5 Del. Admin. Code § 2901-1.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 2901-1.0 - Applicability of Chapter

1.1 Lease Contracts. 5 Del.C. Ch. 29 applies to a lease contract only when:

1.1.1 The lessee contracts to pay a sum substantially equivalent to, or in excess of, the value of the motor vehicle for the use of the motor vehicle over the lease term;

1.1.2 The lessee is obligated to become, or has the option of becoming, the owner of the motor vehicle at some time during, or at the expiration of, the lease contract; and

1.1.3 The value for which the motor vehicle is to be sold at the end of the lease term is not paid in a single installment.

1.2 5 Del.C. Ch. 29 applies to all motor vehicles meeting the definition of that term in 5 Del.C. § 2901 (1) regardless of whether the intended use is personal or commercial.

5 Del. Admin. Code § 2901-1.0

17 DE Reg. 994 (4/1/2014) (Final)