The New Mexico Model Closed-End or Net Vehicle Lease Disclosures refer to the specific disclosures required under the Federal Consumer Leasing Act (CLA) for vehicle leases in the state of New Mexico. These disclosures aim to provide transparency and protect consumers in lease transactions. Here is a detailed description of what these disclosures entail, along with different types of New Mexico Model Closed-End or Net Vehicle Lease Disclosures under the CLA: 1. New Mexico Model Closed-End Vehicle Lease Disclosures: The CLA mandates various disclosures that lessors must provide to consumers leasing vehicles under closed-end lease arrangements. Closed-end leases involve predetermined lease terms, mileage limitations, and a fixed residual value. The specific New Mexico Model Closed-End Vehicle Lease Disclosures required may include: — Monthly Payment: The lessor must disclose the monthly payment amount, including itemized costs, such as depreciation, finance charges, taxes, and fees. — Total of Payments: This disclosure outlines the total amount the lessee will pay over the lease term, including all payments, fees, and charges. — Early Termination Fees: The lessor must clearly state the fees applicable if the lessee terminates the lease before the scheduled end date. — Excessive Wear and Tear Charges: Disclosures should specify the lessee's obligations regarding excessive wear and tear, along with any potential charges. — Mileage Limitations: The lease agreement must specify the maximum number of allowed miles during the lease term. Excess mileage charges should also be disclosed. — Purchase Option: If a purchase option exists at the end of the lease term, the lessor must provide disclosure of the purchase price or formula to determine it. 2. New Mexico Model Net Vehicle Lease Disclosures: Net vehicle leases differ from closed-end leases as the lessor does not assume the residual value risk. Instead, the lessee bears this risk and has the option to purchase the vehicle at the end of the lease term for an agreed-upon price, which is established upfront. The New Mexico Model Net Vehicle Lease Disclosures consist of: — Net Vehicle Lease Agreement: The disclosure should include the terms and conditions of the net lease agreement, clearly specifying the net capitalized cost, monthly payments, lessee's responsibilities, and any additional obligations. — Lessee's Purchase Option: Disclose the option for the lessee to purchase the leased vehicle at the end of the net lease term and the agreed purchase price or formula. Overall, these New Mexico Model Closed-End or Net Vehicle Lease Disclosures play a critical role in ensuring that consumers entering into vehicle lease agreements have a clear understanding of the terms, costs, and potential obligations associated with the lease. By providing these disclosures, lessors comply with federal regulations, promote transparency, and protect consumers in New Mexico.
New Mexico 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.
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 Consumer Leasing Act (CLA) (15 U.S.C. 1667 et seq.) 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.
?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.