[§481L-1]  Definitions.  Whenever

used in this chapter, unless the context otherwise requires:

     "Adjusted capitalized cost" means the

gross capitalized cost, less the capitalized cost reduction, and is the amount

used by the retail lessor in calculating the base periodic payment in the lease

agreement.

     "Capitalized cost reduction" means

the total amount of any rebate, cash payment, net trade-in allowance, check,

credit card debit, and noncash credit or downpayment that reduces the gross

capitalized cost, but does not include any periodic lease payments due at the

inception of the lease or all of the periodic lease payments if they are paid

at the inception of the lease.

     "Clear and conspicuous" means that

written disclosures shall be made in a manner that is readable and

understandable to the retail lessee and oral disclosures shall be made in a

manner that is audible and understandable to the retail lessee.

     "Gross capitalized cost" means the

amount agreed upon by the retail lessor and the retail lessee as the value of

the motor vehicle and any items that are capitalized or amortized during the

lease term, including but not limited to taxes, insurance, service agreements,

registration fees, license fees, lease acquisition and administration fees,

warranty charges, fees and charges for accessories and for installing

accessories, charges for delivery, service and repair, charges for improving

the motor vehicle and providing other services incidental to the agreement, the

outstanding balance of a prior loan agreement, lease or motor vehicle retail

installment contract, and the unpaid portion of the early termination

obligation under an outstanding lease agreement.

     "Lease agreement" means a written

agreement for the transfer from a retail lessor to a retail lessee of the right

to possess and use a motor vehicle in exchange for consideration for a

scheduled term exceeding four months, whether or not the retail lessee has the

option to purchase or otherwise become the owner of the motor vehicle upon

expiration of the agreement.  The term does not include an agreement which

covers an absolute sale, a sale pending approval, or a retail installment sale.

     "Lease transaction" means a

presentation made to the retail lessee concerning the motor vehicle, including

a sales presentation or a document presented to the retail lessee, resulting in

the execution of a lease agreement.

     "Motor vehicle" means a motor vehicle

as defined in section 286-2.

     "Retail lessee" means an individual

who executes a lease agreement for a motor vehicle from a retail lessor

primarily for personal, family, or household purposes.

     "Retail lessor" means a person who

regularly engages in the business of selling or leasing motor vehicles and who

offers or arranges a lease agreement for a motor vehicle.  The term includes an

agent or affiliate who acts on behalf of the retail lessor.

     "Worksheet" means the primary

document or documents used by the retail lessor to derive the monthly lease

payment for a specific lease transaction. [L 1997, c 82, pt of §1]

 

Cross References

 

  Lessee, defined:

    Lemon law, §481I-2.

    Motor vehicle rental, §437D-3.