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.
Lease Agreement With Option To Purchase In Phoenix
Category:
State:
Multi-State
City:
Phoenix
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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"A lease option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property at a specified price. An Arizona rent-to-own lease agreement is a rental contract that includes an option to purchase the property under pre-negotiated terms.A lease agreement with option to purchase gives the buyer the right to buy the property at the end of the lease. If considering this type of arrangement prior to the close of escrow on the purchase, there should be a separate lease agreement entered into. A leaseoption agreement gives the tenant the option to purchase the house at the end of the lease. Option agreements entail that the buyer-tenant has a choice to purchase the property once the rental agreement period concludes after paying an option fee. Option agreements entail that the buyer-tenant has a choice to purchase the property once the rental agreement period concludes after paying an option fee. Allows tenants to not only lease a property but also includes an option to buy it at a predetermined price. Required Lease Disclosures. Rent-to-Own Lease Agreement – The tenant pays rent like a typical lease with the option of having the legal right to buy the property.