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The Vehicle Lease Purchase Agreement is a specialized contract commonly used in Nigeria when a party wishes to acquire a vehicle through structured payments over time, with ownership transferring upon completion of payments. This hybrid agreement type combines the benefits of leasing with the eventual ownership rights of a purchase agreement. It is particularly useful for both individual consumers and businesses who prefer to spread the cost of vehicle acquisition over time while having the security of eventual ownership. The document typically includes detailed provisions for payment terms, maintenance responsibilities, insurance requirements, and ownership transfer conditions, all compliant with Nigerian federal and state regulations. This agreement type is governed by multiple Nigerian laws including the Hire Purchase Act and must reflect current financial regulations and consumer protection requirements.

1. Parties: Identification of lessor/seller and lessee/purchaser with full legal names and addresses

2. Background: Context of the agreement and brief description of the transaction

3. Definitions: Definitions of key terms used throughout the agreement

4. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, color, and current condition

5. Purchase Price and Payment Terms: Total purchase price, deposit amount, monthly payments, payment schedule, and interest rate

6. Title and Ownership: Provisions regarding transfer of title, ownership rights during lease period, and final transfer upon completion

7. Delivery and Acceptance: Terms regarding vehicle delivery, acceptance inspection, and documentation

8. Insurance Requirements: Mandatory insurance coverage, responsibilities for maintaining insurance, and claims procedures

9. Maintenance and Repairs: Responsibilities for vehicle maintenance, repair obligations, and authorized service providers

10. Use of Vehicle: Permitted uses, geographical limitations, and restrictions on vehicle use

11. Default and Remedies: Events of default, cure periods, and available remedies for both parties

12. Termination: Conditions for early termination, process, and consequences

13. Governing Law: Nigerian law as governing law and jurisdiction for disputes

14. Execution: Signature blocks and execution requirements