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MCS 116 (08/25/2024)FORHIRE VEHICLES LEASE AGREEMENTVirginia Department of Motor Vehicles Post Office Box 27412 Richmond, Virginia 232690001 www.dmv.virginia.govPurpose:Use this form to execute a
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How to fill out mcs 116for-hire vehicles lease

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How to fill out mcs 116for-hire vehicles lease

01
Obtain the MCS-116 form from the appropriate regulatory authority or website.
02
Read the instructions carefully to understand the specific requirements for filling out the lease form.
03
Enter the name and contact information of the lessor (the person or entity leasing the vehicle).
04
Provide the lessee's information, including their name and address.
05
Fill in the details of the vehicle, including the Vehicle Identification Number (VIN), make, model, and year.
06
Indicate the terms of the lease including the duration and any financial arrangements.
07
Sign and date the form to certify the information is accurate and complete.
08
Submit the completed MCS-116 form to the appropriate regulatory body as required.

Who needs mcs 116for-hire vehicles lease?

01
Any individual or business involved in the leasing of for-hire vehicles must fill out the MCS-116 form.
02
Transportation companies that operate under for-hire regulations are required to have this lease form.
03
Owners who lease their vehicles to drivers for commercial purposes need to complete the MCS-116.
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The MCS 116 for-hire vehicles lease is a form used by lessors and lessees of commercial vehicles to document leasing agreements within the for-hire transportation industry.
Lessees and lessors of for-hire vehicles that operate in interstate commerce are required to file the MCS 116 form.
To fill out the MCS 116 form, include information such as the names and addresses of both the lessor and lessee, vehicle details, lease terms, and signatures of the parties involved.
The purpose of the MCS 116 form is to provide a legally binding record of the lease agreement between the owner of the vehicle and the operator, ensuring compliance with federal regulations.
Information that must be reported includes the names of the parties involved, vehicle identification number (VIN), type of vehicle, the duration of the lease, and terms of service.
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