The following lease agreement form is meant to be used by one individual dealing with another individual or a commercial transaction between non-consumers. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
The Federal Consumer Leasing Act, which is part of the Truth in Lending Act, applies to any lease of consumer goods for more than four months in which the total contractual obligation does not exceed $25,000. (It does not apply to leases of real estate.) This law requires the lessor (the owner of the auto you lease, for example) to disclose information before you sign the lease. Among the most important items are
" the capitalized cost -- that is, the cost of the goods being leased (the capitalized cost is negotiable to the same extent that the price of goods is negotiable if you were buying them instead of leasing them);
" the total amount of any initial payment you are required to pay;
" the number and amounts of monthly payments;
" the total amount for fees, such as license fees and taxes;
" any penalty for default or late payments;
" the annual mileage allowance and the extra charges involved if you exceed that allowance;
" whether you can end the lease early, and the method of computing the charge if you do so;
" whether you can purchase the auto at the end of the lease and for what price;
" any liability that you may have for the difference between the estimated value of the auto and its market value at the time you end the lease; and
" any extra payment that you must make at the end of the lease.
Guam Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property — Lease or Rent to Own Keywords: Guam, lease or rental agreement, personal property, option to purchase, own personal property, lease to own, rent to own Description: A Guam Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property, also known as Lease to Own or Rent to Own, offers individuals the opportunity to lease or rent personal property with the option to eventually purchase and own it. This type of agreement is beneficial for individuals who may not have the immediate resources to buy the desired personal property but still want to enjoy its benefits while working towards ownership. There are various types of Guam Lease or Rental Agreements of Personal Property with Option to Purchase, including: 1. Residential Lease or Rental Agreement: This type of agreement applies to personal property intended for residential use, such as appliances, furniture, electronics, or vehicles. It allows individuals to lease or rent these items for a specific period with the option to buy them in the future. 2. Commercial Lease or Rental Agreement: This type of agreement pertains to personal property intended for commercial purposes, such as office equipment, machinery, or commercial vehicles. Business owners or entrepreneurs can lease or rent these items with the goal of eventually owning them. 3. Equipment Lease or Rental Agreement: This type of agreement focuses specifically on leasing or renting equipment, such as construction machinery, medical devices, or specialized tools. Individuals or businesses can utilize the equipment while having the option to purchase it later. 4. Vehicle Lease or Rental Agreement: This agreement covers personal property in the form of vehicles, including cars, motorcycles, or boats. Individuals who require transportation but cannot afford to buy a vehicle outright can lease or rent it with the opportunity to own it in the future. The Guam Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property offers flexibility and convenience for individuals or businesses who want access to personal property without an immediate purchase commitment. It allows them to enjoy the benefits of using the property while working towards ownership.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
