Indiana Code 24-5-16.5-3. “Capitalized cost reduction”
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Terms Used In Indiana Code 24-5-16.5-3
- 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
- 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
- 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
- retail lessor: means a person who regularly engages in the business of selling or leasing motor vehicles and who offers or arranges a lease agreement for a motor vehicle. See Indiana Code 24-5-16.5-7
- vehicle: has the meaning set forth in IC 9-13-2-196. See Indiana Code 24-5-16.5-8
Sec. 3. As used in this chapter, “capitalized cost reduction” means a payment made by cash, check, credit card, debit card, net vehicle trade-in, rebate, or other similar means in the nature of a down payment or credit, made by a retail lessee at the inception of a lease agreement, for the purpose of reducing the capitalized cost and does not include any periodic payments received by the retail lessor at the inception of the lease agreement.
As added by P.L.151-2015, SEC.80.