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.
Chicago, Illinois Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own Are you looking for a flexible and affordable way to acquire personal property in Chicago, Illinois? Look no further than the various lease or rental agreements with an option to purchase and own personal property available in this vibrant city. Whether you're in need of furniture, appliances, electronics, or any other type of personal property, this unique leasing option allows you to enjoy the use of the items without committing to an immediate purchase. There are different types of lease or rental agreements with an option to purchase and own personal property in Chicago, Illinois. Let's explore some of them: 1. Furniture Lease or Rent to Own: Furnishing your home can be expensive, but with a furniture lease or rent to own agreement, you can enjoy stylish and comfortable furniture without breaking the bank. Choose from a wide range of options, including sofas, beds, dining sets, and more. With the option to purchase, you have the freedom to decide if you want to buy the furniture at the end of the lease term. 2. Appliance Lease or Rent to Own: Need new appliances for your kitchen or laundry room? An appliance lease or rent to own agreement allows you to have access to state-of-the-art appliances without the hefty upfront cost. From refrigerators and ovens to washers and dryers, you can find the perfect appliances to suit your needs. Decide if you'd like to own them at the end of the lease term, based on your usage and satisfaction. 3. Electronics Lease or Rent to Own: Stay up-to-date with the latest technology with an electronics lease or rent to own agreement. Whether you're in need of a new television, laptop, gaming console, or smartphone, this option lets you enjoy the benefits of owning these devices without the large initial investment. As the lease term concludes, you have the choice to own the electronics outright. 4. Vehicle Lease or Rent to Own: Leasing or renting to own a vehicle is a practical option for those who need transportation in Chicago, Illinois. If you're not ready to commit to purchasing a car, you can enter into a lease agreement that allows you to enjoy the benefits of owning a vehicle while avoiding the higher upfront costs associated with buying. At the end of the lease term, you can choose to buy the vehicle or explore other options. When considering a lease or rental agreement of personal property with an option to purchase and own in Chicago, Illinois, it's vital to carefully read and understand the terms and conditions outlined in the agreement. Such agreements typically cover the lease duration, monthly payments, maintenance responsibilities, insurance requirements, and the process for exercising the option to purchase the personal property. Chicago offers a range of leases or rental agreements with options to purchase and own personal property, enabling individuals and families to acquire the items they desire without the immediate financial burden. Whether you're furnishing a new home, upgrading your appliances, or staying on top of the latest technology, there's a lease or rent to own option in Chicago, Illinois that meets your needs.
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.
