Takeover Auto Lease

By | August 9, 2011

A takeover auto lease is generally constructed, in legal format, to put forth all details of the contract wherein the auto lease of some individual will be taken over, under full consent of the leasing company and the lease seller also, by a new lease buyer who would act as the lessee to the original leaser for the remaining time period of the lease span.

Sample Takeover Auto Lease:

Lease Number: 568239

I, Oswald Cruise, the lessee-to-be, confirm that I have decided to take over the BMW lease [license plate: 287H87] from the current lessee, Miss Dora Diaz who had taken it from leaser Roberto Freeman, owner of AutoSolutions, on the 2nd of June, 2010 and the lease is due for closure on the 4th day of August, 2011. The detailed contract has been given below:

  • The lease was initiated on 2nd June, 2010 and will remain valid till 4th August, 2011.
  • Payment for the first six months, that is, up to 2nd December, 2010, has been done by Miss Dora Diaz, the amount being $ 40000.
  • After the takeover, the lease will be the responsibility of Oswald Cruise who has cleared all initial payments [$ 27000] of the agreement and will be paying the rest of the amount [$ 18000] on completion of the lease term.
  • All documents of the new lessor – driving license, residential and identity proof certificates have been duly submitted.
  • The contract has been signed in the presence of Mr. James Roberson [legal consultant] and Miss Agatha Longoria.
  • Any damage to the vehicle, from this date onwards, will be the liability of Oswald Cruise, who will be fined and might even be held punishable under law.

Signature(s):

____________________________________________________ [Oswald Cruise]

____________________________________________________ [Dora Diaz]

____________________________________________________ [Roberto Freeman]


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