Sec. 11.5. (a) If a refund is tendered under this chapter with respect to a leased motor vehicle, the refund shall be made as follows:
(1) The lessee shall receive all deposit and lease payments paid by the lessee to the lessor, including all credits and allowances for any trade-in vehicles, less a reasonable allowance for use.
(2) The lessor shall receive:
(A) the lessor's purchase cost, including freight and accessories;
(B) any fee paid to another to obtain the lease;
(C) any insurance premiums or other costs expended by the lessor for the benefit of the lessee;
(D) sales tax paid by the lessor; and
(E) five percent (5%) of the amount described in subdivision (2)(A);
less the total of all deposit and lease payments paid by the lessee to the lessor, including all credits and allowances for any trade-in vehicle.
(b) To determine a reasonable allowance for use under this section, multiply:
(1) the total lease obligation of the lessee at the inception of the lease; by
(2) a fraction having as its denominator one hundred thousand (100,000) and as its numerator the number of miles that the vehicle traveled before the lessor's acceptance of its return.
As added by P.L.24-1989, SEC.28.
Structure Indiana Code
Chapter 13. Motor Vehicle Protection
24-5-13-1. Application of Chapter
24-5-13-4.1. "Methamphetamine Vehicle"
24-5-13-5. "Motor Vehicle" or "Vehicle"
24-5-13-7. "Term of Protection"
24-5-13-8. Repair of Nonconformities
24-5-13-9. Notification of Claim; Manufacturer's Disclosure
24-5-13-10. Return of Vehicle Upon Failure to Correct Nonconformity; Refund; Replacement
24-5-13-11. Refund; Computation of Amount
24-5-13-11.5. Refund; Leased Motor Vehicle; Computation of Amount
24-5-13-12. Replacement of Vehicle
24-5-13-13. Reimbursement for Towing and Rental Costs
24-5-13-14. Retention of Vehicle Pending Replacement or Refund
24-5-13-15. Attempts to Correct Nonconformity; Reasonable Number of Attempts; Time Period; Extension
24-5-13-16. Refusal to Diagnose or Repair; Written Repair Orders
24-5-13-16.1. Seller's Duty to Disclose Methamphetamine Vehicles
24-5-13-16.2. Civil Action by Buyer for Failure to Disclose Methamphetamine Vehicles; Remedies
24-5-13-18. Affirmative Defenses
24-5-13-19. Informal Procedures Established by Manufacturer
24-5-13-20. Additional Remedies
24-5-13-21. Civil Enforcement Actions