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This resource will help familiarize yourself with laws that
authorize and regulate vehicle dealership financing and leasing.
The Truth in Lending cat requires that, before you sign the
agreement, creditors give you written disclosure of important terms
of the credit agreement such as APR, total finance charges, monthly
payment amount, payment due dates, total amount being financed,
length of the credit agreement and any charges for late payment.
The consumer Act requires the leasing company
to disclose certain information before a
lease is signed, including: the amount due at lease signing or
delivery; the number and amounts of monthly payments; all fees
charged, including license fees and taxes; and the charges for
default or late payments. For an automobile lease, the lesser must
additionally disclose the annual mileage allowance and charges for
excessive mileage; whether the lease can be terminated early;
whether the leased automobile can be purchased at the end of the
lease; the price to buy at the end of the lease; and any extra
payments that may be required at the end of the lease.
Federal Trade Commission
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 |
