The Vermont Model Closed-End or Net Vehicle Lease Disclosures are a set of mandatory disclosure requirements that apply to vehicle lease agreements in the state of Vermont. These disclosures are designed to provide consumers with important information about the terms and conditions of their lease, ensuring transparency and fairness in leasing transactions. Under the Federal Consumer Leasing Act (CLA), lessors are required to provide specific disclosures to lessees. The Vermont Model Closed-End or Net Vehicle Lease Disclosures go above and beyond the federal requirements, providing additional protections and information for consumers. Some of the key information that must be disclosed in these Vermont Model Disclosures includes: 1. Description of the Vehicle: The lease agreement should clearly identify the leased vehicle, including its make, model, year, and any relevant identification numbers. 2. Capitalized Cost: This disclosure includes the total cost of leasing the vehicle, including the selling price, any fees, taxes, and other charges. 3. Residual Value: The residual value is the estimated value of the vehicle at the end of the lease term. It is important for the lessee to know this value as it affects their monthly payments and potential purchase options at lease-end. 4. Monthly Payments: The disclosure should provide a breakdown of the lessee's monthly payments, including any additional charges or fees. 5. Security Deposit: If a security deposit is required, the disclosure should clearly state the amount and conditions for its return. 6. Early Termination: This disclosure explains the lessee's rights and responsibilities in case they choose to end the lease early, including any penalties or fees that may be incurred. 7. Excess Mileage: If there are limits on the number of miles the lessee can drive during the lease term, this disclosure should outline the charges for exceeding those limits. 8. Wear and Tear: This disclosure explains the lessee's responsibility for maintaining and returning the vehicle in good condition, including any potential charges for excessive wear and tear. 9. Purchase Option: If the lease agreement includes the option to purchase the vehicle at the end of the term, this disclosure should outline the purchase price and any conditions associated with exercising this option. There are no specific types of Vermont Model Closed-End or Net Vehicle Lease Disclosures for different lease agreements. However, lessors may need to customize the disclosures to meet the specific terms and conditions of each individual lease agreement while still complying with the requirements of the Vermont Model Disclosures. It is essential for both lessors and lessees to familiarize themselves with the Vermont Model Closed-End or Net Vehicle Lease Disclosures to ensure compliance with the law and to protect their rights and interests in vehicle lease transactions.