Sec. 348.002. BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION. A bailment or lease of a motor vehicle is a retail installment transaction if the bailee or lessee:
(1) contracts to pay as compensation for use of the vehicle an amount that is substantially equal to or exceeds the value of the vehicle; and
(2) on full compliance with the bailment or lease is bound to become the owner or, for no or nominal additional consideration, has the option to become the owner of the vehicle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Subtitle B - Loans and Financed Transactions
Chapter 348 - Motor Vehicle Installment Sales
Subchapter A. General Provisions
Section 348.0015. Presumption Regarding Noncommercial Vehicles; Exception
Section 348.002. Bailment or Lease as Retail Installment Transaction
Section 348.003. Classification as Retail Installment Transaction Unaffected
Section 348.005. Itemized Charge
Section 348.006. Principal Balance; Inclusion of Documentary Fee
Section 348.007. Applicability of Chapter
Section 348.008. Applicability of Other Statutes to Retail Installment Transaction
Section 348.009. Federal Disclosure Requirements Applicable
Section 348.0091. Disclosure of Equity in Trade-in Motor Vehicle
Section 348.010. Additional Information Allowed in Contract
Section 348.011. Order of Items in Contract
Section 348.012. Applicability of Insurance Premium Financing Provisions
Section 348.013. Conditional Delivery Agreement
Section 348.014. Transaction Conditioned on Purchase of Vehicle Protection Product Prohibited