Get Exhibit A1 Model Openend Or Finance Vehicle Lease Disclosures Federal Consumer Leasing Act

The Consumer Leasing Act (CLA) was enacted in 1976 as part of the Truth in Lending Act (TILA) to protect lessees from unclear or deceiving statements and advertisements by lessors.

An open-end lease is a lease in which the amount owed at the end of the lease term is based on the difference between the residual value and the realized value of the leased property.

The Consumer Leasing Act (15 USC 1667 et seq.) (CLA) was passed in 1976 to assure that meaningful and accurate disclosure of lease terms is provided to consumers before entering into a contract. It applies to consumer leases of personal property.

The Truth in Lending Act, or TILA, also known as regulation Z, requires lenders to disclose information about all charges and fees associated with a loan. This 1968 federal law was created to promote honesty and clarity by requiring lenders to disclose terms and costs of consumer credit.

TILA promotes the informed use of consumer credit by requiring timely disclosure about its costs. It also includes substantive provisions such as the consumer's right of rescission on certain mortgage loans and timely resolution of billing disputes.

Total of payments, Payment schedule, Prepayment/late payment penalties, If applicable to the transaction: (1) Total sales cost, (2) Demand feature, (3) Security interest, (4) Insurance, (5) Required deposit, and (6) Reference to contract.

The Truth in Lending Act (TILA) of 1968 is a Federal law designed to promote the informed use of consumer credit. It requires disclosures about the terms and cost of loans to standardize how borrowing costs are calculated and disclosed.

Leasing is an alternative to buying personal property with cash or on credit. A lease is a contract between a lessor (the property owner) and a lessee (the person who leases and uses the property) for the use of personal property.