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.
Ohio Lease or Rental Agreement of Personal Property of Any Type with Option to Purchase and Own Personal Property — Lease or Rent to Own In Ohio, a lease or rental agreement of personal property with an option to purchase and own the property, commonly known as a lease or rent to own agreement, provides individuals with the opportunity to acquire various types of personal property through a rental arrangement. This arrangement allows tenants to gradually build equity while using the leased property before deciding whether to exercise the option to purchase and become the rightful owner. 1. Types of Ohio Lease or Rental Agreement of Personal Property: a) Ohio Lease or Rental Agreement of Personal Property — Electronics: This type of lease or rental agreement entails personal property such as televisions, computers, smartphones, and other electronic devices. It allows individuals to enjoy the latest technology while saving towards eventual ownership. b) Ohio Lease or Rental Agreement of Personal Property — Furniture: This lease or rental agreement covers personal property like couches, tables, beds, and other furniture items. It offers flexibility in furnishing a home without the need for a significant upfront investment. c) Ohio Lease or Rental Agreement of Personal Property — Appliances: Appliance leasing agreements provide individuals with the option to rent essential household appliances such as refrigerators, washers, dryers, and stoves. This allows tenants to conveniently manage their living situation without the immediate need for purchasing these items. d) Ohio Lease or Rental Agreement of Personal Property — Vehicles: Leasing or renting vehicles is a popular option for individuals in need of transportation yet not ready or able to commit to a traditional auto loan. This type of agreement allows tenants to enjoy the benefits of driving a car or motorcycle while deciding whether to purchase it in the future. e) Ohio Lease or Rental Agreement of Personal Property — Musical Instruments: For aspiring musicians or individuals exploring their interest in playing an instrument, renting or leasing musical equipment provides a cost-effective way to enjoy music without the full financial commitment of an outright purchase. f) Ohio Lease or Rental Agreement of Personal Property — Exercise Equipment: Leasing gym equipment, such as treadmills or elliptical machines, offers convenience for those who want to create a workout space at home without the need for a long-term financial commitment. g) Ohio Lease or Rental Agreement of Personal Property — Specialized Tools or Machinery: This type of agreement caters to individuals or businesses that require specialized tools or equipment for specific projects. It allows them to access the necessary gear without the need for a large upfront investment. h) Ohio Lease or Rental Agreement of Personal Property — Recreational Items: Leasing recreational items like boats, jet skis, camping gear, or RVs enables individuals or families to enjoy outdoor activities without the need for outright purchases. Ohio lease or rental agreements of personal property with an option to purchase provide flexibility, allowing individuals to access and use various types of items without requiring a significant initial investment. This arrangement offers the opportunity to decide whether ownership is the right choice while ensuring tenants can meet their current needs and preferences.
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.
