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.
Missouri Lease or Rental Agreement of Personal Property with Option to Purchase and Own — Lease or Rent to Own In Missouri, individuals looking to lease or rent personal property with an option to purchase and own it can enter into a Lease or Rent to Own agreement. This arrangement allows tenants to obtain the use of various types of personal property while having the option to eventually buy and own it. Here are some essential details and types of Lease or Rental Agreements available in Missouri: 1. Residential Lease or Rent to Own Agreement: This type of agreement is commonly used for residential properties such as houses, apartments, or condos. It allows tenants to lease the property for a specific period, typically with the option to buy it at the end of the lease term. The tenant pays rent throughout the lease, with a portion of the monthly payment potentially going towards the eventual purchase. 2. Vehicle Lease or Rent to Own Agreement: This agreement is designed for personal vehicles, including cars, motorcycles, or recreational vehicles. It enables individuals to lease a vehicle for an agreed-upon duration, with the option to purchase it later. Monthly lease payments are made, with some payment potentially being applied towards the vehicle's purchase price. 3. Furniture and Appliance Lease or Rent to Own Agreement: For individuals looking to lease or rent furniture, appliances, or electronics, this type of agreement is suitable. It allows tenants to furnish their homes without a substantial upfront cost or commitment. Similar to other Lease or Rent to Own agreements, monthly payments are made in exchange for the use of the items, with the option to purchase them at the end of the lease term. 4. Commercial Lease or Rent to Own Agreement: Designed for businesses, this agreement allows entrepreneurs to lease or rent commercial properties such as offices, retail spaces, or warehouses. Commercial Lease or Rent to Own Agreements often have longer terms compared to residential leases. They provide the lessee with an opportunity to establish their business before deciding whether to purchase the property. 5. Equipment Lease or Rent to Own Agreement: This type of agreement is specifically tailored for leasing or renting various equipment necessary for businesses, such as machinery, construction equipment, or medical devices. It allows businesses to access equipment without a significant upfront cost, offering the option to purchase the equipment at the end of the lease term. Missouri Lease or Rental Agreements of Personal Property with an option to purchase and own provide flexibility and convenience for individuals and businesses alike. They allow tenants to enjoy the benefits of personal property while potentially building equity and ultimately becoming owners of the leased items. It is important for both the lessor and lessee to thoroughly review all contractual terms and conditions before entering into any Lease or Rent to Own agreement to ensure a mutually beneficial and legally sound arrangement.
