An auto lease buyout loan is a loan which a lessee takes from an auto loan lender for the purpose of a lease buyout of an automobile. An auto lease buyout is a condition in which a lessee agrees to buy a car or an automobile which he/she has been using on lease for the entire lease term.
The auto lease buyout loan makes sure that the lessee can pay for the purchase of the automobile. An auto lease buyout loan’s details can be put on a document and in a formal manner, a sample of which has been given below for your help and reference purpose.
Sample Auto Lease Buyout Loan:
This auto lease buyout loan has been formed between a lender and a borrower wherein the borrower is the lessee of the automobile which he/she agrees to buy.
This auto lease buyout loan has been formed as on 24th June 2012 and shall remain into effect for 12 months. The termination date of the loan is thus 24th June 2013.
The details of the parties are given as follows:
Name: Mr. Fred Black
Address: D-90, first floor, Bill tower, London
Contact number: 4029347320
Name: Mr. Tim Reynolds
Address: S-34, second floor, Greg Tower, London
Contact number: 4722480902
The details of the LESSOR of the car have been given as follows:
Name: Mr. Henry Jack
Contact number: 470394734
Details of loan:
Loan amount: $1000
Terms and conditions:
- The Lender agrees to lend the loan amount to the Borrower on the condition of repayment within 12 month’s time.
- The borrower agrees to pay the outstanding amount which is the principle plus interest to the lender within the above mentioned time period.
- The borrower agrees to use the amount only for the auto lease buyout and no other purpose.