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.
North Carolina Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own A North Carolina Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own, also referred to as a Lease or Rent to Own agreement, is a legal contract that enables individuals or businesses to lease or rent equipment and furniture with the possibility of purchasing and owning the items at the end of the lease term. This type of agreement provides flexibility for those who require temporary usage of equipment and furniture but also wish to consider ownership in the future. The following are different types of North Carolina Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own: 1. Residential Furniture Lease or Rent to Own Agreement: This type of agreement is designed for individuals or families who are looking to furnish their homes temporarily or who want to test out furniture before committing to a full purchase. It allows them to lease furniture and appliances for a specified period with the option to buy the items at the end of the lease term. 2. Commercial Equipment Lease or Rent to Own Agreement: This type of agreement caters to businesses that require specialized equipment for a specific project or operation. It allows businesses to lease the equipment needed and assess its suitability before making a long-term commitment. At the end of the lease term, the business has the option to purchase the equipment if it meets their requirements. 3. Construction Equipment Lease or Rent to Own Agreement: Specifically developed for construction companies, this agreement offers the possibility to lease heavy machinery, tools, and equipment needed for construction projects. Construction firms can utilize the equipment on a short-term basis and decide whether to purchase it at the end of the lease term based on its performance and value to their operations. 4. Medical Equipment Lease or Rent to Own Agreement: Healthcare facilities and professionals often require medical equipment on a temporary basis or wish to explore the functionality of a particular device before committing to its purchase. This type of agreement allows hospitals, clinics, and medical practitioners to lease medical equipment and decide whether to buy it at the lease term's expiration. 5. Technology Equipment Lease or Rent to Own Agreement: In the fast-paced world of technology, companies may need the latest gadgets, computers, or servers for a limited period. This agreement enables businesses to lease technology equipment and assess its compatibility and efficiency in their operations. They have the option to purchase the equipment at the end of the lease term if it meets their requirements. In conclusion, a North Carolina Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own, provides an opportunity for individuals and businesses to secure the temporary use of equipment and furniture while considering ownership. With various types available, individuals can find the specific agreement that suits their needs, whether it be for residential, commercial, construction, medical, or technology purposes.
