Motor vehicle fleet leasing contracts containing a terminal rental adjustment provision do not create a sale or security interest solely because the agreement provides that the rental price may be adjusted by the amount realized upon sale or other disposition of the motor vehicle or trailer. This section does not apply to vehicles or trailers leased or used primarily for personal, family, or household purposes.

Ask a traffic law question, get an answer ASAP!
Thousands of highly rated, verified traffic lawyers.
Parking violations, accidents, DUI/DWI, licensing, registration, and more
Protect your vehicle and your rights with expert legal help now
Click here to chat with a lawyer about your rights.

Source: SL 2003, ch 161, § 1.