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.
A South Carolina 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 consumers with the opportunity to lease or rent various items for personal use, such as electronic devices, household appliances, and related accessories. This agreement includes an option for the renter to purchase the leased items and eventually own them. In South Carolina, there are several types of Personal Property Lease or Rental Agreements available for consumer electronics, home appliances, and accessories with the option to purchase and own. These include: 1. Consumer Electronics Lease or Rental Agreement: This type of agreement specifically caters to leasing or renting consumer electronics, such as smartphones, televisions, computers, audio equipment, gaming consoles, and other electronic devices. 2. Home Appliances Lease or Rental Agreement: This agreement is designed for leasing or renting essential home appliances, including refrigerators, washing machines, dryers, dishwashers, stoves, microwaves, and other household appliances. 3. Accessory Lease or Rental Agreement: This agreement focuses on leasing or renting various accessories that complement consumer electronics or home appliances, such as speakers, headphones, chargers, cables, cases, and other related accessories. Each of these lease or rental agreements operates under the option to purchase and own framework. This means that during the lease period, the renter has the opportunity to buy the leased items at the end of the agreement term or before, as agreed upon with the lessor. The lease to own or rent to own option provides flexibility for the consumer and allows them to try out the items before committing to a purchase. When entering into a South Carolina Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own, it is crucial to thoroughly review and understand the terms and conditions of the agreement. Both parties should clearly establish the lease period, rental payments, option to purchase price, maintenance responsibilities, penalties for early termination, and any other relevant terms. By carefully considering these agreements, individuals in South Carolina can enjoy the advantages of leasing or renting consumer electronics, home appliances, and accessories while having the opportunity to eventually own the leased items if desired.
