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.
Oklahoma Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own In Oklahoma, individuals have the option to enter into a personal property lease or rental agreement for consumer electronics, home appliances, and accessories with the option to ultimately purchase and own the items. This type of agreement, commonly referred to as a "lease or rent to own," allows individuals to enjoy the use of these items while potentially becoming their rightful owner in the future. In this agreement, the individual (or lessee) enters into a contractual agreement with the lessor, typically a rental company, to lease or rent the desired consumer electronics, home appliances, or accessories for a specific period. Throughout the lease term, the lessee pays rental or lease payments, usually on a monthly basis, for the use of the items. One of the primary advantages of this type of agreement is the flexibility it offers. It allows individuals to enjoy the latest consumer electronics and home appliances without committing to an immediate purchase. This is particularly beneficial when individuals desire to stay current with the latest technological advancements or when they need essential home appliances but may not have the full amount for an outright purchase. During the lease term, the lessee has the option to purchase and own the leased items at the end of the agreed-upon period. This provides the lessee with the opportunity to test the equipment and assess its suitability before committing to purchasing it. Additionally, the rental payments made during the lease term may be considered as credits towards the purchase price, making the acquisition more affordable. Different types of personal property lease or rental agreements in Oklahoma may vary in terms of the specific consumer electronics, home appliances, and accessories available for lease. Some common examples include: 1. Consumer Electronics: This category may include items such as televisions, audio systems, gaming consoles, computers, laptops, tablets, cameras, and other electronic devices suitable for personal use or entertainment purposes. 2. Home Appliances: This category encompasses a wide range of essential household appliances, including refrigerators, washing machines, dryers, dishwashers, ovens, stoves, microwaves, air conditioners, heaters, and more. 3. Accessories: This category covers various accessories that complement consumer electronics or home appliances. Examples may include stands, mounts, cables, cases, speakers, attachments, or any other associated add-ons. It's important to carefully review the terms and conditions outlined in the personal property lease or rental agreement before entering into any lease or rent-to-own agreement. Understanding the payment structure, ownership transfer options, maintenance responsibilities, and potential penalties or fees is crucial for a smooth and informed leasing experience. Consulting with legal professionals or experts in the field can also provide valuable guidance when considering a personal property lease or rental agreement in Oklahoma.
