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.
Travis Texas Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own: 1. What is Travis Texas Personal Property Lease or Rental Agreement? The Travis Texas Personal Property Lease or Rental Agreement is a legally binding contract between the lessor (owner) and the lessee (consumer) for the lease or rental of consumer electronics, home appliances, and accessories. It outlines the terms and conditions of the agreement, including payment details, ownership options, and responsibilities of both parties. 2. Types of Travis Texas Personal Property Lease or Rental Agreements: a) Consumer Electronics Lease or Rent to Own Agreement: This agreement specifically focuses on leasing or renting consumer electronics such as smartphones, laptops, desktop computers, gaming consoles, televisions, and audio systems. It provides the lessee with the option to purchase and own the electronics at the end of the lease term. b) Home Appliances Lease or Rent to Own Agreement: This agreement is designed for leasing or renting home appliances such as refrigerators, washing machines, dishwashers, ovens, microwaves, and air conditioners. Like the consumer electronics agreement, it also offers the lessee the opportunity to buy and become the owner after fulfilling lease obligations. c) Accessories Lease or Rent to Own Agreement: This type of agreement is tailored towards leasing or renting various accessories such as smartphones cases, laptop bags, camera lenses, fitness trackers, smart home devices, and other peripherals. It grants the lessee the option to purchase and own the accessories upon completion of the lease period. 3. Key Benefits of Travis Texas Personal Property Lease or Rental Agreement: a) Flexibility: The agreement offers flexibility to consumers who may not have the means to purchase expensive consumer electronics, home appliances, or accessories upfront. It allows them to enjoy the use of these items without the financial burden of full ownership. b) Affordability: Lease or rent to own agreements typically require lower monthly payments compared to traditional financing or outright purchase options. This makes it more affordable for individuals to acquire desired products. c) Convenient Upgrade Options: Lease agreements often provide the option to upgrade to newer models or more advanced technology during or at the end of the term. This is especially beneficial for those who prefer the latest gadgets and appliances. d) Ownership Possibility: Unlike traditional rentals, lease or rent to own agreements give lessees the option to purchase and become the owner of the leased items at the end of the contract. This allows them to eventually own the products they have been using and paying for. e) No Credit Check Requirements: Many lease or rent to own agreements do not require a credit check, making them accessible to a wider range of consumers who may have limited or poor credit history. In conclusion, the Travis Texas Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own offers various types of agreements catering to specific consumer needs. With its flexibility, affordability, and ownership potential, it provides an attractive alternative for individuals seeking access to quality products without significant upfront costs.
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.
