What is the Consumer Leasing Act?

The Consumer Leasing Act is a federal law that was enacted in 1976. It applies to consumer leases of more than $25,000 or those that involve personal property that can be used for a minimum of four months. The act establishes regulations to protect consumers from deceptive practices or agreements that may be more unfavorable than what they are expecting. It requires lessors to provide written disclosures to the consumer before the lease is signed. These disclosures include information about the total cost of the lease, the total amount due at the beginning of the lease, and the total amount due at the end of the lease. It also prohibits any add-on charges or fees. The Consumer Leasing Act applies to all consumer leases in Oklahoma. Any consumer lease that does not comply with the act violates the law and may result in civil penalties for the lessor. Consumers have the right to cancel the lease within three days of signing and receive a refund of any money paid. It is important that consumers read and understand the lease before signing it and ask questions if something is unclear. This helps ensure that the consumer fully understands the agreement and has a good understanding of the terms.

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What is the Consumer Leasing Act?

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