Lease Purchase Agreement for tractor trailer Form 2024

Lease Purchase Agreement for tractor trailer Form: What You Should Know

A lease and sale, or other similar transaction of motor vehicles will be made and completed by the Leasing Agent. A lease or sale, or other similar transaction involving a motor vehicle is not a legal sale or lease and the following requirements must be met if the Sale or Lease or Sale of a Motor Vehicle or motor vehicle parts is in, will be or will be completed by the Leasing Agent. The Leasing Agent is required to disclose the terms of the transaction including the location of the Sale or Lease or Sale of Motor Vehicle or motor vehicle parts that is the subject of the transaction, if the disclosure is in writing on a form prescribed hereinafter, and provide the notice, if any, described in Paragraph (a). Additionally, the Leasing Agent must provide the sale or lease or sale of a motor vehicle or motor vehicle parts that is the subject of the transaction, upon request, and any applicable information regarding the transaction. The Leasing Agent must deliver the required information and documents listed in Paragraphs (a) and (b) no later than 5:00 p.m. on the 3rd working day following the date of receipt. When delivering the required information and documents, the Leasing Agent must provide, where it is feasible, a separate container labeled and designed so that the required information and documents are retained by the Leasing Agent when it is not delivered to the buyer, a copy of that container's label. The Leasing Agent, upon receipt of the form, must promptly mail it to the customer, and in the presence of a third person if the form is delivered by mail, or at the customer's request, by the customer. The Leasing Agent must immediately mail to the customer, within 10 business days, any information that is missing, illegible, incomplete, incorrect, or inconsistent with the information received from the customer. The Leasing Agent must maintain proper records to document all deliveries of the forms. If an individual or a business refuses to sign and deliver the form within the time provided by the Leasing Agent, the Leasing Agent must not proceed with the sale or lease of the motor vehicle or motor vehicle part and must return the form for correction to the customer. The Leasing Agent's records must be kept in accordance with Section 6.04(c) of the Uniform Commercial Code to ensure compliance with applicable federal and state regulations.

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