Lease with Option to Purchase Agreement Template

Thursday, November 11th 2021. | Sample Templates

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Anatomy of an Auto Lease Contract Anatomy of an Auto Lease Contract If you plan to lease an auto for personal or business use, the contract with the leasing company will follow a standardized format. The typical auto lease is a closed-end lease, with strict guidelines concerning the use of the car. Another option for business-owned vehicles is an open-end lease. This type simplifies what you need to know about your lease and has few restrictions on the use of the vehicle. A business could use either type of lease to finance a car for the company. Leasing Choices If you plan to lease an auto for personal or business use, the contract with the leasing company will follow a standardized format. The typical auto lease is a closed-end lease, with strict guidelines concerning the use of the car. Another option for business-owned vehicles is an open-end lease. This type simplifies what you need to know about your lease and has few restrictions on the use of the vehicle. A business could use either type of lease to finance a car for the company. Leasing Choices As a business, you can choose from either a closed- or open-end lease. The closed-end variety offers the lowest payment, but puts limitations on your use of the vehicle. An open-end lease costs more on a monthly basis, but you are not restricted on items such as mileage. For example, you may choose a closed-end lease for the business car for your personal use. If the car is for your delivery driver who is on the road all day, an open-end lease is the way to go. Closed-End Lease Numbers As a business, you can choose from either a closed- or open-end lease. The closed-end variety offers the lowest payment, but puts limitations on your use of the vehicle. An open-end lease costs more on a monthly basis, but you are not restricted on items such as mileage. For example, you may choose a closed-end lease for the business car for your personal use. If the car is for your delivery driver who is on the road all day, an open-end lease is the way to go. Closed-End Lease Numbers The first section of a closed-end car lease agreement is a page with all of the dollar amounts and numbers on it. The information provided complies with the disclosure requirements dictated by the Federal Consumer Leasing Act. Although you should review it all and understand how each figure was derived, a few deserve extra notice. The agreed upon value of the vehicle should match the price you negotiated to pay for the car. The cash due at signing and monthly payments should also match your negotiating results. The term of the lease, mileage allowance and excess mileage charge can be very important for a car intended for business use. Closed-End Fine Print The first section of a closed-end car lease agreement is a page with all of the dollar amounts and numbers on it. The information provided complies with the disclosure requirements dictated by the Federal Consumer Leasing Act. Although you should review it all and understand how each figure was derived, a few deserve extra notice. The agreed upon value of the vehicle should match the price you negotiated to pay for the car. The cash due at signing and monthly payments should also match your negotiating results. The term of the lease, mileage allowance and excess mileage charge can be very important for a car intended for business use. Closed-End Fine Print There are several parts of the fine print on the closed-end lease contract you should understand before signing on the dotted line. The leasing company requires you to carry a certain amount of insurance, typically much higher than the state mandated minimums. Read through the excess wear and use clause. This is where the leasing company can hit you with significant extra charges at the end of the lease. Understand the costs involved if you want to get out early and what you need to do at the end of the lease to either turn in the car or buy out the residual. Open-End Lease There are several parts of the fine print on the closed-end lease contract you should understand before signing on the dotted line. The leasing company requires you to carry a certain amount of insurance, typically much higher than the state mandated minimums. Read through the excess wear and use clause. This is where the leasing company can hit you with significant extra charges at the end of the lease. Understand the costs involved if you want to get out early and what you need to do at the end of the lease to either turn in the car or buy out the residual. Open-End Lease You also have the option of leasing a car through your business using an open-end type of lease rather that the widely used closed-end leases for retail car customers. An open-end lease has a simpler form with the major facts being the cost of the vehicle, the selected residual value and the monthly payment. The biggest advantages for a business is that there are no mileage or wear and tear restrictions. With an open-end lease your employees can drive all the miles they need and use and abuse the car to get the job done. Open-End Specifics You also have the option of leasing a car through your business using an open-end type of lease rather that the widely used closed-end leases for retail car customers. An open-end lease has a simpler form with the major facts being the cost of the vehicle, the selected residual value and the monthly payment. The biggest advantages for a business is that there are no mileage or wear and tear restrictions. With an open-end lease your employees can drive all the miles they need and use and abuse the car to get the job done. Open-End Specifics An open-end car lease will include the price you are paying, a flexible residual value — you select the residual amount from an acceptable range — and a monthly lease payment. Insurance requirements will be similar to or the same as for a closed-end lease. The residual will be lower than with a closed-end lease, resulting in a higher payment than with the other lease type. The residual is usually set low enough that you can either purchase the car for the residual and resell it or let the leasing company auction the car and send you a check for the value realized above the residual figure.

References

Writer Bio An open-end car lease will include the price you are paying, a flexible residual value — you select the residual amount from an acceptable range — and a monthly lease payment. Insurance requirements will be similar to or the same as for a closed-end lease. The residual will be lower than with a closed-end lease, resulting in a higher payment than with the other lease type. The residual is usually set low enough that you can either purchase the car for the residual and resell it or let the leasing company auction the car and send you a check for the value realized above the residual figure.

References

Writer Bio Tim Plaehn has been writing financial, investment and trading articles and blogs since 2007. His work has appeared online at Seeking Alpha, Marketwatch.com and various other websites. Plaehn has a bachelor’s degree in mathematics from the U.S. Air Force Academy. Tim Plaehn has been writing financial, investment and trading articles and blogs since 2007. His work has appeared online at Seeking Alpha, Marketwatch.com and various other websites. Plaehn has a bachelor’s degree in mathematics from the U.S. Air Force Academy.

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