The Consumer Leasing Act (15 USC 1667 et. seq.) was passed to assure that meaningful and accurate disclosure of lease terms is provided to consumers before entering into a personal property lease. It applies to certain consumer leases of personal property. This form does NOT include such disclosures.
For any consumer lease subject to this Act, the lessor must disclose such information as the following:
" Description of property;
" Amount due at lease signing or delivery;
" Payment schedule and total amount of periodic payments;
" Disclosure of other anticipated charges during normal execution of the lease agreement;
" Total of payments;
" Payment calculation;
" Lease term;
" Early termination conditions and penalties;
" Maintenance responsibilities;
" Purchase option;
" Statement referencing "nonsegregated" disclosures;
" The right of appraisal;
" Liability at the end of the lease term;
" Fees and taxes;
" Insurance and warranties.
A Utah Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own is a legally binding contract between a lessor (owner) and a lessee (renter) in the state of Utah. This agreement allows individuals to lease or rent various consumer electronics, home appliances, and accessories with the added option to purchase and eventually own the leased items. Utah offers different types of Personal Property Lease or Rental Agreements with the option to lease or rent to own. Here are some common variations: 1. Utah Personal Property Lease Agreement with Option to Purchase: This type of agreement allows individuals to lease or rent consumer electronics, home appliances, and accessories with the option to purchase at the end of the lease term. The lessee has the choice to either return the items or exercise the buyout option. 2. Utah Personal Property Rental Agreement with Option to Own: This lease agreement permits individuals to rent consumer electronics, home appliances, and accessories with the opportunity to eventually own the rented items. The lessee has the option to continue renting or decide to purchase the items outright. 3. Utah Consumer Electronics Lease-to-Own Agreement: This specific agreement focuses exclusively on leasing consumer electronics such as smartphones, laptops, gaming consoles, etc., with the option to buy the leased items at the end of the lease period. 4. Utah Home Appliances Rent-to-Own Agreement: This variation of the lease agreement specifically caters to home appliances like refrigerators, washing machines, dishwashers, etc. Lessees have the opportunity to rent these appliances and eventually purchase them after the lease term. 5. Utah Accessories Lease or Rent to Own Agreement: This unique type of contract allows individuals to lease or rent accessories like furniture, decorative items, speakers, etc., with the option to buy them in the future. Lessees have the flexibility to upgrade or change the accessories during the rental period. Regardless of the specific type of Utah Personal Property Lease or Rental Agreement, it is crucial for both lessors and lessees to carefully read and understand the terms and conditions outlined in the contract. This agreement typically includes information such as lease duration, monthly payments, buyout prices, maintenance responsibilities, and any penalties or fees for early termination or damage to the leased items. By utilizing the keywords: Utah Personal Property Lease or Rental Agreement, Consumer Electronics, Home Appliances, Accessories, Option to Purchase and Own, Lease or Rent to Own, potential renters in Utah can easily identify and understand the available options for leasing or renting various types of consumer electronics, home appliances, and accessories with the added benefit of eventually owning these items.
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.
