Oregon Model Closed-End or Net Vehicle Lease Disclosures - Federal Consumer Leasing Act Disclosures

• Category: Small Business - Business Operations - Leases
• State: Multi-State
• Control #: US-00750BG
• Format: Word; Rich Text

Description

This form is used when the lessor must segregate certain disclosures from other information. Clear and conspicuous lease disclosures must be given prior to consummation of a lease on a dated written statement that identifies the lessor and lessee.

Oregon Model Closed-End Vehicle Lease Disclosures — Federal Consumer Leasing Act (Title 16 Code of Federal Regulations) Disclosures are a set of comprehensive guidelines mandated by the Federal Consumer Leasing Act (CLA) for vehicle leasing transactions in the state of Oregon. These disclosures aim to ensure transparency and protection for consumers entering into closed-end or net vehicle leases. The Oregon Model Closed-End Vehicle Lease Disclosures encompass several important aspects of the leasing process. These include clear and concise information about the terms, conditions, and costs associated with leasing a vehicle. By providing this information upfront, the consumer can make an informed decision while staying compliant with federal regulations. Some key elements covered in the Oregon Model Closed-End Vehicle Lease Disclosures under the Federal Consumer Leasing Act include: 1. Identification of Parties: The disclosure must clearly mention the names of the lessor (the leasing company) and the lessee (the consumer). 2. Description of Vehicle: This section includes details such as the make, model, year, Vehicle Identification Number (VIN), and any specific accessories or equipment included in the lease. 3. Lease Term: The lease term indicates the duration of the lease agreement, including the start and end dates. 4. Payment Schedule: This section outlines the payment amount, frequency (monthly, bi-monthly, etc.), due dates, and any penalties for late payments. 5. Total Cost of Lease: Here, the disclosure must outline the total amount the consumer will pay over the lease term, including any upfront fees, monthly payments, and potential charges such as excess mileage or wear and tear. 6. Early Termination: In the event of early termination of the lease, the disclosure explains the penalties or costs involved. 7. Purchase Option: If the lease includes a purchase option at the end of the lease term, this must be clearly stated, along with the price or formula for determining the purchase price. 8. Insurance Requirements: The disclosure explains any mandatory insurance coverage required by the lessor, such as liability, collision, or comprehensive insurance. 9. Default and Remedies: This section outlines the lessor's rights in case of default by the lessee, including repossession, collection fees, and legal actions. 10. Excess Wear and Tear: The disclosure specifies the lessee's responsibility regarding excessive wear and tear on the vehicle, outlining potential charges for damages beyond normal wear and tear. It is important to note that the Oregon Model Closed-End Vehicle Lease Disclosures under the Federal Consumer Leasing Act are specific to closed-end or net vehicle leases. There may be additional or different disclosures for open-end leases or leases involving commercial vehicles, which should be carefully reviewed and understood by both parties. By adhering to the Oregon Model Closed-End Vehicle Lease Disclosures, lessors and lessees in Oregon can ensure compliance with federal regulations and maintain transparency during the vehicle leasing process, promoting fairness and consumer protection in the state.