Motor Vehicle Lease Agreement

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Samples legal papers
March 14, 2023

Motor Vehicle Lease Agreement

This Auto Lease Agreement made this ______ day of ____________, 20__between Wades Auto Sales and Parts LLC, (Lessor) of address _______ [address] and ___________________ (Lessee) of address_______ [Address] organized and existing under the laws of the State of Bahamas

Background

The motor vehicle given to you by Wades Auto Sales and Parts is leased to you and not sold to you. It still remains the property of Wades Auto Sales and Parts unless you purchase it according to the terms of this agreement. We reserve the right of ownership until the motor vehicle is purchased and full payment is made.

FOR GOOD AND VALUABLE CONSIDERATION, THE PARTIES AGREE AS FOLLOWS:

  1. Customer Details

Name _____________________________

Cell Number _____________________________

Home ________________________________

Occupation __________________________

Work Number __________________________

National Insurance Board Number __________________________

Passport Number __________________________

Bank Number _________________________

Branch Transit Number _________________________

Auto Insurance______________________

Insurance Company Name _____________________________

  • Leased Auto. Subject to the terms and conditions of this Lease, Lessor hereby Leases to the Lessee a motor vehicle with the following description;

Make of Vehicle______________________,

Model of Vehicle ____________________,

License plate ________________,

Year of Vehicle __________________,

Vin # of _____________________,

Price of Vehicle _____________________

  • Term

This agreement shall be operative as from the effective date until _______________________.

  • Payment Terms

 As consideration for this Lease, Lessee shall pay $______ monthly on a month to month basis; or

As consideration for this Lease, Lessee shall pay $______ on a weekly basis;

 Or

As consideration for this Lease, Lessee shall pay $______ on a bi-weekly basis.

  • Purchase Option

Lessee shall have the option to end its Lease with a 30 day advanced notice or convert to Lease to Purchase and Car will be sold at Fair market value.

No refunds shall be made once a customer purchases a vehicle from Wades Auto Sales and Parts.

  • Maintenance Expenses. Lessee shall be responsible for all expenses that shall result as a part of the normal wear and tear of the automobile. Lessee also agrees to comply with the Lessor’s requirements of Maintenance of the Vehicle such as tire rotation and replacement, replacement of air filter, replacements of hoses clamps, belts, spark plugs, oil changes, which Mobil 1 Full Synthetic Oil must be used.
  • Insurance. Lessee must maintain Automobile Liability Insurance as required by State Law. A copy of the insurance card must be provided to the Lessor upon request.
  • Damage of Destruction. If the Leased Auto is destroyed or damaged, the Lessee agrees to be held fully responsible for any charges that may stem from the damage of said automobile.
  • Dispute

In the event of a dispute between the lessee and lessor, the matter in dispute shall be solved by both parties in good faith.

If an amicable decision is not reached, the matter shall be adjudicated by any court of competent jurisdiction.

  1. Governing Laws

This agreement has been made, construed and interpreted in accordance with the laws of the State of Bahamas.

  1. Authority. 

Each of the individuals executing this Lease on behalf of the Lessee or the Lessor represents to the other party that such individual is authorized to do so by requisite action of the party of the Lease.

LESSOR: _______________________________ DATE: ___________________

LESSEE: _____________________________ DATE: ___________________

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