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Motor Vehicle Lease Agreement Page 2
Motor Vehicle Lease Agreement
3. TAXES, OFFICIAL FEES AND OTHER CHARGES. You will pay when due to us or as we direct all sales, use, property or other taxes and all official fees and charges
of any nature, including titling and registration fees, (together with any interest or penalties not arising from our negligence) imposed in connection with this Lease or levied
on the Vehicle by any federal, state, county or local government authority (excepting, however, any taxes based on our net income). The total amount we estimate you will
pay for official fees and taxes over the Lease Term, whether included with your monthly payment or assessed otherwise, is $________________.
4. DISCLAIMER OF WARRANTIES. Unless checked , the Vehicle is covered by the manufacturer’s new car warranty. Unless the Vehicle is used and we are providing
you a , we are leasing the Vehicle to you “AS IS” and WE DO NOT MAKE ANY EXPRESS WARRANTIES OR
REPRESENTATIONS. IN ADDITION, THERE ARE NO IMPLIED WARRANTIES OF MERCHANTIBILITY, BEYOND THE TERM OF ANY WARRANTY WE ARE
MAKING, OR ANY WARRANTY OF FITNESS FOR ANY PARTICULAR PURPOSE OR ANY OTHER IMPLIED WARRANTIES. We are not liable to you or to any other
person for any loss or damage of any kind, however caused, by the Vehicle, its repair, maintenance or equipment, or its failure not covered by a warranty we are making.
We shall not be liable for any interruption of service, loss of business or for any anticipated profit or consequential damages. Any statement we make concerning the model
year of the Vehicle is for identification purposes only.
5. VEHICLE INSURANCE. The vehicle is insured by (refer to insurance requirements in Paragraph 8):
Policy Number
Insurance Company
Insurance Agent
Agent Address
Agent Phone Number
6. SERVICE CONTRACT. While you have no obligation to do so, you understand that you may (subject to the contract being available to us) purchase a contract under
which you will have the right to have a portion of the costs of repair of certain major mechanical breakdowns of the Vehicle and some related expenses paid by the contract
administrator listed in the contract. The term of this protection is the number of months stated here from the date of this Lease or until the Vehicle’s odometer shows the
miles stated here, whichever happens first. If you have elected to purchase a service contract, you have also reviewed the terms of the service contract which describe the
details of this protection and understand that a copy of the filled-in contract will be sent to you as soon as practical. If checked
, you have chosen to purchase the service
contract for the price shown here, which will be paid at Lease signing, if so indicated in paragraph 2.e., or otherwise amortized in the monthly payments.
Months
Miles
Service Contract Price $
7. PAYMENTS AND LATE CHARGE. You agree to make the monthly payments in the amounts and at the times specified in paragraph 2.b. You agree to make any other
payments you owe under this Lease within 10 days of our invoice. If any monthly payment is not paid within 10 days of its scheduled due date, you agree to pay us a late
fee of 5% of the late monthly payment or such lesser amount as may be set by law. The maximum late charge will be $15 if the Lease is su
bject to the Colorado
Uniform Consumer Credit Code, $25 if the Lease is subject to the Kansas Uniform Consumer Credit Code and $10 if the Lease is subject to the Maine Uniform
Consumer Credit Code. You also agree to pay us an administrative charge of $25 if a check you give us is dishonored.
8. VEHICLE INSURANCE REQUIREMENTS. You are required to pay for and provide to us insurance on the Vehicle in the following coverages and amounts: (a) listing
you as a named insured and us as additional insured: Automobile Liability Insurance with limits for bodily injury, death and property damage of not less than the minimums
mandated by the state where the Vehicle is then garaged and (b) listing you as a named insured and Credit Union of Texas, or any other entity we specify, as the loss
payee: (i) Collision Insurance with a deductible amount of not more than $500; (ii) Comprehensive, Fire and Theft Insurance with a deductible of not more than $500; (iii)
Uninsured / Underinsured Motorist Insurance with limits of not less than the minimum liability limits mandated by the state where the vehicle is garaged.
You will continuously provide us evidence of effective insurance in the coverages and amounts specified above. We will not deliver the Vehicle to you prior to receipt of
such evidence. The insurance policy must be issued by a company acceptable to us, be primary, provide us with 10 days advance notice of any cancellation or change of
coverage and otherwise be acceptable to us.
You authorize us to: (a) receive or collect any money paid under the insurance; (b) direct any insurer to pay all insurance proceeds directly to us; (c) endorse checks or
drafts relating to the insurance payments on your behalf; and (d) settle or release any claim with respect to the insurance. If you have an accident or loss or damage of any
kind to the Vehicle, you must promptly notify the insurance company and us, and you must do the things required by law and by the insurance company to protect our
interest. If you do not provide us with evidence that the required insurance is in force, at our option we may buy insurance to protect our interest in the Vehicle. If we do so,
you must repay us for the premiums of such insurance. THE INSURANCE WE BUY MAY PROTECT ONLY OUR INTEREST AND WILL NOT INCLUDE LIABILITY
INSURANCE YOU ARE REQUIRED BY LAW TO HAVE, AND THE PREMIUM EVENTUALLY CHARGED TO YOU CAN BE QUITE HIGH. EVEN IF WE ARE ABLE TO
PURCHASE SOME FORM OF INSURANCE WHICH PROVIDES SOME COVERAGE OR PROTECTION FOR YOU AND DECIDE TO DO SO, THE CHANCES ARE
THAT THE PREMIUM WILL BE MUCH HIGHER THAN IF YOU PURCHASED IT YOURSELF.
If Florida law applies, the valid and collectible liability insurance and personal injury protection of any authorized rental or leasing driver is primary for the limits
of liability and personal injury protection required by § 324.021(7) and 627.736 Florida statutes.
9. TITLING AND REGISTRATION. Legal title to the Vehicle will be in our name, and the Vehicle will be titled and registered by you or us as we direct.
10. VEHICLE MAINTENANCE, OPERATING COSTS AND USE. You agree, at your expense, to maintain the Vehicle in good working order and see that all needed
maintenance, service and repairs are performed when needed, but at least as often as set forth in the owner’s manual for the Vehicle, or as requested by the manufacturer
in connection with any recall program. We may require you to produce receipts indicating that all such maintenance, service and repairs have been performed, and you
agree to retain any such receipts throughout the term of the Lease. You understand you must obtain and pay for all gas, oil, fluids, anti-freeze, replacement tires and other
operational expenses for the Vehicle. You agree to take the Vehicle to an appropriate factory authorized dealer for all service and repairs under any manufacturer’s
warranty. You agree that, upon request, we may inspect the Vehicle at any reasonable time. You agree that you will not make any changes to the Vehicle (such as adding,
removing or modifying any accessories, equipment or parts) which would decrease its economic value or functional utility. All changes made to the Vehicle which cannot be
removed or modified without decreasing its economic value or functional utility will become our property when such changes are originally made.
You are responsible to make sure that neither you nor anyone else will: (a) use the Vehicle for any illegal purpose or in any way which is illegal; (b) use the Vehicle in any
way which would cause cancellation or suspension of the required insurance; (c) use the Vehicle as a public or private carrier; or (d) remove the Vehicle from the state
where you reside when you sign this Lease for more than 30 days or from the United States for any period unless you have our prior written consent.
11. STANDARDS OF EXCESS WEAR AND USE. When you return the Vehicle, it should be in good operating condition and appearance and saleable at wholesale value
without deduction. At early termination, you will be obligated for our expenses to put the Vehicle in this condition, but at the end of the Lease Term you will be liable for the
appraised and/or actual repair costs to put the Vehicle in this condition. The most common costs are for which you may be liable include:
Repair of: (a) inoperative mechanical parts including power accessories; (b) dents, scratches, chips or rusted areas or series of these on the body; (c) mismatched paint or
marks left by special identification; (d) cracks, scratches, pits or chips in the windshield, broken windows or inoperative window mechanisms, broken headlight lenses or
sealed beams; (e) bumper dents or scratches through the chrome on bumpers; (f) broken grilles or dents in the grilles; (g) single dents or series of small dents on other trim
parts, including headlight and taillight bezels; and (h) seats, seat belts, headlining, door panels, dashboards or carpeting which is torn, damaged or burned.
Replacement of: (i) any tire not part of a matching set of 5 tires (or 4 with emergency spacesaver spare), or tires with less than 1/8” of tread remaining at the shallowest
point; and (j) missing parts, accessories and adornments, including bumpers, ornamentation, aerials, hubcaps, chrome stripping, rearview mirrors, radio and stereo
components and spare tire.
You also recognize that if the Vehicle has suffered frame damage or substantial other damage or if its odometer has been inoperative or tampered with, even though the
damage or odometer may have been repaired, the value of the Vehicle will be substantially less than the value of an identical Vehicle which has not had frame damage or
suffered substantial other damage or had an inoperative odometer or one which was tampered with. You understand that your obligations include this difference.
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source: fairlease.org
Motor Vehicle Lease Agreement