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.
A Louisiana Lease or Rental Agreement of Personal Property of any Type with an Option to Purchase and Own Personal Property, also referred to as Lease or Rent to Own, is a legally binding contract between a lessor (property owner) and a lessee (individual renting the property). This agreement allows the lessee to rent or lease personal property with the added option to purchase and eventually own the property at the end of the agreed-upon lease term. This type of agreement is commonly used for various types of personal property, such as appliances, furniture, electronics, vehicles, and more. In Louisiana, there are different types of Lease or Rental Agreements of Personal Property with an Option to Purchase and Own. Some common variations include: 1. Residential Lease or Rent to Own Agreement: This type of agreement is used when leasing personal property for residential purposes. It typically involves items like furniture, appliances, or electronics that are necessary for a comfortable living environment. The lessee has the option to purchase and own the leased property at the end of the rental term. 2. Vehicle Lease or Rent to Own Agreement: This agreement applies specifically to leasing vehicles, such as cars, trucks, motorcycles, or recreational vehicles (RVs), with an option to purchase and own the vehicle at the end of the lease period. It primarily caters to individuals who want to enjoy the benefits of using a vehicle without committing to an immediate purchase. 3. Commercial Lease or Rent to Own Agreement: In the case of commercial properties or businesses, this agreement enables lessees to lease or rent personal property used for commercial purposes, such as office equipment, machinery, or specialized tools, with the option to purchase and own the items at the end of the lease agreement. 4. Equipment Lease or Rent to Own Agreement: This variation of the agreement focuses on leasing or renting specialized equipment, industrial machinery, or tools. It allows lessees to utilize equipment necessary for their business operations while providing the option to purchase and own the equipment once the lease term expires. A Louisiana Lease or Rental Agreement of Personal Property of any Type with an Option to Purchase and Own Personal Property — Lease or Rent to Own provides both parties with clear terms and conditions, specifying the rental period, monthly payments, details of the property, purchase price (if applicable), maintenance responsibilities, and any additional clauses and provisions to protect the rights and obligations of both the lessor and the lessee. Please note that it is essential to consult with a legal professional or attorney to ensure that the terms of the lease agreement comply with Louisiana state laws and adequately protect the interests of both parties involved in the contract.
