COMMERCIAL TRUCK LEASE AGREEMENT (EQUIPMENT LEASE)
Template from RigCaptain, rigcaptain.com/guides/commercial-truck-lease-agreement-template
Version: October 2026

GENERAL INFORMATION, NOT LEGAL ADVICE. This is an educational starting point,
not a finished contract. Laws differ by state. Have an attorney licensed in your
state review the agreement before anyone signs it.

This template is for leasing a truck (equipment only) from an owner to a user.
It is NOT the lease an owner-operator signs to haul under a motor carrier's
authority. That lease must meet 49 CFR 376.12 (federal truth-in-leasing rules).

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1. PARTIES
Lessor (owner of the truck): ______________________________
  Business address: ______________________________________
  USDOT / MC (if any): ___________________________________
Lessee (user of the truck): ______________________________
  Business address: ______________________________________
  USDOT / MC: ____________________________________________

2. EQUIPMENT
Year: ______ Make: ____________ Model: ____________
VIN: _________________________________
Odometer at delivery: __________ miles   Engine hours: __________
Included accessories (APU, chains, straps, tarps, etc.): ______________
Condition at delivery: see the signed delivery inspection report and
photos attached as Exhibit A.

3. TERM
Start date and time: ____________  End date and time: ____________
The lease ends on the end date unless ended earlier under Section 14.

4. RENT AND PAYMENT
Rent: $__________ per [week / month], due on ____________.
Payment method: ____________________.
Late fee: $__________ if rent is more than ____ days late.
All amounts due under this lease are listed in this section or in
Exhibit B. No other charges apply unless both parties sign a written change.

5. SECURITY DEPOSIT
Deposit: $__________, held by Lessor.
Lessor may apply the deposit only to: unpaid rent, excess mileage under
Section 7, repairs under Section 12 beyond normal wear, and ______________.
Lessor will return the deposit, less itemized deductions with receipts,
within ____ days after the truck is returned.

6. USE OF THE TRUCK AND OPERATING AUTHORITY
The truck will be operated under the operating authority of:
[ ] Lessee, USDOT/MC ______________   [ ] Other: ______________
Lessee is responsible for drivers being qualified and licensed, for hours
of service, and for operating within legal weight and size limits.
The truck will not be used for: ________________________________.
Lessee will not sublease the truck without Lessor's written consent.

7. MILEAGE
Mileage allowance: __________ miles per [month / year / term].
Excess mileage charge: $______ per mile over the allowance, settled
[monthly / at return].

8. MAINTENANCE AND REPAIRS
[ ] Lessee pays all maintenance and repairs.
[ ] Lessor pays: ________________________________________________.
[ ] Shared as follows: ___________________________________________.
Preventive maintenance schedule: every ________ miles or ____ days.
Tires: paid by __________. Major components (engine, transmission,
aftertreatment) paid by __________.
Who approves a repair over $________: __________.
Records: Lessee keeps receipts and gives copies to Lessor every ______.
Emissions equipment will not be removed, disabled or altered.

9. INSURANCE
Lessee will carry, from insurers acceptable to Lessor:
  Auto liability: $____________ (at least the federal minimum under
  49 CFR 387.9 when operated for hire)
  Physical damage on the truck: value of $____________, deductible $______
  Other (cargo, bobtail / non-trucking liability, occupational accident):
  ____________________________________________
Lessor named as: [ ] additional insured  [ ] loss payee.
Lessee gives Lessor a certificate of insurance before delivery and notice
within ____ days of any cancellation or change.

10. REGISTRATION, PERMITS AND TAXES
Paid by Lessor / Lessee (circle one for each):
  Title and base registration ........... Lessor / Lessee
  IRP apportioned plates ................. Lessor / Lessee
  Heavy vehicle use tax (IRS Form 2290) .. Lessor / Lessee
  IFTA fuel tax reporting ................ Lessor / Lessee
  State permits, tolls, fines ............ Lessor / Lessee
  Sales or use tax on rent ............... Lessor / Lessee

11. TITLE AND LIENS
Lessor keeps title. Lessee will not let any lien attach to the truck and
will not represent the truck as Lessee's property.
Lessor states that the truck is free of liens except: __________________.

12. RETURN OF THE TRUCK
Return location: ______________________.
At return the parties complete a joint inspection, with photos and an ECM
or odometer reading. Lessee pays for damage beyond normal wear and tear,
defined as: ____________________________________________________.

13. OPTION TO BUY (delete if none)
[ ] No purchase option.
[ ] Lessee may buy the truck at the end of the term for $__________.
[ ] Lessee may buy at fair market value, set by: ______________________.
How the option is exercised: written notice ____ days before the end date.

14. DEFAULT AND EARLY TERMINATION
Default includes: rent unpaid ____ days after written notice; insurance
lapse; ______________________.
Cure period: ____ days after written notice.
After an uncured default Lessor may: ______________________.
Early termination by Lessee: ____ days written notice and a fee of
$__________ OR ______________________.
Early termination by Lessor (other than default): ______________________.

15. INDEMNITY
Each party is responsible for claims caused by its own acts or failures.
Specific terms: ________________________________________________.
(Have an attorney write this clause for your state.)

16. GENERAL
Governing law: State of ______________.
Disputes: ______________________.
This agreement and its exhibits are the whole agreement. Changes must be
in writing and signed by both parties.
Notices go to the addresses in Section 1, by ______________________.

SIGNATURES
Lessor: ______________________ Title: ________ Date: ________
Lessee: ______________________ Title: ________ Date: ________

EXHIBIT A: Delivery inspection report and photos
EXHIBIT B: Schedule of all charges