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 Broward Florida Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own is a legally binding contract that allows individuals or businesses in Broward County, Florida to lease or rent equipment and furniture with the option to purchase and eventually own the items. This type of agreement provides flexibility for those who may not have the immediate funds to purchase these items outright but wish to acquire them in the future. The Broward Florida Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own offers several benefits to both the lessor (the individual or business providing the equipment and furniture) and the lessee (the individual or business renting the items). The agreement outlines the specific terms and conditions of the lease or rental, including the duration of the lease, monthly rental payment amount, and any additional fees or charges. It also governs the use and care of the equipment and furniture, including maintenance responsibilities and liability for damages. One type of Broward Florida Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own is the Equipment Lease with buyout option. This agreement allows the lessee to rent the equipment for a predetermined period while making regular rental payments. At the end of the lease term, the lessee has the option to purchase the equipment at a predetermined price, which may be lower than the market value. Another type of Broward Florida Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own is the Furniture Rental with rent-to-own option. This agreement allows individuals or businesses to lease furniture for a specific duration, typically with monthly rental payments. If the lessee decides to exercise the rent-to-own option, a portion of the monthly payments made during the rental period can be applied towards the purchase of the furniture. This allows individuals or businesses to gradually acquire ownership of the furniture over time. In conclusion, the Broward Florida Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own provides a practical solution for individuals or businesses in need of equipment and furniture, but who prefer to lease before committing to a full purchase. This type of agreement offers flexibility, affordability, and the opportunity to eventually own the leased items.
