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.
Idaho Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own In Idaho, individuals seeking to lease or rent personal property with the option to eventually purchase and own the item have various options. This unique arrangement, commonly known as "lease to own" or "rent to own," allows tenants to enjoy the benefits of using a particular item while gradually building credit towards its purchase. Below, we outline different types of Idaho Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property: 1. Idaho Vehicle Lease or Rental Agreement with Option to Purchase: This type of lease agreement pertains to vehicles, including cars, motorcycles, or even recreational vehicles (RVs). It enables prospective buyers who may not have immediate access to funds or wish to test an automobile before committing to buying it outright. Individuals can lease the vehicle for a specified period, make regular rental payments, and have the option to purchase the vehicle at the end of the lease term. 2. Idaho Furniture Lease or Rental Agreement with Option to Purchase: This category covers leasing or renting furniture for residential or commercial purposes. It includes items such as sofas, dining sets, mattresses, or office furniture. With this lease agreement, tenants can enjoy using the furniture while gradually saving towards owning it outright. These agreements often come with the flexibility to upgrade or exchange furniture items during the lease period. 3. Idaho Electronics Lease or Rental Agreement with Option to Purchase: This type of lease agreement involves electronic devices such as televisions, laptops, smartphones, or gaming consoles. It allows individuals to keep up with the latest technology trends while deciding if they want to invest in owning the item long-term. Similar to other lease or rental agreements, tenants make regular payments and have the option to purchase the electronics at the end of the lease period. 4. Idaho Appliance Lease or Rental Agreement with Option to Purchase: Appliance lease agreements cater to individuals in need of essential household equipment or appliances. This category includes items like refrigerators, washing machines, dishwashers, or ovens. Tenants can lease these appliances for a specific duration, paying monthly rental fees. At the end of the lease term, individuals have the option to buy the appliances, often with a portion of the rental payments applied towards the purchase price. 5. Idaho Commercial Lease or Rental Agreement for Business Equipment with Option to Purchase: In the business realm, companies often require access to expensive machinery or specialized equipment but may not have the finances readily available. A commercial lease or rental agreement for business equipment allows enterprises to lease the required equipment for a predetermined period. As businesses utilize the equipment, they may have the opportunity to exercise an option to purchase it at the end of the lease term, after completing the necessary payments. In summary, Idaho offers various Lease or Rental Agreement options for individuals looking to rent personal property with the option to eventually purchase and own the item outright. Whether it involves vehicles, furniture, electronics, appliances, or business equipment, these agreements provide flexibility and a pathway to ownership for those who may require it.
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.
