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.
Wisconsin Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own A Wisconsin Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own, commonly known as a "lease or rent to own" agreement, is a legal contract that allows an individual or business to lease or rent out equipment and furniture with the option to eventually purchase and own them. This arrangement provides flexibility for those who are in need of equipment or furniture but may not have the immediate funds for an outright purchase. The Wisconsin Personal Property Lease or Rental Agreement outlines the terms and conditions of the leasing arrangement, including the specifics of the equipment or furniture being leased, the duration of the lease, monthly rental payments, and the option to purchase the leased items at the end of the agreed-upon period. Key terms and conditions within the agreement may include: 1. Identification of parties: The agreement must clearly identify the lessor (the owner or leasing company) and the lessee (the individual or business leasing the equipment or furniture). 2. Description of leased items: The agreement should provide a detailed description of the items being leased, including make, model, serial numbers, and any specific features or conditions. 3. Lease duration: The agreement will specify the length of the lease, typically stating the start and end dates of the agreement. 4. Rental payments: The agreement will outline the amount and frequency of rental payments to be made by the lessee. This may be a fixed monthly amount or a percentage of the item's value. 5. Option to purchase: The agreement will include details on the option to purchase the leased items at the end of the lease. This may involve a predetermined purchase price or a formula to calculate the purchase price based on the duration of the lease and the rental payments made. 6. Maintenance and repairs: The agreement may specify the responsibilities of both the lessor and lessee regarding maintenance, repairs, and insurance coverage for the leased items. Additionally, there may be different types of Wisconsin Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own that cater to specific industries or types of equipment. Some examples could include: 1. Construction equipment lease or rent to own agreement: Designed for leasing heavy machinery, tools, and equipment commonly used in the construction industry. 2. Retail furniture lease or rent to own agreement: Tailored for businesses in the furniture industry, allowing them to lease and eventually purchase showroom items or inventory. 3. Office equipment lease or rent to own agreement: Geared towards businesses looking to lease office furniture, computers, printers, and other office equipment. In conclusion, a Wisconsin Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own, commonly referred to as a lease or rent to own agreement, offers a flexible solution for individuals and businesses requiring equipment or furniture, allowing them to lease the items with the option to eventually purchase and own them. Different types of leases may be available to suit specific industries or equipment needs.
