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CONTRACT HIRE AGREEMENT
THIS CONTRACT HIRE AGREEMENT (this "Lease") dated this 16th day of February, 2019
BETWEEN:
________________________ of _____________________________________(the "Hirer")
OF THE FIRST PART
- AND -
________________________ of _____________________________________(the "Owner")
OF THE SECOND PART
IN CONSIDERATION of the mutual covenants and promises in this Lease and other valuable consideration, the sufficiency of which consideration the Parties hereby acknowledge, the Owner leases the Vehicle described in this Lease to the Hirer, and the Hirer leases the Vehicle from the Owner on the following terms:
The Hirer will ensure that the Owner is named as registered owner, and as "Additional Insured" and loss payee in the insurance policy (the "Insurance Policy").
IN WITNESS WHEREOF the Parties have executed this Lease on this _______ day of _______________________.
_____________________________________________________(Owner)
_____________________________________________________(Hirer)
NOTICE TO THE HIRER:(1) This is a lease. You are not buying the motor vehicle previously described;(2) Do not sign this Lease before you read it or if it contains any blank spaces to be filled in;(3) You are entitled to a completely filled in copy of this Lease when you sign it;(4) Warning -- unless a charge is included in this Lease for public liability or property damage insurance, payment for that coverage is not provided by this Lease.
Hirer Initials
Owner Initials
Itemisation of Gross Capitalised Cost
(A) Value of the vehicle as equipped at the time of entering into the Lease ............................................................................................................
£1
(B) Values and descriptions of accessories and optional equipment the Owner agrees to add to the vehicle after entering into the Lease ...............
none
(C) Premium to be paid for each policy of insurance ................................
(D) Charge for each service contract ..........................................................
(E) Outstanding Lease balance or prior credit balance .............................
(F) Itemisation of any other good or service not included above ..............
(G) Total Gross Capitalised Cost .............................................................
£1.00
Monthly Payment Calculation
Gross capitalised cost. The agreed upon value of the vehicle (£1) and any items the Hirer pays over the Term (such as service contracts, insurance, any outstanding prior credit or Lease balance) ....................................................................................................
Capitalised cost reduction. The amount of the trade in allowance and down payment made by the Hirer to reduce the gross capitalised cost ...................................................................................................................
-
£__________
Adjusted capitalised cost. The amount used in calculating the periodic payments ..................................................................................................(This amount along with the additional early termination charges will be used in determining your early termination liability.)
=
Residual Value. The value of the vehicle at the end of the Lease used in calculating the base monthly payments ................................................
Depreciation and any amortised amounts. The amount charged for the vehicle's decline in value through normal use and other items paid over the Term ............................................................................................
Interest charge. The interest charged in addition to the depreciation and any amortised amounts .......................................................................
+
£0.00
Total of base monthly payments. The depreciation and any amortised amounts plus the interest charge ...............................................................
Lease payments. The number of payments in your Lease .....................
/ 1
Base monthly Payment............................................................................
Monthly VAT..........................................................................................
x 1
Total Monthly Payment...........................................................................
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