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.
Massachusetts Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own In Massachusetts, a Personal Property Lease or Rental Agreement allows individuals to lease or rent various consumer electronics, home appliances, and accessories with the option to eventually purchase and own them. This type of agreement provides flexibility and convenience for those who prefer not to make an immediate large upfront investment, but still want access to high-quality items for personal or household use. The Massachusetts Personal Property Lease or Rental Agreement typically includes detailed information about the leased items, such as make, model, condition, and specifications. It outlines the terms and conditions of the lease, including the duration of the agreement, monthly rental payments, and any applicable fees or penalties. There may be different variations or subtypes of Massachusetts Personal Property Lease or Rental Agreements, depending on the specific types of items being leased. Some common categories that fall under this agreement include: 1. Consumer Electronics Lease or Rental: This category covers products such as smartphones, tablets, laptops, gaming consoles, televisions, cameras, and audio equipment. Individuals can enjoy the latest technology without committing to an immediate purchase. 2. Home Appliances Lease or Rental: This category includes essential household appliances like refrigerators, dishwashers, washing machines, dryers, ovens, and microwaves. It offers a cost-effective way for individuals to upgrade their homes with modern appliances. 3. Accessories Lease or Rental: This category encompasses various accessories that complement consumer electronics and home appliances, such as smartphone cases, headphones, smart home devices, cooking utensils, and home decor items. Individuals can lease or rent these accessories to enhance the functionality and aesthetics of their leased products. The Massachusetts Personal Property Lease or Rental Agreement with the option to purchase and own, commonly known as Lease or Rent to Own, enables lessees to eventually acquire ownership of the leased items. This agreement typically includes a provision outlining how a lessee can exercise the option to purchase and the purchase price or formula used to determine the buyout amount. It's crucial for both lessors (owners) and lessees (renters) to carefully read and understand the terms and conditions of the agreement before signing. Consulting legal professionals or experts in consumer leasing can provide further guidance to ensure compliance with Massachusetts laws and protection of rights for both parties.
