CONSUMER LEASE
consumer lease: translation
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. American Banker Glossary