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.
Guam 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 Guam to lease or rent various consumer electronics, home appliances, and accessories, with the option to eventually purchase and become the owner of the leased items. This type of agreement provides flexibility and convenience for residents of Guam who may not have the immediate financial means to outright purchase these items but still need them for their daily lives. Different types of Guam Personal Property Lease or Rental Agreements that offer the option to purchase and own can include: 1. Consumer Electronics Rent to Own Agreement: This agreement allows individuals in Guam to lease or rent various electronic devices such as televisions, laptops, smartphones, gaming consoles, and audio systems, with the option to buy them later. 2. Home Appliances Lease or Rent to Own Agreement: This type of agreement enables residents of Guam to lease or rent essential home appliances like refrigerators, washing machines, dryers, stoves, dishwashers, and air conditioners, with the possibility of owning them after the lease term. 3. Accessory Rent to Own Agreement: Such an agreement provides individuals with the opportunity to lease or rent accessories for their consumer electronics or home appliances, including but not limited to, cables, adapters, remote controls, and additional attachments. These accessories can be included as part of a lease or rental package for the main item or rented separately. Each of these lease or rental agreements typically outlines the specific terms and conditions, including the duration of the lease, the monthly payments or rental fees, the option price to purchase the item, and any additional fees or charges that may apply. The Guam Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own enables residents to access necessary items without significant upfront costs and gradually acquire ownership while using them. It provides a practical option for acquiring essential consumer goods in Guam securely.
