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.
Chicago, Illinois Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own A personal property lease or rental agreement is a legal contract between a lessor (owner) and a lessee (renter) that outlines the terms and conditions under which equipment and furniture can be leased or rented in Chicago, Illinois. This type of agreement also includes an option for the lessee to purchase and own the leased items at the end of the lease term. In Chicago, Illinois, there are various types of personal property lease or rental agreements available for equipment and furniture, each tailored to specific needs and preferences: 1. Residential Lease or Rent to Own Agreement: This type of agreement is commonly used for individuals seeking to furnish their homes or apartments temporarily. It allows the lessee to rent furniture and equipment while having the option to purchase and own them after the lease term. 2. Commercial Lease or Rent to Own Agreement: This agreement is designed for businesses in Chicago, Illinois, looking for temporary equipment and furniture solutions. It enables the lessee to utilize assets and fixtures for a specific period, with the option to buy and become the owner at the end of the lease. 3. Event Rental Lease or Rent to Own Agreement: Event planners or organizers often require temporary furniture and equipment for events held in Chicago, Illinois. This agreement allows them to rent the necessary items for the duration of the event, including an option to purchase if desired. 4. Office Equipment Lease or Rent to Own Agreement: Companies in need of office equipment such as computers, printers, or specialized machinery can opt for this type of lease or rental agreement in Chicago, Illinois. It offers the lessee the flexibility to use the equipment while providing an opportunity to own it at the end of the rental term. 5. Medical Equipment Lease or Rent to Own Agreement: Medical professionals or institutions can take advantage of this type of agreement to lease or rent specialized medical equipment in Chicago, Illinois. They have the opportunity to rent the necessary items temporarily, with the choice to buy them outright if required. These various types of personal property lease or rental agreements provide individuals and businesses in Chicago, Illinois, flexibility and convenience when acquiring furniture and equipment. Additionally, the option to purchase and own the leased items at the end of the rental period allows lessees to gradually build their assets while fulfilling their immediate needs.
