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Reviews-at-a-Glance

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SAMPLE

FEDERAL CONSUMER LEASING ACT DISCLOSURES

Closed - End Lease (print this)

Date ________________ Lessor(s) ____________________________ Lessee(s) _______________________________

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 $________.

Total of Payments
(The amount you will have paid by the end of the lease)

$ ____________

* Itemization of Amount Due at Lease Signing or Delivery

Amount Due At Lease Signing or Delivery:

Capitalized cost reduction   $___________
First monthly payment      $ ___________
Refundable security deposit $ ___________
Title fees                $ ___________
Registration fees          $ ___________
Total                   $ ___________

How the Amount Due at Lease Signing or Delivery will be paid:

Net trade-in allowance       $ _________
Rebates and noncash credits   $ _________
Amount to be paid in cash    $ _________
Total                     $ _________

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 credit or lease balance)

$______

Capitalized cost reduction. The amount of any net trade-in allowance, rebate, noncash 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 of 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.

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 a purchase option fee of $ ______.

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.

The following provisions are the nonsegregated disclosures required under Regulation M. (see non-segregated disclosures)

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: $ ________________.

Insurance. 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.

Standards for Wear and Use. The following standards are applicable for determining unreasonable or excess 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:

__________________________________________________________________________________.

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:

__________________________________________________________________________________ .

( c ) To the extent 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 obligations 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.]

From Regulation M of the Consumer Leasing Act issued by the Board of Governors of the Federal Reserve System, 1996.

For further information:

Board of Governors of the Federal Reserve System
Division of Consumer and Community Affairs
Washington, D.C. 20551
(202) 452-3693