| Federal Consumer Leasing Act Disclosures Date ______ | |||
| Amount Due at Lease Signing or Delivery
(Itemized below)* $____ |
Monthly Payments
Your first monthly payment of $____ is due on ______, followed by ______ payments of $____due on the ______ of each month. The total of your monthly payments is $____ |
Other Charges (not part of your monthly payment)
Disposition fee (If you do not purchase the vehicle) $____ |
Total of Payments
(The amount you will have paid by the end of the lease) $____ |
| Lessor(s) ________ Lessee(s) ________ | |||
| *Itemization of Amount Due at Lease Signing or Delivery | |||
| Amount Due at Lease Signing or Delivery How the Amount Due at Lease Signing or Delivery will be paid:
Capitalized cost reduction $____ Net trade-in allowance $____ First monthly payment ______ Rebates and non-cash credits ______ Refundable security deposit ______ Amount to be paid in cash ______ Title fees ______ ______ ______ Registration fees ______ ______ ______ Total $_____ Total $____ |
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| Your monthly payment is determined as shown below: | |||
| Gross capitalized cost. The agreed upon value of the vehicle ($______ ) and any items you pay over the lease term (such as service contracts, insurance, and any outstanding prior creditor lease balance) |
$____ | ||
| If you want an itemization of this amount, please check this box.. [ ] | |||
| Capitalized cost reduction. The amount of any net trade-in allowance, rebate, non-cash credit, or cash you pay that reduces the gross capitalized.cost | -____ | ||
| Adjusted capitalized cost. The amount used in calculating your base monthly payment | =____ | ||
| Residual value. The value of the vehicle at the end of the lease used in calculating your base monthly payment | -____ | ||
| Depreciation and any amortized amounts. The amount charged for the vehicle’s decline in value through normal use and for other items paid over the lease term | =____ | ||
| Rent charge. The amount charged in addition to the depreciation and any amortized amounts | +____ | ||
| Total base monthly payments. The depreciation and any amortized amounts plus the rent charge | =____ | ||
| Lease term. The number of months in your lease | /____ | ||
| Base monthly payment | =____ | ||
| Monthly sales/use tax | +____ | ||
| ______ | +____ | ||
| Total monthly payment | = $____ | ||
| Early Termination. You may have to pay a substantial charge if you end this lease early. The charge may be up to several thousand dollars. The actual charge will depend on when the lease is terminated. The earlier you end the lease, the greater this charge is likely to be. |
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| Excessive Wear and Use. You may be charged for excessive wear based on our standards for normal use [and for mileage in excess of ____ miles per year at the rate of ____ per mile].Purchase Option at End of Lease Term. [You have an option to purchase the vehicle at the end of the lease term for $____ and for a purchase option fee of $____.] [You do not have an option to purchase the vehicle at the end of the lease term.]
Other Important Terms. See your lease documents for additional information on early termination, purchase options and maintenance responsibilities, warranties, late and default charges, insurance, and any security interest, if applicable. |
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| Model Closed-end or Net Vehicle Lease Disclosures. Page 2 of 2
[The following provisions are the non-segregated disclosures required under Regulation M.] |
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| Description of Leased Property | ||||
| Year | Make | Model | Body Style | Vehicle ID # |
| Official Fees and Taxes. The total amount you will pay for official and license fees, registration, title, and taxes over the term of your lease, whether included with your monthly payments or assessed otherwise: $____. The total amount you will pay for official and license fees, registration, title, and taxes over the term of your lease, whether included with your monthly payments or assessed otherwise: $____.
Insurance. The following types and amounts of insurance will be acquired in connection with this lease: The following types and amounts of insurance will be acquired in connection with this lease:______ We (lessor) will provide the insurance coverage quoted above for a total premium cost of $____. ______ You (lessee) agree to provide insurance coverage in the amount and types indicated above. Standard Wear and Use. The following standards are applicable for determining unreasonable or excessive wear and use of the leased vehicle: The following standards are applicable for determining unreasonable or excessive wear and use of the leased vehicle: ______. Maintenance.. (You are responsible for the following maintenance and servicing of the leased vehicle: ______]. [We are responsible for the following maintenance and servicing of the leased vehicle: ______]. Warranties. The leased vehicle is subject to the following express warranties: ______. Early Termination and Default. (a) You may terminate this lease before the end of the lease term under the following conditions: (a) You may terminate this lease before the end of the lease term under the following conditions: ______. The charge for such early termination is: ______. (b) We may terminate this lease before the end of the lease term under the following conditions: ______. Upon such termination we shall be entitled to the following charge(s) for: ______ (c) To the extend these charges take into account the value of the vehicle at termination, if you disagree with the value we assign to the vehicle, you may obtain at your own expense, from an independent third party agreeable to both of us, a professional appraisal of the ________ value of the leased vehicle which could be realized at sale. The appraised value shall then be used as the actual value. Security interest. We reserve a security interest of the following type in the property listed below to secure performance of your obligation under this lease: We reserve a security interest of the following type in the property listed below to secure performance of your obligation under this lease: ______. Late Payments. The charge for late payments is: ______. Option to Purchase Leased Property Prior to the End of the Lease. [You have an option to purchase the leased vehicle prior to the end of the term. The price will be [$____ /[the method of determining the price]. [You do not have an option to purchase the leased vehicle.] [You have an option to purchase the leased vehicle prior to the end of the term. The price will be [$____/[the method of determining the price]. [You do not have an option to purchase the leased vehicle.] |
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