This Lease is meant to be used by one individual dealing with another individual rather than a dealership situation. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
Personal Lease Vs Lease In Clark
Category:
State:
Multi-State
County:
Clark
Control #:
US-00400BG
Format:
Word;
Rich Text
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Description
An "Automobile Lease Agreement" is generally used to describe the formal contract or agreement that binds the leasing customer to the terms and conditions set forth by a leasing company or bank ("financier") . It is usually prepared or provided by the automobile dealership. This type of Automobile Lease is one the methods by which an automobile may be financed. It allows the customer to drive an automobile by making monthly payments to the financier. The payments serve to compensate the financier for the depreciation in value of the automobile during the time it is being driven. The financier will also assess a monthly finance charge that is similar to interest on a loan. This compensates the financier for the use of their money that is tied up in the purchase of the automobile from a dealer. The financier or car dealership actually owns the automobile. The automobile is leased for a specific period of time and is typically returned to the car dealership at the end of that time.
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I am looking at a cpo vehicle that has the first ownership as "Personal lease" for 6000 miles and the 2nd ownership as "Lease" for another 30K miles. Carfax report says the Type of Owner was "Personal lease".I'm wondering if there's any reason that should be a red or yellow flag. E.g. The printed lease form must be labeled "lease agreement," "retail lease agreement," or "motor vehicle lease agreement. You pay taxes on the portion of the car you use. However, the noticeable difference between personal and business leasing is that as a business leaser, you can claim back the VAT. Leasing generally keeps monthly payments lower, but you don't build equity. Is leasing or buying a car better for you? Leases is an extensive subject that covers a variety of topics, including vacancy leases, renewal leases, security deposits, roommates, subletting, and more. Supreme Toyota of Hammond, serving Albany, LA, is your one-stop car dealership to lease or finance your next vehicle!