This is a multi-state form covering the subject matter of the title.
Illinois Federal Consumer Leasing Act Disclosure Form
State:
Multi-State
Control #:
US-FED-0099-L
Format:
Word;
Rich Text
Instant download
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How to fill out Federal Consumer Leasing Act Disclosure Form?
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FAQ
Lease contracts must provide full disclosure of the following facts: That the transaction is a lease. A description of the leased vehicle. The capitalized amount. The full term of the lease.
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.
When you lease a car in Illinois, you pay the sales tax on the cost of your new or used car. However, you'll only owe tax on your monthly payment rather than on the total value of your vehicle. If you decide to purchase your vehicle at the end of your lease, you'll pay a sales tax on the depreciated price.
The regulation covers topics such as:Disclosure of lease schedule and payments. Early termination notices. Purchase option disclosures. Lease renegotiations, extensions, and assumptions.
Regulation M. (a) General rule. An advertisement for a consumer lease may state that a specific lease of property at specific amounts or terms is available only if the lessor usually and customarily leases or will lease the property at those amounts or terms.
A.Messages in newspapers, magazines, leaflets, catalogs, and fliers;Messages on radio, television and public address systems;Direct mail;Telephone solicitations;Signs or displays; and.Online information, such as the Internet.
Consumer leases may include:Automobile leases, Furniture leases, & Other personal property leases. Closed-end (walk-away) leases. Open-end leases.
For an advertisement accessed by the consumer in electronic form, the required disclosures may be provided to the consumer in electronic form in the advertisement, without regard to the consumer consent or other provisions of the E-Sign Act.
The Consumer Leasing Act (CLA) was enacted in 1976 as part of the Truth in Lending Act (TILA) to protect lessees from unclear or deceiving statements and advertisements by lessors.
Disclosures required by Federal Reserve Board Regulation M that must be grouped together and separated from other information in the lease documents.