The Letter Of Intent To Lease Vehicle is a crucial preliminary document in Nigerian business transactions that bridges the gap between initial vehicle lease discussions and the final lease agreement. It is typically used when parties have reached a general understanding but need to formalize their intentions before proceeding with a full lease contract. This document, while predominantly non-binding, demonstrates serious intent and outlines key terms such as vehicle details, proposed lease duration, and estimated costs. It's particularly relevant in Nigeria's business environment where formal documentation of intentions is important for both commercial and legal purposes. The document must comply with Nigerian contract law and vehicle regulations, including requirements set by the Federal Road Safety Commission and relevant state authorities. It serves as a protective measure for both parties by clearly documenting the preliminary agreement and setting expectations for the final lease arrangement.

1. Date and Parties: Full identification of both the prospective lessor and lessee, including registered addresses and business details

2. Expression of Intent: Clear statement expressing the intention to enter into a vehicle lease agreement

3. Vehicle Details: Specific description of the vehicle(s) to be leased including make, model, year, VIN number, and condition

4. Proposed Key Terms: Overview of the main lease terms including proposed duration, estimated monthly payments, and intended use of vehicle

5. Timeline: Expected timeline for finalizing the lease agreement and vehicle delivery

6. Due Diligence: Statement regarding any inspections, verifications or documentation required before finalizing the lease

7. Non-Binding Nature: Clear statement that this is a non-binding letter of intent, except for any specifically binding provisions

8. Signature Block: Space for signatures of authorized representatives of both parties