The following lease agreement form is meant to be used by one individual dealing with another individual or a commercial transaction between non-consumers. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
The Federal Consumer Leasing Act, which is part of the Truth in Lending Act, applies to any lease of consumer goods for more than four months in which the total contractual obligation does not exceed $25,000. (It does not apply to leases of real estate.) This law requires the lessor (the owner of the auto you lease, for example) to disclose information before you sign the lease. Among the most important items are
" the capitalized cost -- that is, the cost of the goods being leased (the capitalized cost is negotiable to the same extent that the price of goods is negotiable if you were buying them instead of leasing them);
" the total amount of any initial payment you are required to pay;
" the number and amounts of monthly payments;
" the total amount for fees, such as license fees and taxes;
" any penalty for default or late payments;
" the annual mileage allowance and the extra charges involved if you exceed that allowance;
" whether you can end the lease early, and the method of computing the charge if you do so;
" whether you can purchase the auto at the end of the lease and for what price;
" any liability that you may have for the difference between the estimated value of the auto and its market value at the time you end the lease; and
" any extra payment that you must make at the end of the lease.
A West Virginia Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property, also known as a "Lease to Own" or "Rent to Own" agreement, provides individuals with the opportunity to lease or rent personal property with the option to later purchase and own that property. This type of agreement allows individuals to gradually pay for the property over a specified period while testing its suitability and ensuring financial feasibility before committing to a full purchase. There are various types of West Virginia Lease or Rental Agreement of Personal Property that offer the option to purchase and own personal property. Some common examples include: 1. West Virginia Residential Lease or Rental Agreement with Option to Purchase Personal Property: This type of agreement is typically used for residential properties such as houses, apartments, or condominiums, allowing tenants to rent the property with the option to buy it within a predetermined timeframe. 2. West Virginia Vehicle Lease or Rental Agreement with Option to Purchase: This agreement pertains to the lease or rental of vehicles, such as cars, trucks, motorcycles, or recreational vehicles (RVs). It enables individuals to lease the vehicle for a specific period, with the option to purchase it at the end of the lease term. 3. West Virginia Commercial Lease or Rental Agreement with Option to Purchase Personal Property: This type of agreement is suitable for renting or leasing commercial properties, including office spaces, retail stores, warehouses, or industrial facilities. It allows renters to lease the property while having the option to buy it in the future. 4. West Virginia Equipment Lease or Rental Agreement with Option to Purchase: This agreement pertains to the leasing or renting of various types of equipment, such as construction machinery, medical devices, IT equipment, or industrial tools. It provides individuals or businesses with the opportunity to rent the equipment with the option of ownership after a certain period. In any West Virginia Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property, important terms and conditions are typically included. These terms may cover the duration of the lease, monthly rental payments, security deposits, the purchase price of the property, the timeframe for exercising the option to purchase, and any specific conditions or restrictions relevant to the particular type of personal property being leased. It's essential for individuals considering a West Virginia Lease or Rental Agreement of Personal Property with the option to purchase and own personal property to carefully review the agreement, seek legal advice if necessary, and ensure they understand all terms and conditions before entering into any rental or lease-to-own arrangement.
