New Hampshire Revised Statutes 361-D:25 – Sale of Leased Vehicle; Applicable to Open-End Leases Only
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I. At the termination or expiration of an open end lease, when disposing of a vehicle or obtaining cash bids for the purpose of setting the realized value of a vehicle, the lessor shall act in a commercially reasonable manner in the customary market for such vehicle.
II. Notwithstanding any provision in an open-end lease agreement to the contrary at least 10 days’ written notice of intent to sell such motor vehicle shall be given by the lessor to the lessee, unless the lessor and lessee have agreed in writing to the amount of the lessee’s liability under the lease agreement after the lessee returns the motor vehicle to the lessor, or the lessee has satisfied the lease agreement obligations by payment to the lessor. The notice shall be personally served or shall be sent by certified mail, return receipt requested, directed to the address of the lessee shown on the lease, unless the lessee has notified the holder in writing of a different address. The notice shall set forth separately any charges or sums due and state that the lessee will be liable for the difference between the amount of liability imposed on the lessee at the expiration of the lease term and the net sale proceeds of the motor vehicle when it is sold. The notice shall also state that the lessee has the right to redeem the vehicle by payment in full of the amount due to the lessor at any time up to the date of sale or other disposition of the vehicle.
II. Notwithstanding any provision in an open-end lease agreement to the contrary at least 10 days’ written notice of intent to sell such motor vehicle shall be given by the lessor to the lessee, unless the lessor and lessee have agreed in writing to the amount of the lessee’s liability under the lease agreement after the lessee returns the motor vehicle to the lessor, or the lessee has satisfied the lease agreement obligations by payment to the lessor. The notice shall be personally served or shall be sent by certified mail, return receipt requested, directed to the address of the lessee shown on the lease, unless the lessee has notified the holder in writing of a different address. The notice shall set forth separately any charges or sums due and state that the lessee will be liable for the difference between the amount of liability imposed on the lessee at the expiration of the lease term and the net sale proceeds of the motor vehicle when it is sold. The notice shall also state that the lessee has the right to redeem the vehicle by payment in full of the amount due to the lessor at any time up to the date of sale or other disposition of the vehicle.
Terms Used In New Hampshire Revised Statutes 361-D:25
- 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
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4