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.
Cuyahoga Ohio Lease or Rental Agreement of Personal Property with Option to Purchase and Own — Lease or Rent to Own When it comes to leasing or renting personal property in Cuyahoga, Ohio, individuals have the option to enter into a Lease or Rental Agreement with an added benefit — the option to purchase and own the personal property at the end of the lease term. This unique arrangement, known as Lease or Rent to Own, provides flexibility and allows potential buyers to test out the property before committing to the purchase. With various types of personal property available for lease or rent to own in Cuyahoga, Ohio, individuals can find the perfect match for their needs. Some common types of personal property include: 1. Furniture Lease or Rent to Own: This type of agreement enables individuals or families to lease stylish and high-quality furniture for their homes. Whether it's a complete living room set, bedroom furniture, or dining room essentials, residents of Cuyahoga can furnish their homes without having to worry about the upfront costs. 2. Appliances Lease or Rent to Own: From refrigerators and washing machines to televisions and sound systems, leasing or renting appliances through a Rent to Own agreement is an excellent option for individuals who may not have the means to purchase upfront. This arrangement allows tenants to enjoy the latest technology and upgrade their appliances as needed. 3. Electronics Lease or Rent to Own: Technology enthusiasts can take advantage of lease or rent to own agreements for various electronic gadgets. This includes smartphones, laptops, gaming consoles, and more. Those residing in Cuyahoga can keep up with the latest trends and upgrade their devices at the end of the lease term. 4. Vehicle Lease or Rent to Own: For individuals in need of reliable transportation, Cuyahoga also offers the option to lease or rent to own vehicles. This provides an opportunity for those with financial constraints or poor credit scores to access a quality vehicle for commuting or personal use. At the end of the lease term, tenants can decide to purchase the vehicle or choose a different one. 5. Tools and Equipment Lease or Rent to Own: Professionals or DIY enthusiasts in Cuyahoga can conveniently lease or rent to own tools and equipment needed for specific projects. This option is ideal for individuals who have short-term or occasional needs for specialized tools such as power tools, lawnmowers, or construction equipment. During the lease term, individuals residing in Cuyahoga will make monthly payments towards the rental cost. A portion of these payments may also go towards the eventual purchase price of the property. This allows lessees to build equity in the personal property they have chosen to lease. The Lease or Rental Agreement of Personal Property with Option to Purchase and Own in Cuyahoga, Ohio, provides an alternative solution for individuals who are not yet ready or able to invest in outright ownership. This option enables residents to enjoy the benefits of personal property without the immediate financial burden, all while potentially becoming the owner of the leased property in the long run.
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.
