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.
A Santa Clara California Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with the Option to Purchase and Own — Lease or Rent to Own is a legally binding contract that allows individuals residing in Santa Clara, California, to lease or rent personal property, such as consumer electronics, home appliances, and accessories, with the possibility to buy and own the items at the end of the lease term. This type of agreement provides flexibility and convenience for individuals who may not have the immediate funds to purchase expensive items but still want to enjoy their benefits. Here are different types of Santa Clara California Personal Property Lease or Rental Agreements of Consumer Electronics, Home Appliances, and Accessories with the Option to Purchase and Own — Lease or Rent to Own: 1. Consumer Electronics Lease or Rent to Own Agreement: This specific agreement pertains to leasing or renting consumer electronics, including but not limited to TVs, smartphones, laptops, gaming consoles, and audio systems. It allows the lessee to use the electronics for a predetermined period and later purchase them if desired. 2. Home Appliances Lease or Rent to Own Agreement: This agreement focuses on leasing or renting home appliances such as refrigerators, washing machines, dryers, dishwashers, and microwave ovens. It enables individuals to acquire essential household appliances without the upfront expense and offers the option to buy at a later stage. 3. Accessories Lease or Rent to Own Agreement: This type of agreement caters to the lease or rental of various accessories, including but not limited to furniture, home decor items, kitchenware, and lighting fixtures. It allows individuals to enhance their living space by temporarily leasing these accessories and deciding whether to purchase them permanently. In all these agreements, the lessee is required to make monthly rental payments for the duration of the lease term. Additionally, the agreements outline the conditions for the option to purchase the leased items, including the purchase price, any additional fees or charges, and the time frame within which the decision must be made. It is crucial for both parties to carefully read and understand the agreement's terms and conditions before entering into the lease or rental agreement.
