Auto leases are contracts entered when an individual intends to rent an automobile for a period of time. They demand for lesser amount of down payment but in the end, the leaseholder ends up paying more. As the initial amount is quite affordable, one can easily get an eye catcher automobile. Following are the points which should be considered while drafting an auto lease:
- Discuss lease terms regarding the rent amount, time period of lease with the sales representative.
- In case of an accident, or absolute loss of vehicle, your liabilities must be declared, explained and clarified beforehand only.
- Please check the reduction on that particular model of the automobile.
- Compare the entire costs including rent and depreciation with the total amount that is needed to be paid in case if a person had bought the vehicle in addition to its insurance.
- After deciding on the model of the automobile, one must read and review the lease accord and then sign it. The stipulated amount can be paid by cash or cheque.
- The auto lease agreement should contain the lease policies and the signature of the lesser and lessee.
The advantages of auto leases are diverse. Auto leases are convenient as per month the lease-holder has to pay a much lesser amount. The clauses of the auto lease are such that the maintenance of the automobile is not a very big trouble for the leaseholder. Therefore, auto leases can be written effectively by keeping the above mentioned points in mind and further inconsistencies can be avoided.