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.
Harris Texas Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own Introduction: The Harris Texas Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories is a legally binding document that allows individuals residing in Harris County, Texas to lease or rent consumer electronics, home appliances, and accessories with the option to eventually purchase and own them. This agreement outlines the terms and conditions of the lease/rental, along with the procedures and obligations involved in converting the lease into a rent-to-own arrangement. Key Terms and Conditions: 1. Parties Involved: The agreement identifies the lessor (owner of the items) and the lessee (individual renting the items). 2. Description of Items: The agreement provides a detailed description and specification of the consumer electronics, home appliances, and accessories being leased/rented, including their make, model, condition, and any additional features. 3. Rental Payments: Specifies the amount, frequency, and due dates for the rental payments to be made by the lessee. It may also include provisions for late fees or penalties for missed payments. 4. Lease Term: Determines the length of the lease/rental period, which is typically stated in months. 5. Security Deposit: Outlines the amount of the security deposit, its purpose, and conditions for its refund once the lease is terminated. 6. Maintenance and Repairs: Defines the responsibilities of both the lessor and lessee regarding maintenance, repairs, and damages to the leased items. 7. Option to Purchase: Details the conditions under which the lessee can exercise the option to purchase the leased items, including the purchase price and any applicable fees. 8. Default and Termination: Outlines the consequences of default by either party and the procedures for terminating the agreement before the lease term expires. Types of Harris Texas Personal Property Lease or Rental Agreement: 1. Consumer Electronics Lease/Rental: This type of agreement is specifically tailored for leasing or renting electronic devices such as televisions, laptops, smartphones, gaming consoles, and audio systems. 2. Home Appliances Lease/Rental: This agreement focuses on leasing or renting home appliances like refrigerators, washers and dryers, stoves, dishwashers, and air conditioning units. 3. Accessories Lease/Rental: This agreement is designed for leasing or renting accessories that complement the use of consumer electronics and home appliances. These may include speakers, stands, cables, and remote controls. Benefits of Lease or Rent to Own: 1. Flexibility: Allows individuals to enjoy the benefits of using consumer electronics and home appliances without the immediate need for a large upfront payment. 2. Upgrade Options: Provides the lessee with the opportunity to upgrade to newer models during or after the lease period, depending on the terms agreed upon. 3. Ownership Potential: Offers the possibility of owning the leased items at the end of the leasing period through the rent-to-own option, with a portion of the rental payments applied towards the purchase price. 4. Affordability: Enables individuals with limited financial resources to access essential items, making it a suitable option for those on a tight budget or with temporary housing arrangements. The Harris Texas Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own provides a legal framework for engaging in a mutually beneficial arrangement between lessors and lessees in Harris County, Texas. By clearly delineating the rights, responsibilities, and conditions for lease termination or purchase, this agreement ensures a smooth and transparent transaction between parties.
