Motor Vehicle Lease Agreement - Free Download
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MOTOR VEHICLE LEASE AGREEMENT
This Motor Vehicle Lease Agreement, referred to as the “Lease,” is a closed-end lease, which covers the lease of the motor vehicle described below. As used in this Lease,
the words “Lessor,” “we,” “our” and “us” refer to the person or entity described above as Lessor or anyone to whom this Lease is assigned. The words “Lessee,” “you,” and
“your” refer to each person or entity who signs this Lease as Lessee. The words “Lease Term” refer to the scheduled term of this Lease. The word “Vehicle” refers to the
vehicle you are leasing under this Lease. The disclosures included in this Lease are also made on behalf of Credit Union Services Incorporated (CUSI).
1. DESCRIPTION OF VEHICLE.
New
Year
Make
Model
Body Style
Mileage
Serial Number
Used
If a vehicle is being traded in to reduce the capitalized cost, the trade in is a _______ ________________ ______________ and the credit amount is shown in paragraph
Year Make Model
2. FEDERAL CONSUMER LEASING ACT AND OTHER DISCLOSURES.
a. Amount Due at Lease
Signing or Delivery
(itemized below)*
$ __________________
b. Monthly Payments
Your first monthly payment of $ ________
is due on ________________, followed by
______ payments of $ ______________*
due on the _____ of each month
beginning on _____________. The total of
your monthly payments is $ _________*+.
c. Other Charges
(not part of your monthly payment)
Disposition Fee (if you do not
Purchase the Vehicle) $ ________________
Total $ _______________
d. Total of Payments
(the amount you will have paid
by the end of the Lease)
$ ________________
* Itemization of Amount Due at Lease Signing or Delivery
e. Amount Due at Lease Signing or Delivery
i. Capitalized cost reduction $ ______________
ii. Tax on capitalized cost reduction ______________
iii. First monthly payment (incl. tax) ______________
iv. Refundable security deposit ______________
v. Title and registration fees ______________
vi. Membership fee ______________
vii. Upfront sales/use tax on vehicle ______________
viii. ___________________ ______________
Total $ ______________
f. How the Amount Due at Lease Signing or Delivery will be Paid:
Net Trade-In Allowance $ _______________
Rebates and Noncash Credits _______________
Amount to be Paid in Cash _______________
Total $ _______________
g. Your Monthly Payment is Determined as Shown Below:
i. Gross capitalized cost. The agreed upon value of the Vehicle ($_______________________) and any items
you pay over the Lease Term (such as service contracts, insurance, and any outstanding prior credit or lease balance). ........................ $ _______________
If you want an itemization of this amount, please check this box.
ii. C
apitalized Cost Reduction.
The amount of any net trade-in allowance, rebate, noncash credit, or cash you pay
that reduces the gross capitalized cost. ........................................................................................................................................ - _______________
iii.
Adjusted capitalized cost.
The amount used in calculating your base monthly payment. ........................................................ = _______________
iv.
Residual value.
The value of the Vehicle at the end of the Lease used in calculating your base monthly payment. ................. - _______________
v.
Depreciation and any amortized amounts.
The amount charged for the Vehicle’s decline in value through
normal use and for other items paid over the Lease Term. ........................................................................................................... = _______________ +
vi.
Rent charge.
The amount charged in addition to the depreciation and any amortized amounts. ............................................. + _______________ +
vii.
Total of base monthly payments.
The depreciation and any amortized amounts plus the rent charge. .................................. = _______________ +
viii.
Lease payments.
The number of payments in your lease. This is also the number of months in the Lease Term. .................. ÷ _______________ +
ix.
Base monthly payment
. ............................................................................................................................................................... = _______________
x.
Monthly sales/use tax.
................................................................................................................................................................. + _______________ *
xi.
_____________________________
............................................................................................................................................. + _______________ *
xii.
Total monthly payment.
............................................................................................................................................................... = _______________
Early Termination. You may have to pay a substantial charge if this Lease ends early. The charge may be up to several thousand dollars. The actual charge
will depend on when the Lease is terminated. The earlier the Lease ends, the greater this charge is likely to be.
h.
Excessive Wear and Use.
You may be charged for excessive wear based on our standards for normal use and for mileage in excess of ___________________
miles per year at the rate of __________________ per mile.
i. Purchase Option at End of Lease Term. You have an option to purchase the vehicle at the end of the Lease Term for the Lease Balance defined in paragraph 12,
plus applicable fees and taxes and any amounts then owed under the Lease.
j. Other Important Terms. See your lease documents for additional information on early termination, purchase options and maintenance responsibilities, warranties,
late and default charges, insurance, and any security interest, if applicable.
* Estimated based on current tax rates
+ Based on Lease going full Lease Term
LESSEE
Name:
Address:
CO-LESSEE
Name:
Address:
LESSOR
Name:
Address:
LEASE DATE:
MEMBER NO.:
LEASE NO.:
source: fairlease.org
