News Archive

FIPCO FORMS NOTICE - December 23, 2011

CONSUMER MOTOR VEHICLE LEASE AGREEMENT
Consumer WBA 436 (9/28/06)

Notice Regarding Itemization of Gross Capitalized Cost
The Wisconsin Department of Financial Institutions (DFI) has recently taken the position that all consumer lease agreements must include an itemization of the Gross Capitalized Cost. The WBA 436 Consumer Motor Vehicle Lease Agreement form does not include an itemization of the Gross Capitalized Cost. Banks should immediately require that its dealers begin complying with the requirement to itemize the Gross Capitalized Cost. A form is currently available through the Wisconsin Automobile and Truck Dealers Association (WATDA) to itemize the Gross Capitalized Cost. (WATDASI Form No. 13A). This WATDA form should be completed and provided to the customer in all transactions documented on the WBA lease form. The form should be completed and provided to all consumers regardless of whether or not the consumer requests the written itemization.

Please note:  This notice is not a comprehensive review of all the elements of this form. Refer to the instructions and supplemental instructions prepared for this form for details.

NOTICE: CONSULT YOUR ATTORNEY TO BE CERTAIN THIS FORM IS APPROPRIATE FOR YOUR TRANSACTION AND TO BE CERTAIN THE LAW HAS NOT CHANGED SINCE THE DRAFTING DATE SHOWN ON THE FACE OF THE FORM.

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