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.
Wayne Michigan Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own (Lease or Rent to Own) A Wayne Michigan Personal Property Lease or Rental Agreement offers residents of Wayne, Michigan the opportunity to lease or rent various consumer electronics, home appliances, and accessories with the added option to purchase and own them at the end of the lease term. This arrangement provides flexibility and convenience for individuals who may not wish to commit to an immediate purchase but still want to enjoy the benefits of using these items in their homes. This lease agreement includes a wide range of consumer electronics, such as televisions, sound systems, gaming consoles, laptops, and smartphones. Additionally, various home appliances are available for lease, such as refrigerators, washing machines, dryers, dishwashers, and microwave ovens. Customers can also find a variety of accessories for lease, including home security systems, vacuums, and kitchen gadgets. The Wayne Michigan Personal Property Lease or Rental Agreement offers several benefits. Firstly, it allows individuals to access the latest technology and appliances without the need for significant upfront costs. Customers can enjoy the convenience and functionality of high-quality items without the financial burden of purchasing them outright. Furthermore, the option to purchase and own the leased items at the end of the lease term provides flexibility and helps customers determine if the product suits their long-term needs and preferences. Different types of Wayne Michigan Personal Property Lease or Rental Agreements may include: 1. Consumer Electronics Lease: This type of lease agreement focuses exclusively on leasing consumer electronics, such as televisions, sound systems, gaming consoles, laptops, and smartphones. 2. Home Appliances Lease: This lease agreement focuses on leasing home appliances, including refrigerators, washing machines, dryers, dishwashers, and microwave ovens. 3. Accessory Lease: This type of lease agreement allows residents to lease various accessories for their homes, such as home security systems, vacuums, and kitchen gadgets. Customers interested in any of these lease options can choose from various lease terms, typically ranging from a few months to a couple of years, depending on their individual needs. They are required to make regular lease payments during the lease term based on the agreed rental amount. At the end of the lease term, customers have the option to purchase and own the leased items. This purchase option can be exercised by paying a pre-determined buyout amount, allowing customers to transition from leasing to ownership, if desired. In conclusion, Wayne Michigan Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own (Lease or Rent to Own) provides the residents of Wayne, Michigan the opportunity to access and enjoy various consumer electronics, home appliances, and accessories through affordable leasing arrangements. The option to purchase and own the leased items at the end of the lease term adds flexibility and convenience for customers, empowering them to make informed decisions about their long-term needs and preferences.
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.
