§ 330 Short title
§ 331 Definitions
§ 332 Rebate or discount for information or assistance in lease or sale of motor vehicle
§ 333 Pre-lease availability of sample form of agreement
§ 334 Payment or trade-in pending execution of lease agreement; refund or return upon non-execution
§ 335 Total loss notice and waiver of the gap amount
§ 336 Business purpose statement
§ 337 Requirements as to retail lease agreements
§ 338 Security interest prohibited
§ 339 Notice of lessee’s reinstatement rights
§ 340 Establishment of realized value at lease termination when purchase option not exercised; notice of intention to sell motor vehicle
§ 341 Restriction on early termination liability
§ 342 Restriction on the reporting of early terminations
§ 343 Assessment of excess wear and damage to the vehicle
§ 344 Cancellation of agreement
§ 345 Renegotiations and extensions
§ 346 Penalties
§ 347 Liability of assignees
§ 348 Transactions subject to article by agreement
§ 349 Applicability of certain provisions hereof to retail lease of a motor vehicle for any use
§ 350 Waiver void
§ 351 Supplementary general principles of law applicable
§ 352 Construction against implicit repeal
§ 353 Severability

Terms Used In New York Laws > Personal Property > Article 9-A - Motor Vehicle Retail Leasing Act

  • Allegation: something that someone says happened.
  • Amortization: Paying off a loan by regular installments.
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dealer: means a person engaged in the business of buying, selling or dealing in motor vehicles, motorcycles or trailers, other than mobile homes or manufactured homes, at retail or wholesale; except, however, trailers with an unladen weight of less than one thousand pounds. See N.Y. Vehicle and Traffic Law 415
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Devise: To gift property by will.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: means to arrange for a person to enter into an agreement subject to the provisions of article nine-A of the personal property law, or to act as a lessor as defined in such article. See N.Y. Vehicle and Traffic Law 415
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • manufactured home: means a mobile home or manufactured home as defined in section one hundred twenty-two-c of this chapter. See N.Y. Vehicle and Traffic Law 415
  • Mobility vehicle: means a motor vehicle that is specially converted and equipped to transport a person with a disability and is altered or modified for such use by an alterer or final stage manufacturer pursuant to parts 567 and 568 of title 49 of the code of federal regulations or a modifier pursuant to part 595 of title 49 of the code of federal regulations and that:
    (i) has a chassis that contains:
    (A) a permanently lowered floor or permanently lowered frame; or
    (B) a permanently raised roof and raised door; and
    (ii) contains at least one of the following:
    (A) an electronic or mechanical wheelchair, scooter, or platform lift that enables a person to enter or exit the vehicle while occupying a wheelchair or scooter;
    (B) an electronic or mechanical wheelchair ramp that is installed as an integral part or permanent attachment to the motor vehicle. See N.Y. Vehicle and Traffic Law 415
  • modifier: shall mean any motor vehicle repair business that modifies a motor vehicle to enable a person with a disability to operate, or ride as a passenger in, the motor vehicle. See N.Y. Vehicle and Traffic Law 415
  • motor vehicle: means a motor vehicle commonly classified as a passenger automobile, sport utility vehicle, light truck, pick up truck, van, minivan, or suburban, with a gross vehicle weight rating of ten thousand pounds or less. See N.Y. Vehicle and Traffic Law 415
  • new motor vehicle: means a motor vehicle commonly classified as a passenger automobile, sport utility vehicle, light truck, pick up truck, van, minivan or suburban which meets any one or more of the following criteria:
    (i) a motor vehicle which has not been placed in consumer use; or
    (ii) a motor vehicle which has not been transferred to someone other than a distributor, new motor vehicle dealer, or qualified dealer; or
    (iii) a motor vehicle which has less than one thousand miles on the odometer. See N.Y. Vehicle and Traffic Law 415
  • New motor vehicle dealer: means a dealer who engages in the activities described in paragraph a of this subdivision if such activities relate to new motor vehicles and if such dealer is party to a franchise, as the terms "new motor vehicle" and "franchise" are defined in section four hundred sixty-two of this title; provided, however, for purposes of this definition, a new motor vehicle shall include only those motor vehicles commonly classified as a passenger automobile, sport utility vehicle, light truck, pickup truck, van, minivan, or suburban, with a gross vehicle weight rating of ten thousand pounds or less, and shall not include (i) any such vehicle which has been converted for use as a tow truck, or (ii) a motor vehicle for which the current ownership document is a statement of acquisition issued pursuant to section four hundred twenty-nine of this title, a salvage certificate, salvage certificate of title, nonrepairable certificate, or similar document issued by any state or jurisdiction; or (iii) any motor vehicle commonly classified as a bus, school bus, garbage truck, marine trailer, tow truck, motorcycle, recreational vehicle, snowmobile, trailer, mobile home or construction equipment; and provided further that:
    (i) a dealer is a new motor vehicle dealer only with respect to those vehicles which are of the same make as those which that dealer is authorized to sell at that location pursuant to a valid franchise agreement; and
    (ii) a dealer is not acting as a new motor vehicle dealer when displaying, advertising, storing and/or demonstrating a new mobility vehicle. See N.Y. Vehicle and Traffic Law 415
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means any natural person, firm, corporation, partnership, limited liability company, entity, joint venture, association or organization. See N.Y. Vehicle and Traffic Law 415
  • Personal property: All property that is not real property.
  • Place of business: means a designated location at which the business of the dealer is conducted, and, in relation to a retail dealer, facilities for displaying new or used motor vehicles. See N.Y. Vehicle and Traffic Law 415
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Qualified dealer: means a dealer, other than a new motor vehicle dealer or a dealer owned in whole or in part, directly or indirectly, by a manufacturer, who:
    (i) acting through a single person, but operating at one or more locations of such single person, has displayed new motor vehicles for sale and/or lease, and has sold and/or leased (excluding sales or leases of any affiliates) a minimum of four thousand new and/or used motor vehicles annually (of which at least forty percent annually were new motor vehicles) at retail regardless of make or model from any one or more locations of such single person within the state, in each year from nineteen hundred ninety-five through and including nineteen hundred ninety-eight, exclusively; or
    (ii) has displayed new motor vehicles for sale and/or lease, and has sold and/or leased (excluding sales or leases of any affiliates) a minimum of two hundred twenty-five new and/or used motor vehicles (of which at least thirty-three and one-third percent were new motor vehicles) at retail, regardless of make or model, from any one or more locations within the state, in the twelve-month period preceding August thirtyfirst, nineteen hundred ninety-nine; or
    (iii) was issued an original certificate of registration as a dealer with a validation date of May, nineteen hundred ninety-nine, has displayed new motor vehicles for sale and/or lease, and has sold and/or leased (excluding sales or leases of any affiliates) a minimum of one hundred fifty new and/or used motor vehicles (of which at least fifty were new motor vehicles), regardless of make or model, from any one or more locations within the state, in the period between July first, nineteen hundred ninety-nine and the effective date of chapter seven of the laws of two thousand . See N.Y. Vehicle and Traffic Law 415
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Retail dealer: means a dealer whose business consists in whole or in part of buying, selling or dealing in motor vehicles, motorcycles or trailers at retail. See N.Y. Vehicle and Traffic Law 415
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC