A car lease buyout is a document signed on taking the decision to buy the car that is currently on lease. Often, the lessee decides to purchase the car that had been taken on lease from some lessor for a certain period of time. Buyout decisions are taken under a number of circumstances, such as when one finds the car very much suitable for his/ her needs or maybe when the mileage limit mentioned in the lease has been crossed or in cases of excess damage to the car. Whatever be the reason of buyout, the decision needs to be taken either at the end of the validity of lease or prior to it.
Sample Car Lease Buyout:
This car lease buyout, drawn up on the 5th day of October 2011, has been prepared and presented by the lessee Mark Johannson [permanent address: 87/ II, Nelson Lane, New York] in favour of the decision to buy the car [BMW, model number: B8934N87] which had been taken on lease on the 15th day of October 2006, from lessor Frank Joseph Robert [permanent address: 98, Mandeville Avenue, New York]. The car was taken on lease for a term of five years; hence, the validity of the lease was to end on 15th October, 2011.
The car has been used for almost five years [the term would have completed on 15.10.2011], maintaining all terms and conditions that have been stated in the clauses of the lease. The lessee has now decided to buy the car owing to the excellent service it has delivered through all these years. All payments within the lease term have been cleared and the sum of $450000, as per section 9(b) dealing with lease buyout terms and conditions, has been paid. The lessor has given full consent to the decision of buyout and all documents will now be handed over to Mr. Mark Johannson by the end of the actual term of lease [15th October, 2011]
[Signature of lessee] [Signature of lessor]
Date: 05.10.2011 Date: 05.10.2011