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.
Cook Illinois Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property — Lease or Rent to Own is a legal document that outlines the terms and conditions for leasing or renting personal property in Cook County, Illinois, with an additional option to purchase and own the leased property. This form of agreement provides individuals with the opportunity to acquire ownership of the rented property after the lease term ends. There are different types of Cook Illinois Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property — Lease or Rent to Own, including but not limited to: 1. Residential Lease or Rent to Own Agreement: This type of agreement is specifically designed for residential properties, such as houses, apartments, or condos. It enables tenants to lease the property for a specified period and gives them an option to buy the property at the end of the lease term. 2. Commercial Lease or Rent to Own Agreement: This agreement pertains to commercial properties, including office spaces, retail stores, or industrial buildings. Business owners or entrepreneurs can lease such properties with an opportunity to become the owners after the lease period, allowing them to build equity. 3. Vehicle Lease or Rent to Own Agreement: This agreement applies to the leasing or renting of vehicles, be it cars, trucks, or motorcycles. It provides the lessee with the option to purchase the vehicle at the end of the lease term, allowing them to use the vehicle temporarily before making a final decision. 4. Equipment Lease or Rent to Own Agreement: This type of agreement specifically deals with leasing or renting various types of equipment, such as machinery, tools, or appliances. It allows individuals or businesses to use the equipment for a set duration and provides them with the option to acquire ownership once the lease term concludes. In Cook County, Illinois, these different types of Lease or Rental Agreements of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own offer flexible options for individuals and businesses to gain access to personal property while maintaining the possibility of ownership. It is essential to consult legal professionals to ensure all parties understand the terms, responsibilities, and rights outlined in the agreement before entering into any lease or rent-to-own arrangement.
