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 Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own, also known as a lease-to-own agreement, is a legal contract that outlines the terms and conditions for leasing or renting equipment and furniture with the option to purchase and ultimately own the property. This type of agreement offers flexibility to individuals or businesses who want to acquire assets without immediate full payment, allowing them to use the item while gradually paying for it. There are several types of Oregon Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own: 1. Commercial Lease or Rental Agreement: This type of agreement is specifically designed for businesses looking to lease or rent equipment and furniture for their operations. It enables them to have access to necessary assets without making a large upfront payment. 2. Residential Lease or Rental Agreement: This agreement is catered towards individuals or families who wish to lease or rent equipment and furniture for their homes. It provides a practical solution for acquiring household items without the need for immediate purchase. 3. Automotive Lease or Rental Agreement: This type of agreement is specific to leasing or renting vehicles, such as cars, trucks, or vans. It allows individuals or businesses to utilize transportation assets for a defined period with the option to eventually buy the vehicle. 4. Industrial Equipment Lease or Rental Agreement: This agreement is tailored for businesses requiring heavy machinery or specialized equipment for construction, manufacturing, or other industrial purposes. It permits companies to rent the equipment temporarily with the intent to purchase it in the future. 5. Office Furniture Lease or Rental Agreement: This type of agreement targets businesses in need of office furniture and fixtures. It enables them to lease or rent the necessary items, such as desks, chairs, and filing cabinets, with the option to buy them at a later date. 6. Technology Equipment Lease or Rental Agreement: This agreement is perfect for individuals or businesses looking to lease or rent technological devices like computers, laptops, printers, or audiovisual equipment. It allows them to stay up to date with the latest technology without a significant upfront investment. In conclusion, Oregon Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own offers various types of lease agreements catering to different needs, such as commercial, residential, automotive, industrial, office furniture, and technology equipment leases. These agreements provide flexibility for individuals and businesses in Oregon who want to acquire assets gradually while using them.
