A Dealer Guide to Federal Consumer Leasing Act Requirements

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A Dealer Guide to Federal Consumer Leasing Act RequirementsThis guide explains the purpose, scope, and major provisions of the federal Consumer Leasing Act and its implementing regulation (Regulation M), as well as certain related issues that affect dealer leasing operations.  The guide details the disclosures required by the CLA and Reg M (such as the Amount Due at Lease Signing or Delivery, Payment Schedule, Total Amount of Periodic Payments, and Other Charges); the federal standards applicable to charges for occurrences such as Early Termination, Excess Wear and Mileage, and late payments; limitations on docs fees when lessees exercise a purchase option; disclosing a prior credit or lease balance; many other technical requirements; and the consequences for noncompliance.



Tags: Driven, Driven Management Guide, L34, CLA, Dodd-Frank Act, Regulation M, Reg M, lease, consumer lease, closed-end lease, open-end lease, TILA, Truth in Lending Act, Regulation Z, Reg Z, FTC, FRB, disclosures, CLA Box, segregated disclosures, e-contracting, lessor, non-segregated disclosures, purchase option, wear and use charges, early termination, voluntary protection products, payment packing, documentary fees, electronic contracting, CFPB, #MemberBenefits, #DrivenGuides

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