Financial Lease Agreement non-NCA

FINANCIAL LEASE AGREEMENT

Non-NCA

Summary A lender that finances goods (such as vehicles, equipment, office furniture etc) for people on a financial rental basis may consider using this Financial Lease Agreement (non-NCA). Provision is made for ownership in the goods to pass to the lessee at the end of the rental period, if this is what the lender and borrower agree.

Note: This Agreement is intended to be used in cases where the National Credit Act does not apply.

Why would I need a Financial Lease Agreement? A Financial Lease Agreement may be used when a lender 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 etc. This contract provides for the payment of a rental over a specific term with regular payment obligations.

What does the Agreement say? This Financial Lease covers: Duration; Rental, Fees and Rates; Early Settlement; Goods, Delivery and Ownership; Repairs and Maintenance; Damages and Insurance; Encumbrances; Breach and General.

How long is the contract? This template can be printed onto six pages.

What do you need to do to use this Financial Lease Agreement (non-NCA)?

• Read the template agreement to ensure that it suits your requirements. Make changes as required.
• Complete the relevant details in the Financial Lease contract.
• Ensure that the documents are signed by both the financier and the borrower.

Before signing this agreement, the financier is advised to conduct a comprehensive credit check on the borrower, and get the borrower to complete a separate application form for a credit facility.

This Agreement is intended for use in cases where the National Credit Act does not apply. We recommend that you obtain specialist advice before using a Financial Lease Agreement.

Also known as: Finance Agreement; Lease Agreement; Financial Rental Agreement; Rent-to-Own Agreement

Also viewed: Financial Lease Agreement

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