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.
Title: New Mexico Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own Introduction: A New Mexico Personal Property Lease or Rental Agreement is a legally binding document that outlines the terms and conditions for leasing or renting equipment and furniture with the option to purchase and eventually own it. This type of agreement is commonly referred to as a Lease or Rent to Own contract, offering flexibility to individuals or businesses in New Mexico who wish to acquire essential assets while spreading out the cost over time. Keywords: New Mexico, Personal Property Lease, Rental Agreement, Equipment, Furniture, Option to Purchase, Own, Lease, Rent to Own Types of New Mexico Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own: 1. Residential Equipment and Furniture Lease or Rent to Own Agreement: This type of agreement caters to individuals or families seeking to lease or rent equipment and furniture for their residential purposes. It allows them to furnish their homes or apartments without making a substantial upfront investment. Once the lease period is over, they have the option to purchase and own the items permanently. Keywords: Residential, Lease, Rent, Equipment, Furniture, Lease period, Purchase, Own 2. Commercial Equipment and Furniture Lease or Rent to Own Agreement: Designed for businesses operating in New Mexico, this agreement offers flexibility to lease or rent vital equipment and furniture required for optimal functioning of office spaces, retail stores, or other commercial establishments. The lessee has the option to eventually purchase and own the items, which is often preferable for long-term stability and business growth. Keywords: Commercial, Business, Lease, Rent, Equipment, Furniture, Purchase, Own 3. Specialized Equipment Lease or Rent to Own Agreement: This type of agreement is tailored for leasing or renting specialized equipment, machinery, or tools that are used in specific industries such as construction, manufacturing, healthcare, or agriculture. It provides businesses with access to expensive, industry-specific equipment without the need for immediate substantial financial outlays. The lessee usually has the option to buy and become the rightful owner at the end of the leasing period. Keywords: Specialized, Equipment, Machinery, Tools, Construction, Manufacturing, Healthcare, Agriculture, Lease, Rent, Purchase, Own Conclusion: New Mexico Personal Property Lease or Rental Agreement of Equipment and Furniture with an Option to Purchase and Own, commonly known as a Lease or Rent to Own contract, provides individuals and businesses with an opportunity to acquire essential assets gradually. The agreement varies based on its purpose, such as residential or commercial use, and may also include specialized equipment. Ultimately, this arrangement offers flexibility, affordability, and the potential for ownership in the long run. Keywords: New Mexico, Personal Property Lease, Rental Agreement, Equipment, Furniture, Option to Purchase, Own, Lease, Rent to Own, Residential, Commercial, Specialized
