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.
A Michigan 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 legally binding contract between a lessor (the owner or rental company) and a lessee (the customer or renter). This agreement allows individuals in Michigan to lease or rent various consumer electronics, home appliances, and accessories with the option to eventually purchase and own the rented items. The key components covered within this type of lease or rental agreement include detailed descriptions of the leased items, payment terms, duration of the lease, maintenance responsibilities, return conditions, and the option to purchase the rented items at the end of the lease term. Keywords: Michigan Personal Property Lease, Rental Agreement, Consumer Electronics, Home Appliances, Accessories, Option to Purchase, Lease to Own, Rent to Own. Different types of Michigan Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own may include: 1. Electronics Lease or Rental Agreement: This type of agreement specifically focuses on leasing or renting consumer electronics such as televisions, home theaters, laptops, gaming consoles, smartphones, or any electronic devices. 2. Appliance Lease or Rental Agreement: This agreement centers around leasing or renting home appliances, including refrigerators, washing machines, dishwashers, ovens, microwaves, air conditioners, and other necessary household appliances. 3. Home Accessories Lease or Rental Agreement: This type of agreement pertains to leasing or renting various home accessories, such as furniture, decorative items, sound systems, fitness equipment, or any other items that enhance the ambiance or functionality of a home. 4. Combo Lease or Rental Agreement: This agreement allows individuals to lease or rent a combination of electronics, home appliances, and accessories, including any customizable package that suits their needs. In summary, a Michigan Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own provides flexibility to individuals who wish to obtain temporary use of these items with the opportunity to eventually own them. It enables Michigan residents to enjoy the latest technology and appliances without the financial commitment of an immediate purchase.
