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 Contra Costa California Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property, also known as a Lease or Rent to Own agreement, provides individuals with the opportunity to lease or rent personal property with the option of eventually purchasing and owning it. This type of agreement offers flexibility for individuals who may not have immediate access to funds for purchasing personal property, such as furniture, appliances, vehicles, or electronic devices. In Contra Costa California, there are several types of Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property available. Some common examples include: 1. Furniture Lease or Rent to Own Agreement: This agreement allows individuals to lease or rent furniture for a certain period of time with the option to purchase it at the end of the agreement. This can be beneficial for individuals who are moving to a new place temporarily or have short-term housing arrangements. 2. Appliance Lease or Rent to Own Agreement: With this type of agreement, individuals can lease or rent appliances like refrigerators, washers, dryers, or microwaves with the option to buy them in the future. It can be ideal for those who are in transitional living situations or need temporary access to appliances. 3. Vehicle Lease or Rent to Own Agreement: This agreement enables individuals to lease or rent vehicles, such as cars, motorcycles, or trucks, with the possibility of purchasing them later. It can be suitable for individuals who wish to test a vehicle before committing to a purchase or need a vehicle for a limited period. 4. Electronics Lease or Rent to Own Agreement: This type of agreement permits individuals to lease or rent electronic devices like televisions, computers, or gaming consoles, with the choice to buy them at the end of the agreement. It is often beneficial for individuals who want the latest technology but may not have immediate funds for a full purchase. Regardless of the specific type of Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property, it is important for both parties to thoroughly read and understand the terms and conditions outlined in the agreement. This includes information about lease duration, monthly payment amounts, maintenance responsibilities, insurance coverage, and the option-to-purchase terms. It is advisable to consult with legal professionals or real estate agents specializing in lease agreements to ensure all legal requirements are met and to protect the rights of both parties involved.
