Indiana Code 24-5-16.5-10. Trade-in vehicle for leased vehicle
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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:
(2) by year, make, and model.
(1) as a trade-in vehicle in the lease agreement; and
Terms Used In Indiana Code 24-5-16.5-10
- 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
- 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 lessee has the option to purchase or otherwise become the owner of the motor vehicle upon expiration of the agreement. See Indiana Code 24-5-16.5-4
- vehicle: has the meaning set forth in IC 9-13-2-196. See Indiana Code 24-5-16.5-8
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
The lease agreement must state the net credit of the trade-in vehicle used to pay amounts due at lease signing or delivery of the leased vehicle.
As added by P.L.151-2015, SEC.80.