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.
The New York Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own, also known as Lease or Rent to Own, is a legal contract that allows individuals or businesses to lease or rent equipment and furniture with the option to buy and own them at the end of the lease term. This type of agreement provides flexibility and convenience to individuals and businesses who need temporary access to equipment and furniture, with the potential to eventually become owners. Keywords: New York, Personal Property, Lease, Rental Agreement, Equipment, Furniture, Option to Purchase, Own, Lease or Rent to Own. There are various types of New York Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own, including: 1. Residential Lease or Rent to Own Agreement: This type of agreement is used when individuals or families want to lease or rent equipment and furniture for their personal use within a residential property, giving them the option to purchase and own the items at the end of the lease term. 2. Commercial Lease or Rent to Own Agreement: Businesses often require specific equipment and furniture to meet their operational needs. The commercial lease or rent to own agreement allows them to lease or rent these items for a designated period, with the opportunity to buy and own them later. 3. Office Furniture Lease or Rent to Own Agreement: Companies often require furniture for their office spaces. This type of agreement allows them to lease or rent office furniture, such as desks, chairs, and cabinets, with the option to purchase and own the items after the lease term. 4. Construction Equipment Lease or Rent to Own Agreement: Construction companies often need specialized equipment for their projects. The construction equipment lease or rent to own agreement enables them to lease or rent construction machinery, tools, and equipment, with the potential to buy and own these items at the end of the lease period. 5. Medical Equipment Lease or Rent to Own Agreement: Healthcare facilities and practitioners may require expensive medical equipment without wanting to commit to an outright purchase. The medical equipment lease or rent to own agreement allows them to lease or rent medical devices and equipment, with the option to purchase and own them in the future. 6. Event Equipment and Furniture Lease or Rent to Own Agreement: Event management companies or individuals organizing large events often require temporary access to equipment and furniture. The event equipment and furniture lease or rent to own agreement provides them with the necessary items, such as lighting, audiovisual equipment, seating arrangements, etc., with the opportunity to acquire ownership after the lease period. These variations in lease or rent to own agreements cater to different industries and individuals, ensuring that their specific needs are met while also offering them the potential to become owners of the leased items.
