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.
Colorado Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own allows individuals or businesses in Colorado to rent or lease equipment and furniture with an option to eventually own the items. This type of agreement is a popular option for individuals or businesses that need temporary access to equipment or furniture but also want the possibility of owning the items in the future. It provides a flexible solution for those who do not wish to make an immediate upfront purchase but still want to benefit from utilizing the equipment or furniture. There are various types of Colorado Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own, depending on the specific items being leased or rented. Some common types include: 1. Equipment Lease or Rent to Own Agreement: This type of agreement pertains specifically to renting or leasing equipment such as construction machinery, manufacturing tools, office equipment, or medical devices. The lessee pays a regular rental fee and has the option to purchase the equipment at the end of the lease term. 2. Furniture Lease or Rent to Own Agreement: These agreements generally revolve around renting or leasing furniture sets, including office furniture, bedroom sets, living room furniture, or appliances. The lessee pays a regular rental fee and has the option to purchase the furniture at the end of the lease term. 3. Vehicle Lease or Rent to Own Agreement: While not directly related to personal property, this type of agreement is also available in Colorado and allows individuals or businesses to lease or rent vehicles such as cars, trucks, or vans. Similar to other agreements, the lessee has the option to purchase the vehicle at the end of the lease term. 4. Technology Equipment Lease or Rent to Own Agreement: This variation of the agreement applies to leasing or renting technological equipment, such as computers, laptops, printers, or audiovisual equipment. The lessee can enjoy the use of the equipment and may choose to purchase it after the lease term expires. 5. Farming Equipment Lease or Rent to Own Agreement: Specifically crafted for those in the agriculture industry, this agreement allows individuals or businesses to lease or rent farming equipment, including tractors, harvesters, or irrigation systems. The lessee can utilize the equipment for their farming operations and may opt to purchase it in the future. Colorado Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own provides an advantageous opportunity for residents or businesses in the state to access necessary resources without committing to an immediate purchase. The leasing or rental period allows them to assess the suitability and performance of the equipment or furniture before making a final decision on ownership.
