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.
New Mexico Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own Description: If you are in need of consumer electronics, home appliances, or accessories in New Mexico, but are unable to make an outright purchase, a Personal Property Lease or Rental Agreement with an option to purchase and own can be an ideal solution. This agreement allows you to lease or rent the desired items with the flexibility to eventually purchase and own them. Consumer Electronics Lease or Rent to Own: — This type of lease agreement enables you to lease or rent consumer electronic devices such as televisions, home theater systems, smartphones, laptops, gaming consoles, and more. You have the option to use the devices during the lease period, paying affordable monthly installments without the need for a large upfront payment. Once the lease term is completed, you can choose to purchase the electronics and become the legal owner, or continue leasing with updated models. Home Appliances Lease or Rent to Own: — With a home appliances lease agreement, you can lease or rent essential household appliances such as refrigerators, washing machines, microwave ovens, dishwashers, air conditioners, and more. This option provides a cost-effective way to access high-quality appliances without having to bear the full purchase price. As you lease the appliances, you have the opportunity to save towards eventual ownership, giving you the flexibility to upgrade or change appliances according to your needs. Accessories Lease or Rent to Own: — In addition to consumer electronics and home appliances, this lease agreement also covers a wide range of accessories. This includes items like headphones, speakers, camera equipment, gaming accessories, smart home devices, kitchen gadgets, and more. By choosing to lease or rent accessories, you can enjoy the latest technology and convenience without committing to a full purchase, ultimately deciding whether you want to own them permanently or explore different options in the future. New Mexico Personal Property Lease or Rental Agreement Benefits: 1. Flexibility: The option to lease or rent provides flexibility in accessing the desired consumer electronics, home appliances, and accessories without compromising your budget. 2. Upgrades: Lease agreements often allow for upgrades to newer models, keeping you up-to-date with the latest technology trends. 3. Repairs and Maintenance: Most lease agreements include provisions for repairs and maintenance, reducing additional costs and ensuring efficient performance. 4. Affordable Payments: Rather than paying a significant upfront cost, lease agreements offer manageable monthly installments, making it easier to fit within your budget. 5. Ownership Option: At the end of the lease term, you have the choice to purchase the leased items and become the legal owner, giving you the ultimate control over your assets. In conclusion, a New Mexico Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with an option to purchase and own offers residents a convenient way to access and enjoy various products without the need for a large upfront investment. Whether you are in need of consumer electronics, home appliances, or accessories, this lease agreement provides flexibility, affordability, and the possibility of eventual ownership tailored to your specific needs.
