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.
Tennessee Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own, also known as a lease-to-own agreement, is a legal contract outlining the terms and conditions for leasing or renting consumer electronics, home appliances, and accessories in the state of Tennessee. This arrangement provides individuals with the opportunity to rent or lease personal property while having the option to purchase and ultimately own it. The Tennessee Personal Property Lease or Rental Agreement offers flexibility to consumers who may not have the financial means or creditworthiness to purchase items outright. By entering into this agreement, individuals can enjoy the use of desired consumer electronics, home appliances, and accessories without the immediate pressure of purchasing them. This lease or rent-to-own agreement typically covers a wide range of items, including but not limited to: 1. Consumer Electronics: This category comprises popular electronic devices such as televisions, home theater systems, smartphones, laptops, gaming consoles, cameras, and audio equipment. 2. Home Appliances: Various essential household appliances fall into this category, including refrigerators, washing machines, dryers, dishwashers, ovens, microwaves, vacuum cleaners, air conditioners, and water heaters. 3. Accessories: This encompasses supplementary items or add-ons for consumer electronics and home appliances, such as remote controls, cables, headphones, cases, stands, filters, and other compatible accessories. Different types of Tennessee Personal Property Lease or Rental Agreements of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own may include: 1. Fixed-Term Agreement: This type of agreement specifies a predetermined period, typically ranging from 12 to 36 months, during which the lessee must fulfill the leasing or rental obligations. At the end of the term, the lessee can decide whether to exercise the purchase option and become the owner. 2. Flexible Payment Options: This agreement may offer various payment plans tailored to meet specific financial situations, allowing the lessee to make regular installment payments towards ownership. These options may include weekly, bi-weekly, or monthly payments. 3. Early Purchase Option: In some cases, the agreement may include an early purchase option, providing the lessee with the opportunity to buy out the leased property before the end of the agreed-upon term. This option can be exercised by paying off the remaining balance at a discounted price. 4. Maintenance and Repairs: The agreement terms often outline the responsibilities for maintenance and repairs of the leased items. Some agreements may include provisions for repairs or replacements during the leasing period, ensuring that the lessee can enjoy the items without additional expenses. By utilizing the Tennessee Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own, individuals can easily access the latest technology and household items while having the flexibility to make ownership decisions based on their needs and financial capability.
