Financial Lease Agreements (non NCA)

FINANCIAL LEASE AGREEMENT (NON-NCA)

Summary

A person that finances goods for people on a rental basis may consider using this Financial Lease Agreement. Ownership in the Goods may pass to the Lessee at the end of the rental period.

More information

Who should use this Financial Lease Agreement?

This Financial Lease Agreement may be considered for use when a person finances goods for someone else, on the basis that ownership in the goods may pass to the lessee at the end of the period. For example, computers, furniture, audio Goods, vehicles etcetera. This Agreement provides for a rental for a specific term (eg. 24 months), with regular payment obligations (eg. monthly). Before signing this agreement, the lessor is advised to conduct a comprehensive credit check on the lessee, and get the lessee to complete a separate credit application form.

Cautionary Notes:

• Customers are urged to obtain independent tax advice before using this Financial Lease Agreement.
• This Agreement is intended for use in cases where the National Credit Act does NOT apply. Independent legal advice should be sought in cases of uncertainty. 

What does the Financial Lease Agreement say?

The Lease Agreement covers the following issues:  

• Rental
• Duration
• Rental and Fees
• Rates
• Early Settlement
• Goods
• Delivery
• Ownership
• Repairs and Maintenance
• Damages
• Insurance
• Encumbrances
• Breach
• General

• The agreement can be printed onto six A4 pages.

• Complete the relevant details in the agreement.
• Read the document to ensure that it suits your requirements. Make changes as required.
• Ensure that the agreement is signed by both the lessee and you as the lessor. 

• Lease Agreement
• Rental Agreement
• Rent-to-Own Agreement

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