New York Laws
Article 9-A - Motor Vehicle Retail Leasing Act
341 - Restriction on Early Termination Liability.

(a) any unpaid rental payments that accrued through the date of early
termination;
(b) any other unpaid charges, other than excess mileage charges,
arising from the failure of the lessee to fulfill his or her obligations
under the agreement;
(c) any official fees and taxes imposed in connection with lease
termination;
(d) a reasonable disposition fee or, in lieu thereof, the reasonable
costs of retaking, storing, preparing for sale and selling the vehicle;
(e) the difference, if any, between: (i) the adjusted capitalized
cost, and (ii) the sum of all depreciation amounts accrued through the
date of early termination, calculated in accordance with the constant
yield method or any other generally accepted actuarial method, and the
realized value of the vehicle; and
(f) an additional early termination charge which is reasonable in
light of the anticipated or actual harm caused by the default or early
termination, the difficulties of proof of loss and the inconvenience or
nonfeasibility of otherwise obtaining an adequate remedy.
As an alternative to the constant yield and other generally accepted
actuarial methods of determining the depreciation amounts accrued
through the date of early termination of a precomputed lease
transaction, those amounts may be determined under paragraph (e) of this
subdivision by using a retail lease agreement under which the lease
charge is calculated on the adjusted capitalized cost for the time
outstanding according to a generally accepted actuarial method.
2. This section does not limit or restrict the manner of calculating
the early termination liability of a lessee, whether by way of
unamortized capitalized cost, discounted present value of remaining
rental payments, multiples of monthly payments or otherwise, so long as
the early termination liability of the lessee does not exceed that
permitted by this section.
3. Any refundable security deposit or advance rental payment held by
the holder may be retained by the holder and shall be credited against
the early termination obligation of the lessee.
4. There shall be no early termination liability to the lessee if he
or she has deceased before the end of such lease.