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.
Washington Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own is a legally-binding document that outlines the terms and conditions for leasing or renting consumer electronics, home appliances, and accessories with the option to eventually purchase and own the items. This agreement is specifically tailored for residents and businesses in the state of Washington. This lease or rent to own agreement allows individuals and businesses to acquire various personal property items such as smartphones, laptops, televisions, refrigerators, washing machines, sound systems, and other electronic devices and home appliances without the need for an upfront purchase. It offers flexibility for those who prefer to have temporary ownership before committing to a permanent purchase. The Washington Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own typically consists of several key sections: 1. Parties: Specifies the names and contact information of the lessor (the owner of the property) and the lessee (the person or entity renting the property). 2. Property Details: Provides a comprehensive list of all the items being leased or rented, including their specifications, brand names, and any relevant accessories or attachments. 3. Rental Term and Payments: Outlines the duration of the rental agreement, monthly rental amount, due dates, and payment methods. It may also include any additional fees such as late payment charges or maintenance costs. 4. Option to Purchase: Clearly defines the option for the lessee to purchase the leased property at the end of the rental term. It states the purchase price or the calculation method, any applicable down payment, and the deadline for exercising the option. 5. Condition and Maintenance: Specifies the responsibility of the lessee to maintain the leased property in good working condition. It may require regular cleaning, proper usage, and timely reporting of any damages or malfunctions. 6. Insurance and Liability: Clarifies the insurance requirements for the leased property and determines the responsible party in case of theft, loss, or damage. It also outlines the liability of both parties during the lease period. 7. Termination and Default: Expounds on the circumstances under which either party can terminate the agreement before its specified end date. It also discusses the consequences of defaulting on rental payments or violating the terms and conditions. Other types of Washington 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 specific categories such as furniture, gaming consoles, musical instruments, power tools, or any other personal property items catered to the unique needs and preferences of the lessees. It is crucial for all parties involved to thoroughly review the terms and conditions of the Washington Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own before signing to ensure mutual understanding and compliance with the legal obligations and rights associated with the agreement.
