When leasing an automobile a written contract is essential in order to execute the sale accordingly and efficiently. Contracts are made in order to provide protection and security for the lessee as well as the lessor. .
I have decided to lease a two thousand and two Honda Accord from a local dealership. The lease agreement/contract has many important aspects that must be explained in order to ensure a successful leasing experience. The contract is broken down into sections that pertain to financial and personal aspects. The first section of the contract is personal information such as, name, address, telephone, etc. Of course this is to ensure the lessor, that you are legitimate. The next section covers the information about the car. Vehicle identification number (VIN), body style, color, etc. This is to make sure there is no discrepancy over what kind of car you agreed to, and what kind of car you will get come delivery date. For example, if you special order an artic blue super sports wagon with a CB, and the optional rally fun pack; you do not want to be responsible for a dark green family station wagon with no options. The next section basically tells us about the consumer leasing act. When you lease an automobile there is a federal law that will help you shop for the best deal. Consumer Leasing Act requires leasing companies to inform you of the facts about the cost and terms of their contract. You can use this information to compare one lease with another or to compare the cost of leasing verses buying the same property. The law also limits any extra payment you may have to make at the end of a lease and regulates lease advertising. You as an individual may sue a leasing company if it fails to give you the required information or does it in an improper manner. You may sue for up to 25% of the total of the monthly payments, but not less than $100 or more than $1000 plus any actual damages.
