LEASE TAKEOVER AGREEMENT

December 19, 2023

LEASE TAKEOVER AGREEMENT

This Agreement is entered on this __ day of _____ 20__ between ___________
(hereinafter referred to as the “Company”) and ______________ (hereinafter
referred to as the “Customer”). Together referred to as “Parties”.
WHEREAS the Customer has a leasing agreement with the original owner
_________;
WHEREAS the Company is desirous of taking over/purchasing the lease agreement;
It is hereby agreed as follows; –
1. Vehicle Details.
The following are the details for the vehicle for the lease takeover; –
Vehicle Type:
Color:
Year:
Make:
Model:
Body Style:
Mileage:
License Plate:
Vin:
Intended Vehicle Purpose:
2. Payment.
Parties agree that the amount of payment will depend on the type of car, the
mileage, the months left on the lease, and whether an early buyout is possible.
The agreed payment herein is _________ to enable the Company to take over the
lease.
The Customer will receive an invoice record of payment to the lessor’s account
made by the Company. After that, the Customer will receive a copy of the finalized
lease payout invoice.
3. Possession.

The Company shall assume financial responsibility and/or liability of the vehicle and
payments in the lease takeover once it has been initiated.
The Company shall take physical possession of the vehicle and all keys once the
contract herein is notarized and the scheduled payments begin, or the complete
buyout is achieved.
Parties agree that the Title to the vehicle shall be mailed to the Company directly
from the lessor and/or the original titleholder once the lease payout is completed in
full.
4. Inspection.
Parties agree that the vehicle shall be inspected at an original manufacturer’s
dealership and/or by a private mechanic prior to the purchase or the lease takeover.
The Customer shall receive the records of the vehicle’s condition as determined by
the Manufacturing Dealership and the Private Mechanic if additionally inspected.
5. Dispute Resolution.
In case of a dispute or conflict between the parties regarding the interpretation or
performance of the terms herein, parties shall initially try to resolve the conflict
through mediation. The dispute shall be referred to arbitration if it fails, whose
decision shall be final and binding upon the parties.
Parties shall cater for their legal costs.
6. Governing Law.
This agreement shall be governed and interpreted in accordance with the Laws of
the State of California.
7. Termination.
The Company herein retains the right to terminate this agreement at any time without
notice for the following reasons; –
i. If there is evidence of identity theft.
ii. If there is evidence of fraud.
iii. If there is evidence, the vehicle has been stolen.
iv. If there is vehicle misrepresentation.
The Company will do its best to carry out a due diligence check before the deal, but
some things get behind the system and the dealership checks.

8. Assignment.
The duties and responsibilities herein shall not be assigned to any third parties.
9. Entire Agreement.
The terms and provisions herein constitute the entire and complete agreement
between the parties in relation to this subject matter. It supersedes any prior written
or oral agreements, promises, or undertakings.
10. Severability.
Suppose any provision of this agreement is deemed invalid or unenforceable. In that
case, the same shall be severed from this agreement, and the remaining provisions
shall continue to remain in full force and effect.
11. Amendment.
Any changes or amendments to this agreement shall be in writing and signed by
both parties to be binding and enforceable.
IN WITNESS WHEREOF, the parties have executed on the date indicated below; –
By the COMPANY; –
Name:
______________________________
Designation:
_________________________
Signature:
___________________________
Date:
_______________________________
Email Address:

By the CUSTOMER; –
Name:
______________________________
Designation:
_________________________
Signature:
___________________________
Date:
_______________________________
Email Address:

_______________________ _______________________

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