The Consumer Leasing Act (CLA) is a federal law in the United States that provides protection to consumers who lease personal property. The act requires lessors to disclose important information to consumers before they enter into a lease agreement, such as the total cost of the lease, the payment schedule, and any additional fees or charges. It also gives consumers the right to early termination of the lease under certain circumstances and requires lessors to provide clear and accurate advertising materials. The CLA aims to ensure that consumers have access to fair and transparent leasing practices and can make informed decisions when entering into lease agreements.
The Consumer Leasing Act is a federal law that provides protection to consumers who lease personal property for personal, family, or household purposes.
The Consumer Leasing Act covers leases for personal property such as cars, furniture, appliances, and electronic devices.
The lease agreement should disclose the total amount due at lease signing, the number and amount of payments, any fees or charges, the total cost of the lease, and any end-of-lease options.
Yes, a lessor can charge a penalty for early termination of a lease, but the amount should be clearly disclosed in the lease agreement.
Yes, a lessor can require a security deposit, but the amount should be disclosed in the lease agreement, and the lessor must follow state laws regarding the return of the security deposit.
Generally, a lessor cannot change the terms of a lease agreement unless both parties agree to the changes in writing.
A lessor can charge reasonable wear and tear fees, but excessive fees may be considered unfair and could be challenged under the Consumer Leasing Act.
No, a lessor cannot repossess leased property without giving the lessee proper notice and an opportunity to cure any default.
Yes, a lessor can require the lessee to purchase insurance, but the cost of the insurance should be disclosed in the lease agreement.
Consumers can file a complaint with the Federal Trade Commission (FTC) or take legal action against the lessor for damages, including actual damages, statutory damages, and attorney’s fees.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/consumer-leasing-act/
- Modern Language Association (MLA):Consumer Leasing Act. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/consumer-leasing-act/.
- Chicago Manual of Style (CMS):Consumer Leasing Act. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/consumer-leasing-act/ (accessed: May 09 2024).
- American Psychological Association (APA):Consumer Leasing Act. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/consumer-leasing-act/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts