An auto loan lease is a type of a lease arrangement in which the owner of an automobile, known as the LESSOR agrees to provide loan for purchasing the automobile to the LESSEE. Such auto loan lease documents are formally drafted and consist of the important terms and conditions based on which the parties sign the agreement or contract. Given below is a sample of one such auto loan lease which can be used by any person as a reference document.
Sample Auto Loan Lease
This is an auto lease document which states that Ms. Kate Macklin (LESSEE) has entered an auto loan lease agreement with Mr. John Hams of Hams & Starks Finance Ltd (LESSOR). As per the arrangement Ms. Macklin will be using an Audi A5, 2011 model, white color, and plates no. – CAL 134 on lease from Hams & Starks Finance Ltd. by paying amount in regular installments.
This lease begins on the 24th of May 2011 and holds valid for a period of 2 yrs. After the expiry of the lease, the lessee i.e. Ms. Macklin can purchase the automobile from the financing company by paying a last installment.
Following are the terms which specify the payments:
- The amount to be paid as monthly installments for the use of the vehicle is $ 1000 per month till the period of 2 years expires.
- After the expiry of the period of 2 years the lessees i.e. Ms. Macklin can rightfully purchase the vehicle from Hams & Starks Finance Ltd. by making a last installment/ payment of the amount of $16000. This amount is to be paid excluding the monthly payments that have already been made.
Both the parties hereby agree to the above given terms and give their consent as follows:
Mr. John Ham __________________________
Ms. Kate Macklin __________________________