Content of Segregated Disclosures in Consumer Leasing Act Include All

question 346

Multiple Choice

Content of segregated disclosures in Consumer Leasing Act include all of the following EXCEPT:

• A) Amount due at lease signing or delivery, itemized by type and amount, including: Refundable security deposit Advance monthly or other periodic payment Capitalized cost reduction An itemization of how the amount due will be paid, by type and amount (only required in a motor vehicle lease), using the model form
• B) Number, amount, and due date of payments scheduled and the total amount of periodic payments
• C) In an open-end lease, the descriptive statement "You will owe an additional amount if the actual value of the vehicle is less than the residual value"
• D) If there are multiple items of property, the property description may be separate

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Definitions:

Legally Binding

A term describing an agreement that is enforceable by law, where all parties have agreed to its terms.

Competitive Proposals

Competitive proposals are comprehensive plans or bids submitted by vendors to obtain contracts or projects, emphasizing their advantages over competitors.

Limited Resources

Conditions where the availability of funds, materials, or manpower is restricted, posing challenges to fulfilling objectives.

Complexity

The state of having multiple interconnected parts, which can make understanding or solving problems more difficult.