Exam CRCM topic 1 question 103 discussion

Under Regulation M, which implements the Consumer Leasing Act as part of the Truth in Lending Act, a "consumer lease" is defined as C. A consumer lease for $25,000 or less for the use of personal property. Regulation M applies to leases of personal property under which the lessee is a person; the lease is primarily for personal, family, or household purposes; and the total contractual obligation does not exceed a specified threshold, which may be adjusted periodically to reflect changes in the Consumer Price Index. This definition focuses on the use of leased personal property for personal, family, or household purposes, without necessarily including an option to own the property after the lease expires.