or all of the deposit.
V. Responsibilities and Maintenance:
-
The Sublessee agrees to maintain the vehicle in good condition and perform all regular maintenance, including oil changes, tire rotations, and brake inspections as needed.
-
The Sublessor is responsible for ensuring the vehicle is in good working order at the start of the sublease term.
VI. Insurance:
The Sublessee agrees to maintain comprehensive auto insurance during the term of the sublease, naming the Sublessor as an additional insured party. The insurance coverage must include collision, comprehensive, and liability insurance with a minimum coverage of:
|
Insurance Requirement |
Coverage Amount |
|---|---|
|
Personal Injury |
$100,000 |
|
Property Damage |
$50,000 |
VII. Use of Vehicle:
The vehicle shall be used exclusively for personal purposes and not for any illegal activity. The vehicle will not be used for:
-
Commercial purposes (e.g., Uber, Lyft).
-
Racing or off-road driving.
-
Any activity that could result in damage to the vehicle.
VIII. Termination:
This Agreement may be terminated by either party with 30 days’ written notice. The Sublessor reserves the right to terminate the Agreement immediately if the Sublessee breaches any terms, including failure to pay rent or damage to the vehicle. If the Sublessor terminates the Agreement early, they will refund the pro-rated amount of the sublease fee for any unused days.
IX. Indemnification:
The Sublessee agrees to indemnify and hold harmless the Sublessor from any liability arising from the use of the vehicle during the term of this Agreement. This includes any damages caused by accidents, injuries, or violations of law.
X. Governing Law:
This Agreement shall be governed by and construed under the laws of Louisiana.
IN WITNESS WHEREOF, the parties have executed this Vehicle Sublease Agreement as of the date first above written.
|
Sublessor's Details |
Sublessee's Details |
|---|---|
|
|
|
[Your Name]