New Mexico Model Closed-End or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures
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FAQ
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.