24-5-16.5-1. “Adjusted or Net Capitalized Cost”
Sec. 1. As used in this chapter, “adjusted or net capitalized cost” means the capitalized cost, less any capitalized cost reduction payments made by a retail lessee at the inception of a lease agreement. The adjusted or net capitalized cost is the basis for calculating the amount of a retail lessee’s periodic payment under a […]
24-5-16.5-2. “Capitalized Cost”
Sec. 2. (a) As used in this chapter, “capitalized cost” means the amount that, after deducting any capitalized cost reduction, serves as the basis for determining the base lease payment, which is the part of the periodic lease payment that is the sum of: (1) the average periodic lease charge; plus (2) the average periodic […]
24-5-16.5-3. “Capitalized Cost Reduction”
Sec. 3. As used in this chapter, “capitalized cost reduction” means a payment made by cash, check, credit card, debit card, net vehicle trade-in, rebate, or other similar means in the nature of a down payment or credit, made by a retail lessee at the inception of a lease agreement, for the purpose of reducing […]
24-5-16.5-4. “Lease Agreement”
Sec. 4. As used in this chapter, “lease agreement” means a written agreement entered into in Indiana 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 (4) months, whether or not the retail […]
24-5-16.5-5. “Lease Transaction”
Sec. 5. As used in this chapter, “lease transaction” means a presentation made to a retail lessee concerning a motor vehicle, including a sales presentation or a document presented to the retail lessee, resulting in the execution of a lease agreement. As added by P.L.151-2015, SEC.80.
24-5-16.5-6. “Retail Lessee”
Sec. 6. As used in this chapter, “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. As added by P.L.151-2015, SEC.80.
24-5-16.5-7. “Retail Lessor”
Sec. 7. As used in this chapter, “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 and excludes any assignee […]
24-5-16.5-8. “Vehicle”
Sec. 8. As used in this chapter, “vehicle” has the meaning set forth in IC 9-13-2-196. As added by P.L.151-2015, SEC.80.
24-5-16.5-9. Duties of Retail Lessor
Sec. 9. A retail lessor shall do the following: (1) Comply with the requirements of Regulation M (12 CFR 213) for disclosure of gross capitalized cost, capitalized cost reduction, and adjusted capitalized cost adopted under the federal Truth in Lending Act (15 U.S.C. 1601 et seq.). (2) Disclose to a retail lessee in a separate […]
24-5-16.5-10. Trade-in Vehicle for Leased Vehicle
Sec. 10. A trade-in vehicle used, in whole or in part, to pay amounts due at lease signing or delivery of a leased vehicle must be identified: (1) as a trade-in vehicle in the lease agreement; and (2) by year, make, and model. The lease agreement must state the net credit of the trade-in vehicle […]