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Many business owners find the benefits of leasing vehiclesmuddied by complicated lease contracts. New regulations that becomeeffective October 1, 1997 (but may be voluntarily adopted sooner),should simplify and clarify automobile leases and other consumerlease transactions.
The new rules, issued by the Federal Reserve Board last fall,require leasing companies to adopt a revised disclosure format,which includes segregating certain disclosures that were previouslydispersed throughout the contract. To make comparisons easier,contracts must also disclose the total amount of payments.
The new rules also require leasing companies to:
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