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.
A Wake North Carolina Lease or Rental Agreement of Personal Property with Option to Purchase and Own is a legal contract that enables individuals in Wake County, North Carolina, to lease or rent personal property with the opportunity to eventually buy and own it. This type of agreement is commonly known as a "lease-to-own" or "rent-to-own" arrangement. In these agreements, a landlord (also referred to as the lessor) allows a tenant (also called the lessee) to use personal property for a specific period of time in exchange for regular rental payments. The lease may include the option for the tenant to purchase and become the owner of the property at the end of the lease term. This provides flexibility for individuals who may not have the immediate financial means to purchase the desired personal property outright. Wake North Carolina offers various types of lease or rental agreements for personal property, accommodating different needs and preferences. These can include lease-to-own agreements for various items, such as: 1. Appliances: This type of lease allows individuals to rent household appliances like refrigerators, washing machines, dryers, or dishwashers with the choice to buy them after the lease terminates. 2. Electronics: Lease or rental agreements for electronics such as televisions, laptops, smartphones, or gaming consoles can be availed. Lessees have the option to purchase these items once the lease term is complete. 3. Furniture: Individuals looking to furnish their homes or offices can enter into lease-to-own agreements for furniture items like sofas, beds, dining tables, or office desks. At the end of the lease, lessees can decide whether to buy the furniture or return it. 4. Vehicles: It is also possible to find lease or rental agreements for vehicles, including cars, motorcycles, or even recreational vehicles (RVs). These agreements typically allow lessees to use the vehicle for a fixed period before deciding to purchase it or return it. 5. Musical Instruments: Lease agreements for musical instruments like pianos, guitars, or drums are also available, enabling aspiring musicians to rent the instruments they require practicing. If the lessee decides to pursue their musical passion further, they may choose to buy the instrument. These are just a few examples of the diverse types of lease-to-own agreements for personal property available in Wake North Carolina. Each agreement specifies the terms and conditions related to rent payments, duration of the lease, purchase price, and other relevant details. It is crucial for both lessors and lessees to carefully read and understand the agreement before entering into this legally binding contract.
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.
