What Is A Lease Agreement On A Car

It is recommended to use a vehicle rental agreement when negotiating a vehicle lease between two parties when no dealer rental form has been provided. For example, you can use a car rental agreement if you rent a car or truck from a friend or family member. A vehicle rental agreement also lists all the penalties associated with terminating the lease before the end of the term. Penalties for early termination may include that the balance of the remaining lease payments must be paid with additional fees. Let`s say you decided to rent a car instead of buying one. Once you`ve selected a car, you`ll be presented with a jargon-filled lease that you may not fully understand. You may not know it, but the two most common ways to finance a car are personal contract rental (PCH) and personal contract purchase (PCP). PCH leasing allows you to drive a new car every few years, with relatively low monthly payments and without worrying about the resale value of the car. PCP is similar, but gives you the opportunity to buy the car in the future. When renting a car, there are strict rules and restrictions, so make sure you understand how it works.

7.17 The renter undertakes not to sublet the vehicle. . . .