The Congress finds that economic stabilization would be enhanced and the competition
among the various financial institutions and other firms engaged in the extension
of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit
terms so that the consumer will be able to compare more readily the various credit
terms available to him and avoid the uninformed use of credit, and to protect the
consumer against inaccurate and unfair credit billing and credit card practices.
(b)Terms of personal property leases
The Congress also finds that there has been a recent trend toward leasing automobiles
and other durable goods for consumer use as an alternative to installment credit sales
and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms
of leases of personal property for personal, family, or household purposes so as to
enable the lessee to compare more readily the various lease terms available to him,
limit balloon payments in consumer leasing, enable comparison of lease terms with
credit terms where appropriate, and to assure meaningful and accurate disclosures
of lease terms in advertisements.
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