The North Carolina Model Closed-End or Net Vehicle Lease Disclosures refers to the specific requirements under the Federal Consumer Leasing Act (CLA) for providing important information to consumers who enter into closed-end or net vehicle leases in North Carolina. These disclosures aim to promote transparency and ensure that consumers are fully aware of the terms and costs associated with their lease agreements. These disclosures are essential to protect consumers from hidden charges or unfavorable terms that may arise during the course of a vehicle lease. They help consumers make informed decisions and compare lease offers from different lenders or lessors. Some of the key information that must be included in the North Carolina Model Closed-End or Net Vehicle Lease Disclosures includes: 1. Payment Terms: The disclosure should clearly outline the monthly payment amount, including any additional fees or charges. 2. Capitalized Cost: This refers to the total cost of leasing the vehicle, including the purchase price, taxes, and other fees. The disclosure should state the capitalized cost and any itemized charges. 3. Acquisition Fee: If applicable, the disclosure should specify any upfront fees associated with acquiring the lease. 4. Security Deposit: If a security deposit is required, the disclosure should detail the amount and any conditions for its refund. 5. Early Termination: If terminating the lease early incurs additional charges or penalties, these should be clearly disclosed. 6. Mileage Limitations: If there are restrictions on the number of miles the vehicle can be driven during the lease term, the disclosure must state the allowed mileage and any related charges for exceeding it. In addition to the above, there may be different types of North Carolina Model Closed-End or Net Vehicle Lease Disclosures, depending on the specific circumstances or terms of the lease agreement. For example, there may be separate disclosures for leases with different durations, mileage allowances, or payment structures. However, the core purpose of all these disclosures remains the same — to provide consumers with clear and comprehensive information about the terms and costs of their lease agreements, ensuring they can make informed decisions and avoid any surprises or hidden charges.
North Carolina Model Closed-End or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures
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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.
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.
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 ...
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 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.
?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.
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.