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.
Oakland County, Michigan is a vibrant area located in the southeastern part of the state. Known for its diverse communities and thriving economy, Oakland County offers numerous opportunities for individuals looking to lease or rent personal property with the option to purchase and own it. One popular type of lease or rental agreement in Oakland County is the residential lease with an option to purchase. This type of agreement allows tenants to rent a residential property with the added benefit of having the option to buy it at a later date. It provides flexibility for those who are not yet ready to commit to purchasing a home but would like the opportunity to do so in the future. Another type of lease or rental agreement commonly found in Oakland County is the commercial lease with an option to purchase. Businesses often utilize this type of agreement to secure a space for their operations while also maintaining the option to buy the property if desired. This arrangement allows businesses to test the viability of their location before committing to a long-term purchase. Oakland County also offers a variety of lease or rent-to-own agreements for personal property of any type. This could include items such as furniture, appliances, electronics, or vehicles. These agreements typically involve a monthly rental fee with a portion of the payments going towards the eventual purchase of the item. It gives individuals the opportunity to enjoy the benefits of using the property while working towards ownership. For those interested in lease or rent-to-own options in Oakland County, it is important to carefully review the terms and conditions of the agreement. Factors such as the duration of the lease, the purchase price, and any additional fees or obligations should be clearly outlined. Both parties should also consider obtaining legal advice to ensure their rights and responsibilities are protected throughout the process. Overall, Oakland County, Michigan offers a range of leases or rental agreements for personal property with the option to purchase and own. Whether it's residential or commercial real estate, or even personal items, individuals have the opportunity to lease or rent-to-own in this dynamic area.
