361-D:1 Definitions. – I. "Adjusted capitalized cost" equals the gross capitalized cost less the capitalized cost reduction, and is the amount used by the lessor in calculating the base periodic payment. II. [Repealed.] III. "Capitalized cost reduction" means the total amount of any rebate, cash payment, net trade-in allowance, and noncash credit that reduces […]
361-D:10 Refund of Excess Fees. – If a lessee of a vehicle pays to the lessor an amount for fees owed to the state, the licensing or transfer of title of the vehicle which amount is in excess of the actual fees due for such licensing or transfer, including any excess of the amount […]
361-D:11 Lien on Other Property. – No agreement in connection with a lease agreement which provides for the inclusion of title to or a lien upon any personal or real property, other than the motor vehicle which is the subject matter of the lease agreement, or accessories for such vehicle or special and auxiliary […]
361-D:12 Rights of Assignee of Lessor. – I. An assignee of the lessor’s rights shall be subject to all equities and defenses of the lessee against the lessor that are clear on the face of the lease, notwithstanding an agreement to the contrary, but the assignee’s liability may not exceed the amount of the […]
361-D:13 Unlawful Rebates, Discounts, and Commissions. – It shall be unlawful for any lessor to induce or attempt to induce any person to enter into an agreement subject to this chapter by offering a rebate, discount, commission, or other consideration, on the condition that the lessee or prospective lessee gives information or assistance for […]
361-D:14 Notice of Lessee’s Default and Right to Cure. – I. After a lessee has been in default for 10 days solely by reason of the lessee’s failure to make a timely lease payment and any applicable late charges, the holder may declare the lessee to be in default and may send the lessee […]
361-D:15 Open End Leases; Lessee to Bear Risk of Vehicle’s Depreciation. – I. For open end leases, the residual value shall be a reasonable approximation of the anticipated fair market value of the motor vehicle at the end of the scheduled term. II. There shall be a rebuttable presumption that the residual value is […]
361-D:16 Method for Establishing Realized Value. – I. (a) If a lease is terminated early and the lessee does not exercise any purchase option and the lessee’s liability is based on the difference between the lease balance and the realized value, or if the lessee’s liability at the scheduled end of the lease term […]
361-D:17 Restriction on Liability for Early Termination. – I. The lessee shall have the right to terminate the lease at any time after the lessee has made 12 full periodic lease payments for which lease charges have been accrued by the holder, or, in the case of a single payment lease, at the expiration […]
361-D:18 Restriction on the Reporting of Early Terminations. – The holder of a lease shall not report the voluntary early termination of a lease to a consumer reporting agency as a default unless the lessee fails to satisfy the lessee’s early termination obligations under the lease. Source. 1996, 85:1, eff. Nov. 15, 1996.
361-D:19 Assessment of Excess Wear and Damage to the Vehicle. – I. The lease shall contain a clause complying with the Consumer Leasing Act, 15 U.S.C. section 1677 et seq., which describes the standards for determining excess wear and damage to the vehicle for which the lessee will be liable. Upon the lessee’s exercise […]
361-D:2 Information to be Included With Solicitation. – I. Any solicitation to enter into a lease agreement which contains references to the amount of any payment, the number of payments, a statement of any required downpayment or that no payment is required, shall also include a clear and conspicuous statement of all of the […]
361-D:20 Satisfaction of Lease. – After the payment of all sums for which the lessee is obligated under a lease, and upon the lessee’s written request, the holder shall mail to the lessee at the lessee’s last known address a document stating that the lessee has made payment in full. This document shall not […]
361-D:21 Renegotiations and Extensions. – I. All disclosure requirements set forth in this chapter shall apply to the renegotiation of a lease. A renegotiation does not constitute a transaction subject to warranty or other provisions that apply to the sale of used vehicles under the laws of this state. II. The disclosure requirements shall […]
361-D:22 Liability of Lessor. – I. Except as otherwise provided by this section, any lessor who fails to comply with any requirement imposed under the provisions of this chapter or for which no specific relief is provided with respect to any person shall be liable to such person in an amount equal to the […]
361-D:23 Rescission of Agreement. – If the lessor fails to comply with RSA 361-D:3, as an alternative to an action under RSA 361-D:22, the lessee may rescind the agreement if the failure to comply was willful, or if correction will increase the amount of the lease balance, unless the lessor waives the collection of […]
361-D:24 Costs and Attorney’s Fees. – In any action by a consumer against the lessor based upon the alleged breach of a lease or other written agreement made in connection with lease of such motor vehicle, the court, in its discretion, may award to the plaintiff costs and reasonable attorney’s fees. If the court […]
361-D:25 Sale of Leased Vehicle; Applicable to Open-End Leases Only. – I. At the termination or expiration of an open end lease, when disposing of a vehicle or obtaining cash bids for the purpose of setting the realized value of a vehicle, the lessor shall act in a commercially reasonable manner in the customary […]
361-D:26 Duties of Lessor. – A lessor shall not: I. Fail to either register the leased vehicle pursuant to the lease agreement or provide the lessee with all documentation necessary to secure registration. II. Advertise any specific vehicle in the inventory of the lessor for lease without identifying such vehicle by either its vehicle […]
361-D:27 Administrative Enforcement. – In addition to the private rights created by this chapter, compliance with the requirements imposed under this chapter shall be enforced by the department of justice. Source. 1996, 85:1, eff. Nov. 15, 1996.
