Terms Used In Indiana Code 24-5-16.5-2

• 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:

  Indiana Code 24-5-16.5-2

• Contract: A legal written agreement that becomes binding when signed.
• 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
• 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.
• 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. See Indiana Code 24-5-16.5-6
• vehicle: has the meaning set forth in IC 9-13-2-196. See Indiana Code 24-5-16.5-8