The Illinois Model Closed-End or Net Vehicle Lease Disclosures, as mandated by the Federal Consumer Leasing Act (CLA), are comprehensive disclosures provided to lessees in Illinois who enter into a vehicle lease agreement. These disclosures aim to provide lessees with detailed information regarding the terms, conditions, and costs associated with their lease. The Illinois Model Closed-End or Net Vehicle Lease Disclosures include various key elements that lessees need to be aware of, such as the payment schedule, itemized costs, and any potential charges or penalties that may be incurred during the lease term. These disclosures serve to protect the rights of consumers, ensuring transparency and allowing them to make informed decisions about leasing a vehicle. In Illinois, there are different types of Illinois Model Closed-End or Net Vehicle Lease Disclosures based on the various factors that can affect the terms and costs of a vehicle lease. These factors include the vehicle's make and model, lease duration, mileage allowances, and any additional services or features included in the lease agreement. Some different types of Illinois Model Closed-End or Net Vehicle Lease Disclosures under the Federal Consumer Leasing Act may include: 1. Standard Disclosure: This type of disclosure provides lessees with the basic and essential information required by law, including the total amount due at lease signing, monthly payment, lease term, and any additional charges or fees. 2. Early Termination Disclosure: If a lessee chooses to terminate the lease agreement before the agreed-upon term, this disclosure outlines the potential costs and penalties associated with early termination. 3. Excess Mileage Disclosure: This disclosure informs lessees about the potential charges they may face if they exceed the mileage allowance specified in the lease agreement. It provides a breakdown of how excess mileage charges are calculated and applied. 4. Wear and Tear Disclosure: This type of disclosure explains the lessee's responsibilities regarding normal wear and tear on the leased vehicle. It outlines the criteria used to assess damage at the end of the lease term and any charges that may be incurred for excessive wear. 5. Lease End Options Disclosure: This disclosure elucidates the options available to lessees at the end of the lease term, such as purchasing the vehicle, extending the lease, or returning the vehicle. It also includes any additional fees or conditions associated with each option. Overall, the Illinois Model Closed-End or Net Vehicle Lease Disclosures under the Federal Consumer Leasing Act serve to provide transparency in vehicle leasing agreements and empower consumers to make informed decisions while protecting their rights and ensuring fairness in lease terms and costs.
Illinois Model Closed-End or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures
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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.