Business and Personal Finance Dictionary

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• CONSUMER LEASE
  
  A consumer lease is defined under Article 2A of the UCC. It is a lease between a lessor who regularly engages in the business of leasing or selling to a lessee who is an individual and who takes the lease for personal, family, or household purposes. To meet the definition of a consumer lease, the total payments to be made under the lease, excluding payments for options to renew or buy, may not exceed $25,000. Any prohibitions on a party’s right to transfer its rights in a consumer lease must be in writing, conspicuous, and specific.
  
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