First National's consumer leasing department placed an ad in the local paper that pictured a car with the caption, "Sign a lease with us and pay only $275 per month." What other information must this ad have?
A.
A statement that the transaction is not a loan
B.
The total amount due at consummation or delivery, the number of payments required, and any required security deposit
C.
The bank's policy regarding the purchase of the property by the lessee
In advertisements for leasing agreements, especially for vehicles, regulatory standards often require specific disclosures to ensure consumers are fully informed about the costs associated with entering into a lease. These typically include:
The total amount due at lease signing or delivery: This encompasses all upfront costs that the lessee needs to pay to initiate the lease, which can include down payments, first month's payment, taxes, registration fees, and any other initial charges.
The number of payments required: This informs the consumer about the total number of monthly payments over the course of the lease.
Any required security deposit: If a security deposit is required, this must be disclosed so that consumers are aware of this additional financial obligation.
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Cam22
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