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.
Wayne, Michigan Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own is a legal document that establishes a contractual agreement between two parties, where one party (referred to as the Lessor) agrees to lease or rent certain equipment and furniture to the other party (referred to as the Lessee). This agreement includes an option for the Lessee to purchase and own the leased items at the end of the lease term. In Wayne, Michigan, there are several types of Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own that can cater to different needs: 1. Residential Lease or Rental Agreement with Option to Purchase and Own: This type of lease agreement is commonly used for residential properties, wherein a landlord leases or rents furniture and equipment to a tenant, allowing them the option to buy the items at the end of the lease term. 2. Commercial Lease or Rental Agreement with Option to Purchase and Own: This agreement applies to commercial properties, where businesses can lease or rent equipment and furniture with the added option to purchase and own them eventually. It is commonly used by startups or small businesses that cannot afford to buy equipment outright. 3. Industrial Lease or Rental Agreement with Option to Purchase and Own: This type of agreement caters to the industrial sector, where companies can lease or rent machinery, equipment, and furniture with the opportunity to buy and own them at the lease term's conclusion. It is often used by manufacturing plants or warehouses that require specific tools and resources for their operations. 4. Agricultural Lease or Rental Agreement with Option to Purchase and Own: This lease agreement is designed for agricultural purposes, where farmers or agricultural businesses can lease or rent farming equipment, machinery, and furniture, with the option to purchase and own them after the lease period expires. It is popular among farmers who require specialized equipment for seasonal operations. Regardless of the specific type, a Wayne, Michigan Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own is a legally binding contract that outlines the terms and conditions of the lease, including lease duration, rental payments, maintenance responsibilities, and the purchase option details. It provides a flexible option for individuals and businesses to acquire necessary assets while spreading out the costs over time.
