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.
Mecklenburg North Carolina Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own A Mecklenburg North Carolina Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property, also known as Lease to Own or Rent to Own, is a legally binding contract that allows individuals to lease or rent personal property for a specified period of time with the option to purchase and become owners of the property in the future. This arrangement can apply to various types of personal property, such as furniture, electronics, appliances, vehicles, and more. Within Mecklenburg County, North Carolina, there are different types of Lease or Rental Agreements of Personal Property with the Option to Purchase and Own, tailored to meet the specific needs and preferences of both the lessor and lessee. Some variations include: 1. Standard Lease to Own Agreement: This type of agreement outlines the terms and conditions of the lease period, monthly rental payments, the duration of the agreement, and the purchase price of the property. It provides the lessee with an option to buy the property at a predetermined price at the end of the lease term. 2. Lease with Purchase Option: In this type of agreement, the lessee has the option to purchase the personal property during the rental period or at the end of the lease term. The terms for the purchase price, down payment, and other relevant factors are typically specified in the agreement. 3. Lease-Purchase Agreement: This agreement combines both the lease and purchase elements, allowing the lessee to rent the personal property for a specific period, with a portion of the rental payments applied towards the purchase price. The agreement generally outlines the purchase price, the monthly installments, and the term during which the lessee can exercise the option to buy. 4. Rent-to-Own Contract: This contract typically encompasses all the essential details of the lease period, the rental payments, the purchase price, the option fee (if any), and the terms and conditions upon which the lessee can exercise their right to purchase and own the property. Mecklenburg North Carolina Lease or Rental Agreements of Personal Property with the Option to Purchase and Own Personal Property are designed to provide individuals with greater flexibility when acquiring personal property. These agreements allow lessees to enjoy the benefits of using the property while giving them the opportunity to become property owners in the future. It is crucial for both lessors and lessees to carefully review and understand the terms of the agreement before signing to ensure compliance with state and local regulations.
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.
