§1667a Consumer Lease Disclosures

Summary

The owner (lessor) must give the renter (lessee) a dated, written paper that names both parties and is easy to read before the lease is finalized. It must clearly show key facts about the lease: a short description of the item being leased; any money due at the start; official fees, registration or title fees and taxes; other charges and who pays them (including any responsibility for a difference between expected and appraised fair market value at the end of the lease); what the renter will owe at lease end and whether the renter can buy the item (and for how much and when); any warranties and who must service the item; required or provided insurance and its amounts and costs; any security interest the owner keeps and what it covers; the payment schedule (how many payments, how much, when due) and the total of those periodic payments; if the renter is responsible for the item’s fair market value at lease end, the fair market value at the start, the total cost on expiration, and the difference; and the rules and charges for ending the lease early or for late payments, default, or delinquency. These disclosures can appear in the lease the renter signs. The Bureau may allow some items to be given as estimates when the owner cannot know exact figures.