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.
Connecticut Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own A Connecticut Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own, also known as Lease or Rent to Own, is a legally binding contract between the lessor (owner) and the lessee (renter). This agreement allows the lessee to use equipment and furniture while having the option to purchase and become the owner at the end of the lease term. Keywords: Connecticut, personal property lease, rental agreement, equipment, furniture, option to purchase, own, lease, rent to own. Different types of Connecticut Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own: 1. Residential Furniture and Appliance Lease or Rent to Own Agreement: This type of agreement is designed for individuals who want to lease or rent furniture and appliances for their residential property. It grants the renter the option to purchase the leased items at the end of the agreement. 2. Commercial Equipment Lease or Rent to Own Agreement: This agreement is suitable for businesses in Connecticut that require equipment to run their operations. It allows the lessee to lease or rent equipment for a specified period and provides the option to purchase the equipment at the end of the lease term. 3. Construction Equipment Lease or Rent to Own Agreement: Targeting construction companies and contractors, this agreement enables the lessee to access construction equipment for a specific project or period. The lessee has the opportunity to acquire ownership of the equipment upon the completion of the lease term. 4. Technology Equipment Lease or Rent to Own Agreement: This agreement caters to individuals or businesses seeking to lease or rent technology equipment such as computers, laptops, or other electronic devices. Lessees have the choice to purchase and own the equipment at the end of the rental term. 5. Vehicle Lease or Rent to Own Agreement: This type of agreement is tailored for individuals or businesses in Connecticut wishing to lease or rent vehicles for personal or commercial use. It grants the lessee the option to purchase the vehicle at the end of the lease term and potentially become the owner. It is essential for both parties involved in a Connecticut Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own to carefully review all terms, conditions, and provisions before signing. Consulting with legal professionals is highly recommended ensuring compliance with state laws and protect the interests of both the lessor and the lessee.
