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.
District of Columbia Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own A District of Columbia Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own, commonly known as a Lease or Rent to Own Agreement, is a legal document that outlines the terms and conditions for leasing or renting personal property, such as equipment and furniture, in the District of Columbia. This type of agreement provides the lessee with an option to purchase and own the leased or rented items at the end of the lease term. The Agreement typically includes relevant details such as the names and contact information of the lessor (owner) and lessee (renter), the description and condition of the leased or rented items, the lease term and payment schedule, and the option to purchase and own the items. It also covers important clauses such as termination, maintenance, insurance, and liabilities. There are several types of District of Columbia Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own, based on the specific needs and requirements of the parties involved. These may include: 1. Residential Lease or Rent to Own Agreement: This type of agreement is designed for individuals or families who wish to lease or rent personal property for residential purposes, such as household furniture or appliances. 2. Commercial Lease or Rent to Own Agreement: This agreement caters to businesses or commercial entities that require equipment or furniture for their operations. It allows them to lease or rent the necessary items and ultimately have the option to purchase and own them. 3. Industrial Lease or Rent to Own Agreement: This type of agreement is relevant for industrial facilities that need specialized equipment or machinery on a lease or rental basis. After the lease term, they have the option to buy and own the equipment. 4. Office Space Lease or Rent to Own Agreement: This agreement is suitable for individuals or businesses seeking to lease or rent office furniture, equipment, or machinery. It provides the option to purchase and own the items after the lease period, allowing for flexibility and convenience. It's important to note that each type of District of Columbia Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own may have specific terms and conditions tailored to the specific circumstances. Therefore, it is crucial for both parties to thoroughly review and understand the agreement before signing to ensure mutual agreement and compliance with relevant laws and regulations in the District of Columbia.
