Washington 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.
Consumer Leasing Act (CLA): The Consumer Leasing Act is a federal law that establishes disclosure requirements and provides protections for consumers entering into personal property lease transactions.
Leasing is an alternative to buying personal property with cash or on credit. A lease is a contract between a lessor (the property owner) and a lessee (the person who leases and uses the property) for the use of personal property.
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.
The Dodd-Frank Act gave the Consumer Financial Protection Bureau (CFPB) authority to make rules under the CLA. For entities under its jurisdiction, the CFPB also enforces compliance with the CLA and its implementing regulation.
New disclosures also must be provided when a consumer renegotiates, or extends a lease, subject to certain exceptions. In the event of multiple lessors, one lessor on behalf of all the lessors may make the required disclosures.
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.
Section 213.1(b) states, in relevant part, that Regulation M applies to all persons that are lessors of personal property under consumer leases as those terms are defined in § 213.2(e)(1) and (h).