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.
King Washington Personal Property Lease or Rental Agreement is a comprehensive and flexible form of lease agreement specifically designed for consumers who wish to lease or rent consumer electronics, home appliances, and accessories, with the option to purchase and own the leased items. This agreement provides individuals with the opportunity to enjoy the latest gadgets and appliances without committing to long-term ownership. Under this leasing arrangement, customers can choose from a wide range of consumer electronics and home appliances, such as smartphones, laptops, cameras, televisions, washing machines, refrigerators, and more. They can select the specific make, model, and configuration that suits their needs and preferences. The lease term can vary from a few months to several years, depending on the customer's requirements. Monthly lease payments are determined based on the chosen items and the duration of the agreement. King Washington offers competitive and affordable rates to ensure customers can easily afford the leased products. Unlike traditional rental agreements, this lease agreement also grants customers the option to purchase and own the leased items at the end of the lease term. This gives customers the opportunity to test the products and evaluate their compatibility with their lifestyle and needs before making a final decision. Customers can also avail themselves of various add-ons and accessories during the lease term, such as extended warranties, maintenance services, and upgrades to ensure their leased items are always in optimal condition. King Washington Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with the Option to Purchase and Own — Lease or Rent to Own offers several types of leasing arrangements to cater to different customer preferences: 1. Short-term Lease or Rent: This type of agreement is ideal for customers who only require the leased items for a brief period. It can range from one to six months, accommodating temporary needs, such as event hosting or short-term projects. 2. Medium-term Lease or Rent: This type of agreement is suitable for customers who anticipate a longer-term need for the leased items. It can range from six months to two years, providing flexibility for individuals who want to use the products without long-term commitment. 3. Long-term Lease or Rent: This type of agreement is designed for customers who desire a more extended lease term, typically exceeding two years. It is an excellent choice for individuals who want to enjoy the latest consumer electronics and home appliances without the hassle of ownership. 4. Flexible Lease or Rent: This type of agreement allows customers to customize the lease term duration according to their specific needs. They can modify the duration within predefined limits, ensuring maximum flexibility and convenience. King Washington Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with the Option to Purchase and Own — Lease or Rent to Own offers a hassle-free and convenient way for customers to access the latest gadgets and appliances while providing an option to transition into ownership. It is an ideal solution for those seeking affordability, flexibility, and convenience in managing their personal property 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.
