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.
Michigan Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own is a legal contract that allows individuals or businesses in Michigan to lease or rent various types of equipment and furniture for a specific period of time, with the option to purchase and own the items at the end of the lease term. This agreement provides flexibility and affordability for those who are in need of equipment and furniture but may not have the immediate funds to purchase them outright. Some types of personal property lease or rental agreements available in Michigan include: 1. Office Furniture Lease or Rent to Own Agreement: This type of agreement is suitable for businesses that require office furniture such as desks, chairs, cabinets, and workstations. It allows the lessee to use the furniture while making regular rental payments and gives them the option to purchase the furniture at the end of the lease term. 2. Industrial Equipment Lease or Rent to Own Agreement: This agreement is designed for individuals or companies in need of industrial equipment like machinery, tools, or heavy-duty vehicles. Lessees can utilize the equipment for their operations and have the opportunity to acquire ownership after fulfilling the terms of the lease. 3. Audiovisual Equipment Lease or Rent to Own Agreement: This type of agreement is beneficial for events or businesses that require audiovisual equipment such as projectors, sound systems, or displays. Lessees can use the equipment for presentations or entertainment purposes and may choose to purchase the equipment at the conclusion of the lease term. 4. Medical Equipment Lease or Rent to Own Agreement: This agreement is specifically tailored to the healthcare industry, allowing medical professionals or facilities to lease essential equipment such as diagnostic machines, treatment devices, or patient beds. The lessee can utilize the medical equipment while having the option to buy it at the end of the lease period. 5. Restaurant Equipment Lease or Rent to Own Agreement: Designed for restaurateurs or food service establishments, this agreement enables individuals to lease or rent kitchen appliances, refrigeration units, or other necessary equipment. Lessees have the opportunity to own the leased items at the end of the lease term by exercising the option to purchase and own. Michigan Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own contracts provide a practical solution for individuals and businesses in Michigan seeking temporary access to personal property without the immediate obligation of purchasing. The specific terms and conditions of each agreement may vary depending on the type of equipment or furniture involved, making it essential for both the lessor (owner) and lessee (renter) to carefully review and negotiate the terms before signing the contract.
