39:10-5.1 - Terminal rental adjustment clause in motor vehicle lease; definitions - New Jersey Statutes

39:10-5.1.   Terminal rental adjustment clause in motor vehicle lease; definitions 
     1. a.        Notwithstanding any other provision of law to the contrary, no agreement stating that it is for the lease of a vehicle shall be deemed to create a conditional sale of, or security interest in, the property which is the subject of the agreement merely because the agreement contains a terminal rental adjustment clause. 

    b.   For purposes of this section:

    (1)  "terminal rental adjustment clause" means a provision of an agreement which permits or requires the rental price to be adjusted upward or downward by reference to the amount realized by the lessor upon sale or other disposition of the vehicle. 

    (2)  "vehicle" means every device in, upon or by which a person or property is or may be transported upon a highway, excepting devices moved by human power or used exclusively upon stationary rails or tracks or motorized bicycles. 

    L.1992,c.28.