Consumer Leasing Act

The Consumer Leasing Act of 1976 requires disclosure of certain information that helps consumers compare the cost and terms of various leases, such as automobile leases, and the cost and terms of buying on credit versus cash. The Act does not apply to real estate leases or to leases of four months or less.
The Consumer Leasing Act requires the leasing company (dealership, for example) to disclose certain information before a lease is signed, including:
1) The total amount of the initial payment.
2) The number and amounts of monthly payments.
3) All fees charged, including license fees and taxes.
4) The charges for default or late payments.
For an automobile lease, the lessor must additionally disclose:
5) The annual mileage allowance and charges for excessive mileage.
6) Whether the lease can be terminated early.
7) Whether the leased automobile can be purchased at the end of the lease.
8) The price to buy at the end of the lease.
9) Any extra payments that may be required at the end of the lease.

For more information on federal credit regulations and consumer rights, contact:

Federal Trade Commission
600 Pennsylvania Avenue, N.W.
Washington, DC 20580
Phone: 877-FTC-HELP (382-4357)
Web site: www.ftc.gov

Federal Reserve System
Washington, DC 20551
Phone: 202-452-3693
Web site: www.federalreserve.gov

Some state laws may provide you with additional rights. For information on these laws, contact your state's consumer protection agency or Attorney General's office. Web site: National Association of Attorneys General (NAAG) at www.naag.org.

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