Vehicle Lease To Own Agreement

Vehicle Lease to own Agreement
This agreement is entered into this day, May 25, 2022 and shall remain in full force and
effect through December 30, 2022 between Ravenn Miranda refer to as the lessee of
316 Mendiola St., Purok Uno, Alabang, Muntinlupa City, and Lubinco Gutierrez,
married to Virgielyn Gutierrez refer to as the lessor of B9 L24 Japan St., Hamilton
Homes, Bucandala III, Imus Cavite, organized and existing under the laws of the State
of Philippines. The following terms and conditions shall apply for the length of the
lease to own the vehicle:
RECITALS
WHEREAS, the Lessor is the registered owner of the Vehicle,
WHEREAS, the Lessor is desirous of leasing the Vehicle to the Lessee on such terms
as are set out in this Vehicle Lease Agreement (the Agreement”) and the Lessee is
desirous of leasing the Vehicle from the Lessor on said terms,
WHEREAS, this Agreement is a lease-only and Lessee will have no right, title, or
interest in or to the Vehicle except for the use of the Vehicle as described in this
Agreement,
WHEREAS, this Agreement shall be treated as a true lease for applicable state income
tax purposes with Lessor having all benefits of ownership of the Vehicle,
NOW, THEREFORE, IT IS HEREBY AGREED as follows:
DESCRIPTION OF LEASED VEHICLE.

The following vehicle (“the Vehicle”) is the subject of this Lease Agreement:
[Insert the Following Description Asked:]
VEHICLE TYPE: 1.3 A/T COLOR: BLACK

YEAR: 2016 MAKE: HONDA
MODEL: BRIO AMAZE BODY STYLE: SEDAN
MILEAGE: 85,000 odometer LICENSE PLATE: NDB1021
INTENDED VEHICLE PURPOSE: Personal
AMOUNT DUE AT LEASE SIGNING

Lessor and Lessee agree on the following amount due at lease signing, based on these
terms:
AMOUNT DUE AT LEASE SIGNING ₱350,000.00
LEASE COSTS AND FEES SUMMARY.

The Lessor and Lessee agree that at the end of the term of this lease the total cost of the
lease will be ₱350,000.00 excluding any costs for repairing any excess wear and tear of
the Vehicle.
TOTAL MONTHLY PAYMENT ₱36,000.00

TOTAL COST OF LEASE ₱350,000.00
FORM OF PAYMENT.
Initial Down payment of ₱150,000.00 Payments may be made by personal check,
cashier’s check, money order, certified check, cash, or by any other means agreed upon
by the Lessor and Lessee. Then monthly payments of ₱36,000.00 till September are to
be made on the 30th day of each month with the first payment due on the first payment
day that occurs after the effective date of this lease. Payments are to be paid to the
Lessor at the address listed above, unless the parties agree that payment is to be
submitted elsewhere.
GAP LIABILITY NOTICE.
In the event of theft or damage to the Vehicle that results in a total loss, there may be a
gap between the amount due upon early termination and the proceeds of your insurance
settlement and deductible. THIS LEASE PROVIDES THAT LESSEE IS LIABLE
FOR THE GAP AMOUNT.
INSURANCE.
Lessee must maintain Automobile Liability Insurance in the form of any applicable
bodily injury and property damage coverage, and collision and comprehensive
insurance. Proof of insurance or the insurance card must be provided to the Lessor
upon request. The Lessee is responsible for ensuring the Vehicle based on its full value.
The Lessor will be named as the registered owner and as “Additional Insured” and loss
payee in the insurance policy.
TAXES AND FEES.

During the term of this Lease, the Lessee shall pay all applicable taxes, assessments,
and license and registration fees on the Vehicle.
END OF TERM LIABILITY.

The residual value of the Vehicle is based on a reasonable, good faith estimate of the
value of the vehicle at the end of the lease term. If the actual value of the vehicle at that
time is greater than the residual value, Lessee will have no further liability under this
lease, except for other charges already incurred. If the actual value of the Vehicle is less
than the residual value, Lessee will be liable for any difference up to three (3) times the
monthly payment. For any difference in excess of that amount, Lessee will only be
liable if:
Excessive use or damage representing more than normal wear and use resulting in an
unusually low value at the end of the term.
The matter is not otherwise resolved and Lessor wins a lawsuit against Lessee seeking
a higher payment.
Lessee voluntarily agrees with Lessor after the end of the lease term to make a higher
payment.
Should the Lessor bring a lawsuit against the Lessee, the Lessor must prove that the
original estimate of the value of the leased property at the end of the lease term was
reasonable and was made in good faith. For example, Lessor might prove that the
actual was less than the original estimated value, although the original estimate was
reasonable, because of an unanticipated decline in value for that type of vehicle. Lessor
must also pay for attorney’s fees.
If Lessee disagrees with the value assigned to the vehicle, Lessee may obtain, at
Lessee’s own expense, from an independent third party agreeable to both parties, a
professional appraisal of the value of the leased vehicle which could be realized at sale.
The appraised value shall then be used as the actual value.
EARLY TERMINATION DISCLOSURE.

Lessee may have to pay a substantial charge if this lease is ended early. The charge
may be up to several thousand dollars. The actual charge will depend on when the lease
is terminated. The earlier the lease is ended, the greater this charge is likely to be.
EXCESSIVE WEAR AND USE.

Lessee may be charged for excessive wear based on Lessor’s specifications and
generally accepted standards for normal use. Excessive wear and tear includes, but is
not limited to: damaged glass, damaged body panels, lights, fenders, paint,
dysfunctional accessories, extremely worn tire tread, any damage to the interior, and
any mechanical damage that interferes with the safe and lawful operation of the
vehicle.
PURCHASE OPTION AT THE END OF LEASE TERM. Lessee will have
the option to purchase the leased vehicle.
NOTICE.
All notices required or permitted under this Lease shall be deemed delivered when
delivered in person or by mail, postage prepaid, addressed to the appropriate party at
the address shown for that party at the beginning of this Lease.
ASSIGNMENT.
The Lessee shall not assign, transfer, or sublet any of its obligations, rights, or interest
under this Agreement to any third party, whether an associated entity or not, whether in
whole or in part without prior written consent of the Lessor.
TERMINATION.
If Lessee fails to pay any amount due under this agreement or to comply with any of
the covenants contained in this Agreement, Lessor may terminate this agreement upon
fifteen days written notice and exercise any remedies under applicable law.
EVENT OF DEFAULT.
The Lessee will be in default if the Lessee fails to make a monthly payment on the due
date, the Lessee has misrepresented personal or financial information, the vehicle is
damaged or is beyond repair, the vehicle is not returned at the end of the lease term,
Lessee fails to maintain vehicle insurance as required, or Lessee breaches any other
term of this lease.
SIGNATORIES.
This Agreement shall be executed by [Insert Name of Lessee] and by [Insert Name of
Lessor]. This Agreement shall be effective as of the date mentioned above:
LESSEE:
By: RAVENN MIRANDA. Date:
LESSOR:
By: LUBINCO GUTIERREZ. Date: May 25, 2022

Vehicle Lease To Own Agreement

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Vehicle Lease to own Agreement

NOW, THEREFORE, IT IS HEREBY AGREED as follows:

DESCRIPTION OF LEASED VEHICLE.

VEHICLE TYPE: 1.3 A/T COLOR: BLACK

MILEAGE: 85,000 odometer LICENSE PLATE: NDB1021

INTENDED VEHICLE PURPOSE: Personal

AMOUNT DUE AT LEASE SIGNING

AMOUNT DUE AT LEASE SIGNING ₱350,000.00

LEASE COSTS AND FEES SUMMARY.

TOTAL MONTHLY PAYMENT ₱36,000.00

TAXES AND FEES.

END OF TERM LIABILITY.

EARLY TERMINATION DISCLOSURE.

EXCESSIVE WEAR AND USE.

By: RAVENN MIRANDA. Date:

By: LUBINCO GUTIERREZ. Date: May 25, 2022

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