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.
South Dakota 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 South Dakota, individuals have the option to lease or rent consumer electronics, home appliances, and accessories with the opportunity to eventually purchase and own the items. This type of agreement is beneficial for those looking for flexibility in acquiring new equipment without immediate financial commitment. Below are the different types of South Dakota Personal Property Lease or Rental Agreements available: 1. Consumer Electronics Lease or Rent to Own: This agreement allows individuals to lease or rent popular consumer electronics such as televisions, laptops, smartphones, gaming consoles, and other electronic devices. Customers can enjoy the latest technology without the need for a large upfront payment. 2. Home Appliances Lease or Rent to Own: This type of agreement focuses on home appliances, providing the opportunity to lease or rent appliances like refrigerators, washing machines, dryers, dishwashers, and more. It is an ideal choice for individuals who have recently moved or need temporary appliance solutions. 3. Accessories Lease or Rent to Own: This specific agreement covers various accessories that complement consumer electronics or home appliances. Examples include speakers, headphones, smart home devices, kitchenware, and other essential accessories. Customers can upgrade their existing devices by renting or leasing additional accessories without breaking the bank. Regardless of the type of Personal Property Lease or Rental Agreement, South Dakota offers an option for customers to eventually own the leased or rented items. This means that after a specified leasing period or upon fulfilling certain conditions, customers can exercise the option to purchase the product and officially own it. Lease or Rent to Own agreements provide individuals in South Dakota with a flexible and affordable way to access consumer electronics, home appliances, and accessories, making it easier to enjoy the latest technology and equipment without significant upfront costs.
