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.
The Oklahoma Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property, commonly known as Lease to Own or Rent to Own, is a legally binding contract that allows individuals in Oklahoma to lease or rent personal property with the option to eventually purchase and own that property. This agreement is particularly beneficial for those who may not have the immediate means to purchase the desired personal property upfront but would like to have the option to do so in the future. In Oklahoma, there are various types of Lease or Rental Agreements of Personal Property with an Option to Purchase and Own Personal Property. Some common examples include: 1. Residential Lease to Own Agreement: This type of agreement applies to personal property such as homes, apartments, or condominiums. It allows the tenant to rent the property initially, with the option to buy the property at a later date. Throughout the leasing period, a portion of the monthly rent is often credited towards the eventual purchase price, serving as a down payment. 2. Vehicle Lease to Own Agreement: This type of agreement is applicable to personal property like cars, motorcycles, or recreational vehicles. It enables the lessee to lease the vehicle for a specific period while providing the opportunity to buy it at the end of the lease term. Similar to residential agreements, a portion of the lease payments may go towards the purchase price. 3. Electronics and Appliance Lease to Own Agreement: This type of lease agreement pertains to personal property like household appliances, laptops, televisions, or gaming consoles. It allows individuals to lease these items and have the option to purchase and own them after a predetermined period. Monthly payments typically contribute towards the purchase price. 4. Furniture Lease to Own Agreement: This type of agreement applies to personal property like couches, beds, dining sets, or other furniture items. It enables individuals to lease the furniture for a specific duration, with the option to buy it at a later date. Typically, a portion of the lease payments is applied towards the purchase price. These different types of Lease or Rental Agreements of Personal Property with Option to Purchase and Own Personal Property provide individuals in Oklahoma with flexibility when acquiring personal property. It allows them to enjoy the temporary use of the property while having the opportunity to become its owner in the future.
