Virgin Islands Model Closed-End Vehicle Lease Disclosures — Federal Consumer Leasing Act Disclosures The Virgin Islands Model Closed-End Vehicle Lease Disclosures are an essential aspect of the Federal Consumer Leasing Act (CLA) to protect consumers in the Virgin Islands who are leasing vehicles. This set of disclosures ensures lessees have access to the necessary information regarding the terms and conditions of their vehicle lease agreements in a clear and transparent manner. These disclosures serve several purposes, including informing lessees about the cost, obligations, and rights associated with the lease, allowing them to make informed decisions. The Federal Consumer Leasing Act applies to closed-end vehicle leases with terms exceeding four months and a maximum value determined by the Act. Some of the vital details that must be included in the Virgin Islands Model Closed-End Vehicle Lease Disclosures are as follows: 1. Description of the Vehicle: The disclosures should provide a detailed description of the vehicle being leased, including its make, model, year, identification number, and any other relevant features or unique identifiers. 2. Total Amount Due at Lease Signing: This section outlines the total amount the lessee must pay upfront at the lease signing, including any down payments, security deposits, acquisition fees, or other charges. 3. Monthly Payment and Schedule: The monthly payment amount and the number of payments required over the lease term, including the due date and consequences of late payments, must be clearly stated. It should also mention any additional charges like taxes, fees, or insurance premiums. 4. Charges for Early Termination: The disclosures should provide information on any penalties or charges applicable if the lessee decides to terminate the lease agreement before the agreed-upon lease term. This section may include details on early termination fees or the responsibility for any remaining lease payments. 5. Excessive Wear and Tear: Details about the lessee's responsibilities regarding excessive wear and tear of the vehicle, including guidelines or limitations, must be included in the disclosures. This may cover issues such as dents, scratches, mechanical damage, or excessive mileage charges. 6. Insurance Requirements: If the lessee is required to maintain specific insurance coverage during the lease term, the Virgin Islands Model Closed-End Vehicle Lease Disclosures must clearly state the insurance requirements, including coverage limits and types. 7. End-of-Lease Purchase Option: In case there is an option for the lessee to purchase the leased vehicle at the end of the lease term, the disclosures should mention the purchase price or formula to determine it. 8. Statement of Consumer Rights: The disclosures must include a statement informing lessees about their consumer rights under the Federal Consumer Leasing Act, including their rights for early termination, vehicle condition dispute resolution, and other relevant protections. It is important to note that while the Virgin Islands Model Closed-End Vehicle Lease Disclosures encompass the general requirements, variations may exist in the specific details of disclosures due to unique state laws or regulations.
Virgin Islands Model Closed-End or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures
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The Consumer Leasing Act (15 U.S.C. 1667 et seq.) (CLA) was passed in 1976 to assure that meaningful and accurate disclosure of lease terms is provided to consumers before entering into a contract. It applies to consumer leases of personal property.
Leasing is an alternative to buying personal property with cash or on credit. A lease is a contract between a lessor (the property owner) and a lessee (the person who leases and uses the property) for the use of personal property.
The CLA requires lessors to provide consumers with disclosures regarding the cost and other terms of personal property leases. An automobile lease is the most common type of consumer lease covered by the CLA. Currently, a lease is exempt from the CLA if the consumer's total obligation exceeds $25,000.
The Act requires that certain lease costs and terms be disclosed, imposes limitations on the size of penalties for delinquency or default and on the size of residual liabilities, and requires certain disclosures in lease advertising.
Criminal and civil liability provisions of the Truth in Lending Act also apply to the CLA. Actions alleging failure to disclose the required information, or otherwise comply with the CLA, must be brought within one year of the termination of the lease agreement.
Although the Bureau has the authority to issue rules to implement the CLA for most entities, the Board retains authority to issue rules under the CLA for certain motor vehicle dealers covered by section 1029(a) of the Dodd-Frank Act, and the Board's Regulation M continues to apply to those entities.
Regulation M, Consumer Leasing, implements the Consumer Leasing Act (15 USC 1667 et seq.), which was enacted in 1976.