Vehicle Lease Extension

By | August 29, 2012

A vehicle lease extension is a formal and legally binding arrangement made between two parties wherein the owner of a vehicle agrees to lease it to a lessee for a fixed duration of time and in return for fixed amount of lease payment. These extension documents are used to lay down the formal terms and conditions and the important details of the vehicle which is to be leased. Given below is a sample of a vehicle lease extension which can be used by any person for reference purpose.

Sample Vehicle Lease Extension:

This vehicle lease extension is being formed between the LESSOR and the LESSEE wherein the LESSOR owns the vehicle and the LESSEE agrees to pay a certain payment for the usage of the vehicle for 12 months.

Commencement date: 1st May 2012

Termination date: 1st May 2013

The details of the parties are given as follows:

LESSOR details:

Name: Bill Nathan

Address: s-89, Mathew block, Red lane, London

Phone: 47338249493

LESSEE details:

Name: Sarah Marshall

Address: Y-78, first floor, Norton square, London

Phone: 47204923404

The details of the vehicle to be leased are given as follows:

Brand: Chevrolet

Type: car

Model number: Avenger D-90

Colour: Red

Built: 2006

Details of lease payment:

Lease per month: $200

Total lease amount: $2400

Mode of payment: cash

Terms and conditions:

  • The LESSOR must hand over all the legal papers and documents of the vehicle to the LESSEE.
  • The LESSEE has to pay the diesel charges of the car himself during the contract term.
  • The LESSEE must take care of the servicing, maintenance and repair of the car during the term of the lease.
  • The LESSOR holds the right to inspect the car by giving a prior notice to the LESSEE.
  • The LESSEE cannot drive the vehicle outside London without taking permission from the LESSOR.

Signatures:

Bill Nathan                  Sarah Marshall


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