§ 361-d-15

361-D:15 Open End Leases; Lessee to Bear Risk of Vehicle's Depreciation. – I. For open end leases, the residual value shall be a reasonable approximation of the anticipated fair market value of the motor vehicle at the end of the scheduled term. II. There shall be a rebuttable presumption that the residual value is unreasonable to the extent that the residual value exceeds the realized value at lease end by more than 3 times the average payment allocable to a monthly period under the lease. This presumption shall not apply when the excess residual value over realized value is due to physical damage to the motor vehicle beyond reasonable wear and use, or to excessive use, and the lease may set standards for such wear and use if such standards are not unreasonable. Source. 1996, 85:1, eff. Nov. 15, 1996.