Illinois Model Closed-End or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures
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How to fill out Model Closed-End Or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures?
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FAQ
Illinois' Motor Vehicle Leasing Act was enacted by the General Assembly to promote the understanding of motor vehicle leases in this State by requiring the disclosure of specified lease obligations and terms to consumer lessees. (815 ILCS 636/5 (West 1996).)
The rent charge, with a description such as ?the amount charged in addition to the depreciation and any amortized amounts.? This amount is the difference between the total of the base periodic payments over the lease term minus the depreciation and any amortized amounts.
Under a car lease, you pay for the difference between the capitalized cost and the residual value of your leased vehicle. The capitalized cost represents the value of the car at the beginning of the lease plus any additional costs you roll into your lease.
Total of (1) amount charged to cover the vehicle's projected decline in value through normal use during the lease term and (2) other items that are paid for over the lease term; calculated as the difference between the adjusted capitalized cost and the vehicle's residual value.
Adjusted Capitalized Cost Refers to the amount financed, which is the total amount calculated to include the negotiated selling price of the vehicle, plus things like title and registration fees as we mentioned above, and minus things like any possible rebates or a down payment.
The agreed-upon value of the vehicle at the time you lease it, which generally may be negotiated, plus any items you agree to pay for over the lease term (amortized amounts), such as taxes, fees, service contracts, insurance, and any prior credit or lease balance.
- When you lease a car in Illinois, you will only be able to drive within 12,000 to 15,000 miles on the car. - Insurance typically costs more. - Your payments only end after the vehicle is returned. - If the car is damaged, you'll be held liable.