An auto lease buyout document is framed when the lessee decides to purchase the automobile that had been taken from the lessor for a specific period of time. The buyout can be executed either by cash or in the form of a loan, and has to be done either by the end of the term of validity of the lease or before the completion of the term. The lease buyout document is as important as the lease document itself and should contain details of all clauses included in the contract, validated by the signatures of both parties.
Sample Auto Lease Buyout:
This auto lease buyout has been prepared and submitted on 7th September, 2011, in response to section 12(c) of the auto lease [lease number: 8932] signed on the 3rd day of September 2007 and valid for five years, that is, till 3rd September, 2012. The automobile [Hyundai Matador, model number: HM98375N] had been taken by Martin David [permanent address: 9/B, Sunshine Apartments, London], referred to as the lessee, from Fredrick George [permanent address: 11A, Park Road, London], referred to as the lessor in the document of auto lease.
The lessee has used the automobile for four years and three days, before submitting the final decision statement of auto lease buyout. All installments of the lease amount, until the 7th of September, 2011 has been cleared and no legal obligations or debts are pending in the name of the lessee. The buyout document has been framed in keeping with all terms and conditions as stated in the original lease document, and has thus been approved by the lessor. The keys, insurance and tax papers and all other important documents of the automobile will be handed over to Mr. Martin David on 16th September, 2011 and the contract will close with the transfer of responsibilities from the lessor to the lessee permanently.
[Signature of lessor] [Signature of lessee]
Date: 07.09.2011 Date: 07.09.2011