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.
A Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property, often referred to as a Lease-to-Own or Rent-to-Own agreement, provides individuals in North Dakota with the opportunity to lease or rent various types of personal property while having the option to buy and take ownership of that property at a later date. In North Dakota, there are several types of Lease or Rental Agreements of Personal Property with Option to Purchase and Own Personal Property available: 1. Automobile Lease or Rent-to-Own Agreement: This type of agreement allows individuals to lease or rent a car, truck, or other motor vehicle for a specified period with the option to purchase the vehicle at the end of the lease term. 2. Electronics Lease or Rent-to-Own Agreement: This agreement allows individuals to lease or rent electronic devices such as televisions, computers, smartphones, or home appliances, with the option to purchase and own the items at the end of the rental period. 3. Furniture Lease or Rent-to-Own Agreement: This type of agreement enables individuals to lease or rent furniture items like sofas, beds, dining tables, or home furnishings, with the option to buy and own the furniture after the leasing period. 4. Equipment Lease or Rent-to-Own Agreement: This agreement applies to leasing or renting equipment such as construction machinery, tools, or specialized devices for a specific duration, with the option to purchase the equipment upon completion of the lease period. 5. Recreational Lease or Rent-to-Own Agreement: This type of agreement allows individuals to lease or rent recreational items like boats, RVs, motorcycles, or camping gear, with the option to buy and own the recreational property at the end of the rental period. North Dakota Lease or Rental Agreements of Personal Property with Option to Purchase and Own Personal Property typically include essential details such as the duration of the lease, monthly rental payments, terms and conditions for the option to purchase the property, responsibilities for maintenance and repairs, insurance requirements, and any additional clauses specific to the chosen type of personal property. It is crucial for individuals in North Dakota considering a Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property to carefully read and understand the terms and conditions, seek legal advice if necessary, and assess their ability to meet the financial obligations of the agreement before entering into any lease or rental contract.
