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 Wake
Category:
State:
Multi-State
County:
Wake
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. Generally speaking, leasing a car isn't something that should be done unless you already own a car outright. Leasing a car means agreeing to make a monthly payment and drive the car for a defined number of months and miles. You can either put the lease in your company's name, or alternatively you can sign the lease in your personal name. Leasing generally keeps monthly payments lower, but you don't build equity. Is leasing or buying a car better for you? While leasing can offer lower monthly payments, it's important to consider the total cost of leasing versus buying. Buying a vehicle that's been returned on a lease is a good way to get a relatively new and lightly used car.