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334 - Payment or Trade-in Pending Execution of Lease Agreement; Refund or Return Upon Non-Execution.

NY Pers Prop L § 334 (2019) (N/A)
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(a) clearly and conspicuously disclose to the seller that the sale price for the vehicle establishes its value for purposes of determining the amount the lessor will credit as a "capitalized cost reduction" under any retail lease agreement subsequently consummated by the parties or as the amount due to the lessee for the vehicle in the event the parties fail to consummate a retail lease agreement;

(b) contain a conspicuous clause that is initialled separately by the prospective lessee whereby such lessee agrees to leave the amount of the purchase price on deposit with the prospective lessor pending the consummation of a retail lease agreement for a currently produced model year vehicle that is to be ordered specially from the manufacturer or for a model year vehicle that is not yet in production as of the date of the sale of the lessee's vehicle; and

(c) stipulate that seventy-five days after the date of the sale, the prospective lessee shall be entitled on demand to payment of the agreed upon price for the vehicle unless within that time the parties have consummated a separate retail lease agreement or have agreed to an earlier payment of the price to the lessee.

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