New York Laws
Article 9-A - Motor Vehicle Retail Leasing Act
334 - Payment or Trade-in Pending Execution of Lease Agreement; Refund or Return Upon Non-Execution.

(a) clearly and conspicuously disclose to the seller that the sale
price for the vehicle establishes its value for purposes of determining
the amount the lessor will credit as a "capitalized cost reduction"
under any retail lease agreement subsequently consummated by the parties
or as the amount due to the lessee for the vehicle in the event the
parties fail to consummate a retail lease agreement;
(b) contain a conspicuous clause that is initialled separately by the
prospective lessee whereby such lessee agrees to leave the amount of the
purchase price on deposit with the prospective lessor pending the
consummation of a retail lease agreement for a currently produced model
year vehicle that is to be ordered specially from the manufacturer or
for a model year vehicle that is not yet in production as of the date of
the sale of the lessee's vehicle; and
(c) stipulate that seventy-five days after the date of the sale, the
prospective lessee shall be entitled on demand to payment of the agreed
upon price for the vehicle unless within that time the parties have
consummated a separate retail lease agreement or have agreed to an
earlier payment of the price to the lessee.

Structure New York Laws