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.
A Miami-Dade Florida Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own, commonly known as a Lease or Rent to Own agreement, is a legal contract entered between the lessor (owner) and the lessee (consumer) that facilitates the temporary use of personal property, such as consumer electronics, home appliances, and accessories, with an added option to purchase and eventually own the rented items. This type of agreement provides flexibility and convenience to consumers who may not have the immediate financial resources to purchase these items upfront. The primary purpose of a Miami-Dade Florida Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own is to outline the terms and conditions under which the consumer can lease or rent the desired personal property. It establishes the obligations and responsibilities of both parties involved, ensuring that each party's rights are protected throughout the entire lease or rental period. Several types of Miami-Dade Florida Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own exist, catering to different needs and preferences. Some common variations include: 1. Standard Lease or Rent to Own Agreement: This is the basic form of agreement where the lessee pays a monthly rental fee for the use of the personal property. The option to purchase the items at the end of the lease term is typically included. 2. Fixed Term Lease or Rent to Own Agreement: In this type of agreement, the lease term is predetermined and fixed. The lessee agrees to rent the personal property for a specific period, and the option to purchase is available once the lease term expires. 3. Rent-to-Own Installment Agreement: This variation allows the lessee to pay for the leased personal property in installments over a longer duration. The option to purchase is usually exercised once all installment payments are completed. 4. Lease-Purchase Agreement: Unlike the standard Rent to Own agreement, the lease-purchase option mandates the lessee to purchase the personal property at the end of the lease term. This type of agreement is more suitable for individuals who are committed to owning the leased items eventually. 5. Rent-to-Own with Early Purchase Option Agreement: This agreement offers flexibility by including an early purchase option for the lessee. They can choose to buy the personal property before the expiration of the lease term, usually at a pre-agreed price. Miami-Dade Florida Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own serve as essential tools for both consumers and lessors, allowing consumers to access desired items on a rental basis, while providing lessors with a profitable business opportunity. It is important for both parties to thoroughly review and understand the terms and conditions of 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.
