If you plan to lease an automobile you may wish to familiarize yourself with a standard lease agreement example.

If you plan to lease an automobile you may wish to familiarize yourself with a standard lease agreement example. Contract examples can be picked up from the auto dealer. It is recommended that you examine the document prior to making any decision. When you have the contract template to study where you are not under the pressure of a salesperson you can make a more informed decision.

The law that allows for a three day “cooling off period” or “right to cancel” does not apply to automobile leases or purchases. So, it is very important you read the agreement example and verify the figures prior to signing.

Certain facts are required by Federal Law to be included in the contract. Be sure that the following are included and understood: monthly payment, amount due at signing, total of payments, how the monthly payment was determined, other charges, early termination statement, and wear and tear explanation.

While this gives you a great deal of information you still need to consider other information. Regulations do not require the actual figures to be in the contract. The amount you are being credited for your trade-in, the vehicle’s price, finance charges, or even if the monthly payment is calculated correctly. Many times there are mistakes that may or may not be intentional. You must catch any error and have it corrected prior to signing the contract. If you wait it will be too late.