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.
Pennsylvania Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property, commonly known as a Lease to Own or Rent to Own agreement, offers individuals the opportunity to lease or rent various types of personal property with an added option to buy and own the property in the future. This arrangement allows tenants to enjoy the benefits of using the property while giving them the flexibility to eventually become its owner. Different types of Pennsylvania Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property can include: 1. Residential Lease to Own Agreement: This type of agreement pertains to leasing or renting personal property such as houses, apartments, or condominiums with the possibility of purchasing the property at a later date. It offers individuals the chance to live in the property they desire while working towards homeownership. 2. Vehicle Lease to Own Agreement: This agreement applies to leasing or renting vehicles like cars, trucks, or motorcycles, providing the lessee with the option to buy the vehicle at the end of the lease term. It allows individuals to enjoy transportation without committing to an immediate purchase. 3. Electronic Equipment Lease to Own Agreement: This type of agreement focuses on leasing or renting electronic devices such as televisions, smartphones, or laptops with an option to purchase them later. It enables individuals to stay up-to-date with the latest technology without the need for an initial large investment. 4. Furniture and Appliance Lease to Own Agreement: This agreement involves leasing or renting furniture sets, home appliances, or other essential household items, with the opportunity to buy them in the future. It allows tenants to furnish their homes without the need for large upfront costs. 5. Commercial Lease to Own Agreement: This type of agreement caters to businesses seeking to lease or rent commercial properties such as office spaces, retail stores, or warehouses with the possibility of eventual ownership. It offers flexibility for businesses to establish themselves before committing to outright purchase. The Pennsylvania Lease or Rental Agreements of Personal Property with Option to Purchase and Own Personal Property provide an excellent opportunity for individuals and businesses to enjoy the benefits of using personal assets while working towards ownership. These agreements ensure that tenants have the freedom to test and enjoy the property before committing to a purchase, promoting financial stability and flexibility in personal and business ventures.
