P-40.1 - Consumer Protection Act

Full text
SCHEDULE 7.3
(CONSUMER PROTECTION ACT, S. 150.22)
CONTRACT OF LEASE WITH RESIDUAL VALUE GUARANTEED BY THE CONSUMER
Date: ..............
(date on which the contract is made)
Place: ..............
(place where the contract is made if made in the presence of the merchant and of the consumer)
..............
(name of merchant)
..............
..............
(address of merchant)
..............
(name of consumer)
..............
..............
(address of consumer)
Description of the object of the contract: ..............
..............
(make, model, serial number, model year)
1. Total value of goods

(a) Retail price $........

(b) Preparation, delivery and
installation charges $........

(c) Other .............................. $........
(specify)
Total $........

2. Payment on account
(except applicable taxes)

(a) Trade-in $........

(b) First instalment $........

(c) Instalment(s) paid in advance,
other than (b) ..................... $........
(specify which)

(d) Any other amount paid before the
start of the leasing period,
including the value of a negotiable
instrument payable on demand $........

Total $........

3. Amount of net obligation (1 - 2) $========


4. Instalments

(a) (i) .................. X ........ = $........
(instalment) (number)

(ii) last instalment $........
(if less than i)

(iii) total instalments (i + ii) $========


(b) (i) .................. + ........ = $........
(instalment) (taxes) (periodic
payment
)


(ii) .................. X ........ = $........
(periodic (number)
payment)


(iii) .................. + ........ = $........
(last instalment) (taxes)

(iv) total payments (ii + iii) $========


5. Amount of the instalment obligation

(a) Total of instalments minus those
included in the payment on account
(4 (a) (iii) - 2 (b) and 2 (c)) $........

(b) Residual value of goods $........
(wholesale value at the end
of the leasing period
)

Total $========


6. Implied credit charges and rate

(a) Implied credit charges (5 - 3) $........

(b) Leasing period ... months

(c) Implied annual credit rate ======== %


7. MAXIMUM OBLIGATION OF THE CONSUMER
(not including applicable taxes and
charges relating to the degree of use

of the goods) (2 + 5) $========
The obligation of the consumer is payable
at ..............
(address)
The amounts to be paid during the leasing period are payable in ..............
.............. instalments of .............. on the
(number) (amount)
.............. day of each consecutive .............. from
(period)
.............. and a final instalment of $..............
(date of delivery of the goods) (amount)
on ..............
(date)
The consumer shall defray the residual value if he acquires the goods during the leasing period. If the consumer elects not to exercise this option, he guarantees that the merchant will obtain from alienation of the goods by onerous title within a reasonable time of their return a value equal to or greater than the residual value and that, if the merchant fails to obtain at least that value the consumer will assume the difference up to 20% of the residual value.
The consumer shall give to the merchant as acknowledgement of or security for his obligation the following object or document:
..............
(description)
The merchant shall deliver the goods being the subject of this contract on the making of the contract ( □ )
yes
or on ..............
(date of delivery of the goods)
..............
(signature of the merchant)
..............
(signature of the consumer)
1991, c. 24, s. 19.