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  • Vehicle Lease Agreement For Ofam Use Only

Get Vehicle Lease Agreement For Ofam Use Only

STATE OF CALIFORNIADEPARTMENT OF GENERAL SERVICESVEHICLE LEASE AGREEMENTOFFICE OF FLEET AND ASSET MANAGEMENTDGS OFAM 507 (Rev. 05/2018)SaveClearSubmitAgency Update (Driver/Billing Information) New.

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How to fill out the VEHICLE LEASE AGREEMENT For OFAM Use Only online

Completing the Vehicle Lease Agreement is an important step in facilitating your vehicle leasing process. This guide provides a clear, step-by-step approach to filling out the necessary sections of the form online, ensuring all important details are accurately captured.

Follow the steps to fill out the form accurately and efficiently.

  1. Click ‘Get Form’ button to obtain the form and open it in the editor.
  2. Fill in the driver information section. Provide your department or agency name, division, unit or office, and driver's license number. Include your full name, office address, agency billing code, expiration date, room number, A-Card number (required for non-exempt vehicles), city, zip code, office phone number, work cell phone number, and work email address.
  3. Complete the fleet coordinator's contact information. This includes their office phone number and work email address.
  4. Input your current or returning vehicle information. Include the equipment number, license plate number, the type of license plate, voyager card number, exempt status, vehicle year, make, model, color, and current mileage.
  5. Acknowledge and agree to the terms indicated by signing your name in the ‘Driver’s Name (Printed)’ field. Additionally, provide your signature, the date, and the time of completion.
  6. For OFAM use only, fill out the new/deploying vehicle information if applicable. This includes the equipment number, license plate number, plate type required, voyager card number, exempt status, vehicle year, make, model, color, mileage, fiscal year, and any relevant notes regarding vehicle condition.
  7. After filling out all required fields, make sure to save your changes. You may choose to download, print, or share the completed form as necessary.

Take the next step in managing your documents by completing the Vehicle Lease Agreement online today.

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Residual value and a lease buyout are two different things. A lease buyout is an option that is contained in some lease agreements that give you the option to buy your leased vehicle at the end of your lease. The price you will pay for a lease buyout will be based on the residual value of the car.

In most cases, the answer is no. Related: Is Now the Time to Buy Out Your Car Lease? “The lease-end purchase option price is set forth in the lease contract and cannot be negotiated down,” said Michael Sin, co-founder of leasing information site Leasehackr.

Closed-end leases — With a closed-end lease, if the car ends up being worth less than the residual value when the lease is up, you can still turn the car in and walk away with no obligation other than to pay what you've promised to pay for things like mileage overages.

And in the current market environment, if your vehicle is worth more than the residual value, it gives you additional leverage in negotiating any lease-end fees based on excess mileage or excessive wear and tear.

Residual value means the estimated price of the car at the end of the lease period. It's also called lease-end value or lease-end buyout price.

It's the estimated amount the vehicle is worth at the end of the lease. In other words, it's the buyout price and what you'll pay if you decide to purchase the car when the lease terminates. The residual value is calculated in your contract as a percentage of the car's MSRP (manufacturer's suggested retail price).

Closed-End vs. There are typically two types of leases: an open-end lease and a closed-end lease. An open-end lease has more flexible terms and the lessee takes on the depreciation risk of the asset. In a closed-end lease, the lessor takes on the depreciation risk, but the terms are more stringent.

Can you negotiate a car residual value? It's also important to know that the car's residual value is set by the leasing company. It is not set by the dealer and it is not negotiable. Because of this, different leasing companies may offer different residual rates.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232