Definitions for "Consumer Lease"
A contract whereby a person has use of property although the legal ownership remains with a finance provider. Common for motor vehicles.• Consumer Credit
A type of lease agreement covering vehicles used primarily for personal, family, or household purposes. Credit Scoring An objective method of quantifying credit worthiness by assigning numerical values based on meeting established credit criteria. Debt To Equity Ratio - Total liability related to the owner's equity or "Net Worth".
A lease of personal property to an individual to be used primarily for personal, family, or household purposes for a period of more than four months and with a total contractual obligation of no more than $25,000. A lease meeting all of these criteria is covered by the Consumer Leasing Act and Federal Reserve Regulation M. If any one of these criteria is not met, for example, if the leased property is used primarily for business purposes or if the total contractual obligation exceeds $25,000, the Consumer Leasing Act and Regulation M do not apply. See Total contractual obligation.