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Consumer Lease. A consumer lease is a lease contract between a. lessor and a lessee. ? For the use of personal property by an individual. (natural person)
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.
Customer Lease means a contract originally entered into between an Originator and a Customer, Customer Lease means a lease by the Company or any of its Subsidiaries of product to a customer for the purpose of financing the purchase thereof by such customer.
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.
Example: A car dealership offers a consumer lease to a customer who wants to lease a car for personal use. The customer pays a monthly fee to use the car for a specified period, usually a few years. At the end of the lease term, the customer can either return the car or buy it at a predetermined price.
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 purposes, ? for a period of more than 4 months (week-to-week and month-to-month leases do not meet this criterion, even though ...
A consumer lease lets you rent an item, like a laptop, TV or fridge, for a set amount of time. You make regular rental payments, typically weekly or fortnightly, until the lease ends. At the end of the lease, you don't own the item. The company you leased it from does.