The following lease agreement form is meant to be used by one individual dealing with another individual or a commercial transaction between non-consumers. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
The Federal Consumer Leasing Act, which is part of the Truth in Lending Act, applies to any lease of consumer goods for more than four months in which the total contractual obligation does not exceed $25,000. (It does not apply to leases of real estate.) This law requires the lessor (the owner of the auto you lease, for example) to disclose information before you sign the lease. Among the most important items are
" the capitalized cost -- that is, the cost of the goods being leased (the capitalized cost is negotiable to the same extent that the price of goods is negotiable if you were buying them instead of leasing them);
" the total amount of any initial payment you are required to pay;
" the number and amounts of monthly payments;
" the total amount for fees, such as license fees and taxes;
" any penalty for default or late payments;
" the annual mileage allowance and the extra charges involved if you exceed that allowance;
" whether you can end the lease early, and the method of computing the charge if you do so;
" whether you can purchase the auto at the end of the lease and for what price;
" any liability that you may have for the difference between the estimated value of the auto and its market value at the time you end the lease; and
" any extra payment that you must make at the end of the lease.
California Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own In California, a Lease or Rental Agreement of Personal Property with an Option to Purchase and Own Personal Property, commonly known as Lease or Rent to Own, is an arrangement that allows individuals to lease or rent personal property for a specific period with the option to purchase and eventually own it. This type of agreement provides flexibility to renters who aspire to become owners of the rented property. There are various types of California Lease or Rental Agreements of Personal Property with an Option to Purchase and Own, depending on the type of personal property involved. Some common types are: 1. California Lease or Rental Agreement of Personal Property with Option to Purchase and Own Furniture: This type of agreement is suitable for individuals looking to lease or rent furniture, such as sofas, tables, beds, and appliances, with the option to buy and eventually own the items. 2. California Lease or Rental Agreement of Personal Property with Option to Purchase and Own Electronics: Individuals interested in renting or leasing electronic devices such as TVs, computers, smartphones, or home theater systems can opt for this type of agreement. It allows them to eventually purchase and own the electronic items after the leasing period. 3. California Lease or Rental Agreement of Personal Property with Option to Purchase and Own Vehicles: This specific agreement is designed for individuals who want to lease or rent vehicles, including cars, motorcycles, or recreational vehicles, with an option to buy and become the vehicle owners in the future. 4. California Lease or Rental Agreement of Personal Property with Option to Purchase and Own Appliances: For those in need of leasing or renting household appliances, such as refrigerators, washing machines, or ovens, this agreement permits the option to purchase and own the appliances once the lease period ends. 5. California Lease or Rental Agreement of Personal Property with Option to Purchase and Own Musical Instruments: Musicians or music enthusiasts can benefit from this agreement as it allows them to lease or rent musical instruments like pianos, guitars, or drums. They can exercise the option to buy and own the instrument after fulfilling the lease terms. These are just a few examples of the various types of California Lease or Rental agreements that offer the option to purchase and own personal property. It's crucial to carefully review the terms and conditions, including the lease duration, rental fees, option price, and conditions for purchasing the property. Additionally, all parties involved should consult legal professionals or seek legal advice to ensure compliance with California's laws and regulations regarding lease or rent-to-own agreements.
