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.
Title: Georgia Lease or Rental Agreement of Personal Property with Option to Purchase — Explained Introduction: In Georgia, individuals seeking to acquire personal property through a lease or rental agreement that provides an option to purchase can explore various options. This article aims to provide a detailed description of what a Georgia Lease or Rental Agreement of Personal Property with Option to Purchase entails, along with different types available. What is a Georgia Lease or Rental Agreement of Personal Property with Option to Purchase? A Georgia Lease or Rental Agreement of Personal Property with Option to Purchase is a legally binding contract between a lessor (owner) and a lessee (renter). It grants the lessee the right to lease and utilize personal property for a predetermined period, while also allowing them the option to purchase and own the property. Types of Georgia Lease or Rental Agreement of Personal Property with Option to Purchase: 1. Residential Lease or Rent to Own Agreements: These agreements apply to residential properties, such as houses, apartments, or condominiums. They allow tenants to rent a property for a specific period, with an option to purchase it at a later date. Rent payments made during the lease term may be credited towards the purchase price. 2. Vehicle Lease or Rent to Own Agreements: Vehicle lease or rent to own agreements apply to automobiles, motorcycles, or other motor vehicles. They enable individuals to lease a vehicle for a defined period, with the potential to own it upon fulfilling the terms of the agreement. Lessees can make monthly payments and may have the option to purchase the vehicle at the end of the lease term. 3. Business Equipment Lease or Rent to Own Agreements: Business equipment lease or rent to own agreements are geared towards commercial purposes. They allow businesses to lease essential equipment or machinery required for their operations, with an opportunity to purchase the items outright at the end of the lease period. This option provides flexibility and helps businesses conserve capital. 4. Furniture and Appliance Lease or Rent to Own Agreements: Furniture and appliance lease or rent to own agreements cater to individuals or businesses in need of household or office furniture, electronics, or appliances. These agreements let customers lease the desired items for a fixed duration, giving them the ability to buy the leased goods following successful fulfillment of the agreement terms. Conclusion: Georgia Lease or Rental Agreement of Personal Property with Option to Purchase offers individuals and businesses a flexible pathway to acquire personal property. With variations like residential leases, vehicle leases, business equipment leases, and furniture and appliance leases available, individuals can choose the option that best fits their requirements. Understanding the intricacies of each type allows lessees to make informed decisions, providing the opportunity to lease now and own later.
