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.
Florida Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own Introduction: A Florida Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own, commonly known as Lease or Rent to Own, is a legal contract designed to provide individuals in Florida with the opportunity to lease or rent various consumer electronics, home appliances, and accessories with the option to eventually purchase and own the items. This agreement allows individuals to enjoy the benefits of using the desired items while deciding whether to commit to a full purchase at a later date. Types of Florida Personal Property Lease or Rental Agreement: 1. Consumer Electronics Lease or Rent to Own Agreement: This type of lease agreement specifically caters to leasing or renting consumer electronics such as televisions, laptops, smartphones, gaming consoles, and audio equipment. It enables individuals to enjoy the latest technology without the immediate commitment of purchasing the items outright. 2. Home Appliances Lease or Rent to Own Agreement: Designed for individuals in need of home appliances, this agreement allows for the lease or rental of items like refrigerators, washing machines, dishwashers, ovens, and air conditioners. It provides flexibility for individuals who require temporary usage or wish to test the performance and features of the appliances before making a final purchase decision. 3. Accessories Lease or Rent to Own Agreement: This type of agreement caters to individuals seeking to lease or rent accessories that complement their consumer electronics or home appliances. Examples include speakers, headphones, camera lenses, vacuum cleaner attachments, and smartphone cases. It allows users the possibility to explore different accessories without committing to ownership immediately. Key Features and Provisions: 1. Lease Term: The agreement outlines the specific duration of the lease, typically ranging from several months to a few years. The lease term allows individuals to enjoy the benefits of using the leased items for a set period. 2. Monthly Payments: The agreement specifies the amount of the monthly payments required for the duration of the lease. These payments contribute towards both the usage of the items and the potential accumulation of ownership rights. 3. Option to Purchase: One of the main advantages of a lease or rent to own agreement is the option to purchase the leased items at the end of the lease term. The agreement should clearly state the purchase price or the method of determining it. 4. Maintenance and Repairs: Responsibilities for maintenance and repairs of the leased items should be addressed in the agreement. It should outline whether the lessor, lessee, or a third party is responsible for any repairs required during the lease term. 5. Return of Leased Items: The agreement specifies the conditions under which the lessor will accept the return of the leased items at the end of the lease term. This includes any potential costs associated with damages or excessive wear and tear. 6. Default and Termination: The agreement should outline the consequences of default, such as missed payments or violations of the terms, and the rights of both parties to terminate the agreement in such cases. In conclusion, a Florida Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own is a legal contract that allows individuals in Florida to lease or rent various items with the option to eventually purchase and own them. It provides flexibility, convenience, and the opportunity to test and enjoy items before committing to a full purchase.
