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.
New York Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own In New York, individuals have the option to enter into a Lease or Rental Agreement of Personal Property with an added benefit of an option to ultimately purchase and own that property. This type of agreement is commonly referred to as a Lease or Rent to Own agreement, providing flexibility and convenience to both parties involved. The New York Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property is designed to provide an opportunity for individuals to lease or rent personal property, such as electronic devices, furniture, appliances, vehicles, and more, with the option to buy and become the rightful owner in the future. There are a few different types or variations of the Lease or Rental Agreement of Personal Property with an option to purchase in New York, depending on the specific terms and conditions agreed upon by both parties: 1. Fixed Term Lease or Rent to Own Agreement: This type of agreement involves a predetermined fixed lease period, during which the tenant can enjoy the use of the personal property while paying rent. At the end of the lease term, the tenant has the option to purchase the property at a predetermined price or through negotiating based on the market value. 2. Month-to-Month Lease or Rent to Own Agreement: This type of agreement offers a more flexible option with no fixed lease term. The tenant can rent the personal property on a month-to-month basis, paying rent each month. Similar to the fixed-term agreement, the tenant retains the option to purchase the property at any time during the agreement period. 3. Rent Credit Lease or Rent to Own Agreement: This variation of the agreement allows the tenant to accumulate a portion of the rent paid as credit towards the eventual purchase of the property. The rent credits build over time, reducing the purchase price of the personal property. This option is particularly beneficial for individuals who might face difficulty securing traditional financing or have limited upfront funds. 4. Contract for Deed Lease or Rent to Own Agreement: This type of agreement involves a legal contract wherein the tenant makes regular payments, including rent and an additional amount designated towards the eventual purchase of the personal property. Once the payment obligations are fulfilled, the property ownership is transferred to the tenant. Regardless of the specific type of Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property in New York, it is crucial for both the lessor and lessee to clearly outline the terms and conditions, such as rental price, duration of the agreement, purchase price, maintenance responsibilities, and any other relevant provisions. It is advisable to consult a legal professional to ensure compliance with New York state laws and regulations. By opting for a Lease or Rent to Own agreement in New York, individuals can enjoy the advantages of leasing personal property while having the opportunity to become the proud owner of the property in the future.
