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 North Dakota Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with an Option to Purchase and Own — Lease or Rent to Own is a legally binding contract that allows individuals in North Dakota to lease or rent consumer electronics, home appliances, and accessories with the option to purchase and own them at the end of the lease term. This type of agreement provides flexibility and affordability for individuals who may not have the means to purchase these items outright. The North Dakota Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with an Option to Purchase and Own — Lease or Rent to Own agreement typically outlines the terms and conditions of the lease, including payment terms, duration of the lease, maintenance responsibilities, and the option to purchase the rented items at the end of the lease term. This type of agreement is beneficial for individuals who need temporary access to consumer electronics or home appliances without the long-term commitment of ownership. It allows individuals to enjoy the latest technology or appliances without incurring the full cost upfront. Additionally, it provides the opportunity to test the items before committing to their purchase. There are several types of North Dakota Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with an Option to Purchase and Own — Lease or Rent to Own, including: 1. Consumer Electronics Lease or Rent to Own: This type of agreement specifically caters to leasing or renting consumer electronics such as smartphones, laptops, televisions, gaming consoles, and audio equipment. 2. Home Appliances Lease or Rent to Own: This agreement focuses on leasing or renting home appliances, including refrigerators, washers, dryers, dishwashers, stoves, and microwaves, allowing individuals to enjoy the convenience of these appliances without the upfront cost of purchasing them. 3. Accessories Lease or Rent to Own: This type of agreement pertains to leasing or renting various accessories such as furniture, home decor items, kitchenware, and other household essentials. In conclusion, a North Dakota Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with an Option to Purchase and Own — Lease or Rent to Own provides an affordable and flexible solution for individuals who wish to enjoy the benefits of consumer electronics and home appliances without committing to long-term ownership. By offering options to lease or rent various items, individuals can access the latest technology and appliances while deciding whether they want to purchase them in the future.
