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.
Cook Illinois Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own, is a comprehensive agreement provided by Cook Illinois for individuals seeking to lease or rent various consumer electronics, home appliances, and accessories with the option to eventually purchase and own the leased items. This agreement offers flexibility and convenience to customers who want access to the latest technology and appliances without committing to a long-term purchase. The Cook Illinois Personal Property Lease or Rental Agreement allows individuals to choose from a wide range of consumer electronics such as smartphones, laptops, tablets, gaming consoles, and televisions. Home appliances like refrigerators, washing machines, dishwashers, ovens, and vacuum cleaners are also available for lease or rent. Additionally, customers can find an array of accessories including headphones, speakers, smart home devices, and kitchen gadgets. With this agreement, customers have the opportunity to enjoy the benefits of using high-quality electronic devices and appliances without the upfront costs associated with purchasing them outright. The lease or rent-to-own option allows individuals to make affordable monthly payments towards the leased items while experiencing their functionalities and features. Names for different types of Cook Illinois Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own may include: 1. Electronics Lease or Rent to Own Agreement: This agreement specifically caters to leasing or renting consumer electronics such as smartphones, laptops, and gaming consoles. 2. Appliance Lease or Rent to Own Agreement: This agreement focuses on leasing or renting home appliances like refrigerators, washing machines, ovens, and vacuum cleaners, offering customers the option to eventually own the appliances. 3. Electronics and Appliance Lease or Rent to Own Agreement: This agreement encompasses both consumer electronics and home appliances for individuals who want to lease a combination of devices and appliances. 4. Accessory Lease or Rent to Own Agreement: This specific agreement targets individuals who are interested in leasing or renting accessories like headphones, speakers, and smart home devices. By offering a variety of lease or rent-to-own options, Cook Illinois aims to provide customers with a convenient and flexible way to access and acquire the latest consumer electronics, home appliances, and accessories without the financial obligations of an immediate purchase.
