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.
Private Lease Ford Puma In San Bernardino
Category:
State:
Multi-State
County:
San Bernardino
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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FAQ
The main difference between finance leases and operating leases is that a finance lease gives you more effective ownership over the asset and costs a little less, while an operating lease is more expensive, but means you aren't responsible for the maintenance of the asset.
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A finance lease is one in which risks and rewards incidental to the ownership of the leased asset are transferred to the lessee but not the actual owner. Thus, in the case of a finance lease, we can say that notional ownership is passed to the lessee.