California Model Closed-End or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures

State:
Multi-State
Control #:
US-00750BG
Format:
Word; 
Rich Text
Instant download

Description

This form is used when the lessor must segregate certain disclosures from other information. Clear and conspicuous lease disclosures must be given prior to consummation of a lease on a dated written statement that identifies the lessor and lessee.

How to fill out Model Closed-End Or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures?

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FAQ

The Act requires that certain lease costs and terms be disclosed, imposes limitations on the size of penalties for delinquency or default and on the size of residual liabilities, and requires certain disclosures in lease advertising.

Leasing is an alternative to buying personal property with cash or on credit. A lease is a contract between a lessor (the property owner) and a lessee (the person who leases and uses the property) for the use of personal property.

The Consumer Leasing Act (15 U.S.C. 1667 et seq.) (CLA) was passed in 1976 to assure that meaningful and accurate disclosure of lease terms is provided to consumers before entering into a contract. It applies to consumer leases of personal property.

?Consumer Lease??A consumer lease is a contract between. a lessor and a lessee: ? for the use of personal property by an individual (natural. person), ? to be used primarily for personal, family, or household.

Criminal and civil liability provisions of the Truth in Lending Act also apply to the CLA. Actions alleging failure to disclose the required information, or otherwise comply with the CLA, must be brought within one year of the termination of the lease agreement.

Regulation M, Consumer Leasing, implements the Consumer Leasing Act (15 USC 1667 et seq.), which was enacted in 1976.

The Vehicle Leasing Act incorporates the requirement of the federal statute, and goes further imposing more detailed disclosures and making them mandatory for all automobile lease contracts entered into in California.

The Consumer Leasing Act (15 USC 1667 et seq.) (CLA) was passed in 1976 to assure that meaningful and accurate disclosure of lease terms is provided to consumers before entering into a contract. It applies to consumer leases of personal property.

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California Model Closed-End or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures