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.
Oregon Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own offers individuals the flexibility to lease or rent various consumer electronics, home appliances, and accessories with the option to eventually purchase and own them. This agreement allows individuals to enjoy the latest technological gadgets and home appliances without committing to a long-term purchase. Under this arrangement, individuals can lease or rent a variety of consumer electronics such as smartphones, tablets, laptops, gaming consoles, and televisions. Additionally, an assortment of home appliances like refrigerators, washing machines, dryers, dishwashers, and microwaves can be included. To enhance the overall experience, individuals can also rent accessories like headphones, speakers, cameras, and smart home devices. The Oregon Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own provides individuals with the following benefits: 1. Flexibility: Individuals can choose the duration of the lease or rental period based on their needs and preferences. This allows for easy upgrades or replacements as technology advances or personal circumstances change. 2. Accessibility: This agreement opens doors for individuals who may not have the means to purchase expensive consumer electronics or home appliances outright. It provides an affordable option to enjoy these products without financial constraints. 3. Upgrades and Exchanges: The agreement often includes provisions for upgrading to newer models or exchanging products if they become faulty or outdated. This ensures individuals always have access to the latest technology and reliable appliances. 4. Option to Purchase: The lease or rental agreement also provides the opportunity for individuals to eventually purchase the leased items. This option allows customers to test the products before committing to ownership. Different types of Oregon Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own may include variations in the duration of lease or rental periods, pricing structures, and specific terms and conditions. Examples may include: 1. Short-term Lease or Rental Agreement: This type of agreement allows individuals to lease or rent consumer electronics, home appliances, and accessories for a shorter duration, usually ranging from a few weeks to a few months. It caters to individuals who have temporary needs or those who prefer frequent upgrades. 2. Extended Lease or Rental Agreement: This agreement has a longer duration, typically spanning several months or even over a year. It suits individuals who require longer-term access to these products. 3. Renewal Options: Some agreements may provide the option to renew the lease or rental contract after the initial period expires. This offers a convenient way for individuals to continue accessing the items without any disruptions. 4. Customized Packages: Certain agreements may offer customized packages where individuals can combine multiple products for a discounted rate. This is beneficial for customers who need a variety of consumer electronics and home appliances. In conclusion, the Oregon Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own provides an opportunity to enjoy the latest technology and efficient home appliances without the need for a substantial upfront investment.
