NEW EDUCATION RESOURCE ON VEHICLE LEASING FOR CONSUMERS.The Federal Reserve Board on August 2, 2000, announced a new education resource designed to help consumers learn more about vehicle leasing. Keys to Vehicle Leasing: A Consumer Resource is a computer program that can be downloaded from the Federal Reserve Board's web site (www.federalreserve.gov/ pubs/leasing) and used on home PCs. It answers the following questions in depth: * How is leasing different from buying? * What are the up-front, ongoing, and end-of-lease costs? * How do you compare lease offers and negotiate lease terms? The program also includes information on the Consumer Leasing Act and its companion regulation (Regulation M and commentary), a comprehensive glossary, a leasing quiz, and frequently asked questions. To download Keys to Vehicle Leasing: A Consumer Resource to a home computer, consumers will need the following: * A Windows 95, 98, NT, or 2000 operating system (the program will not run on a Macintosh operating system (operating system) Macintosh Operating System - (Mac OS) Apple Computer, Inc.'s proprietary operating system for their Macintosh family of personal computers. The part of the operating system that simulates the desktop is called "Finder." The multitasking version of Finder was called "MultiFinder" until multitasking was integrated into the core of the OS with the introduction of System 7.0 in 1990.) * A level 486 processor or higher * 24 MB of free disk space on their hard drive * Adobe Acrobat 3.0 or higher (for printing). The program takes about 25 minutes to download on a standard 56K modem. Once the program is downloaded, it is self-extracting. Assistance with the downloading process is available by using the feedback form on the Board's web site. Another new addition to the web site is the Guide for Educators, a slide presentation with explanatory notes for school and community educators. The web site also provides an overview of a closed-end lease Closed-End Lease A rental agreement that puts no obligation on the lessee (the person making periodic lease payments) to purchase the leased asset at the end of the agreement. Also called a "true lease", "walkaway lease" or "net lease".Notes: Since the lessee has no obligation to purchase the leased asset upon lease expiration, that person does not have to worry about whether the asset will depreciate more than expected throughout the course of, the most common type of vehicle lease used by the automotive industry, sample disclosure forms required in leasing transactions, and a glossary of terms used in leasing. Other government agencies and organizations taking part in the "Keys to Vehicle Leasing" educational effort are the American Financial Services Association (AFSA AFSA - Afghan Student Association AFSA - Air Force Safety Agency AFSA - Air Force Sergeants Association AFSA - Alternative Force Structure Assessment AFSA - American Federation of School Administrators AFSA - American Federation of Strength Athletes AFSA - American Fibromyalgia Syndrome Association, Inc.), the AFSA Education Foundation, the Arizona Attorney General, the Association of Consumer Vehicle Lessors, the Cooperative Extension System, the Federal Trade Commission, the Florida Attorney General, the National Automobile Dealers Association, and the National Vehicle Leasing Association. The brochure Keys to Vehicle Leasing: A Consumer Guide is available in English and Spanish from Publications Services, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551, or call 202-452-3244. The first 100 copies are free. It is also available on the Board's web site: www.federalreserve.gov/pubs/leasing. |
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