New Jersey Administrative Code
Title 13 - LAW AND PUBLIC SAFETY
Chapter 45A - ADMINISTRATIVE RULES OF THE DIVISION OF CONSUMER AFFAIRS
Subchapter 28 - MOTOR VEHICLE LEASING
Section 13:45A-28.8 - Right to review contract
Current through Register Vol. 56, No. 18, September 16, 2024
(a)-(c) (Reserved)
(d) A lessee may waive his or her right to review the contract under N.J.S.A. 56:12-67b(1) provided the lessee obtains a waiver from the lessor which appears in 12-point Times Roman print (except for the document title "WAIVER" which shall appear in 14-point Times Roman print) and contains the following:
WAIVER
I HAVE BEEN ADVISED THAT UNDER THE NEW JERSEY CONSUMER PROTECTION LEASING ACT, 56:12-60 et seq., I AM ENTITLED TO REVIEW THE LEASE CONTRACT FOR ONE 24-HOUR BUSINESS DAY BEFORE SIGNING. I CHOOSE TO WAIVE THAT RIGHT AND SIGN THE LEASE NOW.
| _______________________ | ____________________________ | |
| LESSEE'S (CONSUMER'S) | LESSOR'S | |
| (DEALER'S) | ||
| INITIALS | INITIALS | |
| _______________________ | ||
| CO-LESSEE'S INITIALS | ||
| VEHICLE: | Year ______ Make _________ | |
| Model ________________ | ||
| VIN Number ________________________ | ||
THE LESSOR (DEALER) HAS REVIEWED THE FOLLOWING ELEMENTS OF THE LEASE DISCLOSURE WITH ME:
| $____ | MSRP | $____ | Acquisition Fee |
| (New Vehicle Only) | |||
| $____ | Total Cost of | $____ | Security Deposit |
| Options and Extras Not Included | $____ | Optional Warranty | |
| in MSRP | or | ||
| Insurance Charge | |||
| $____ | Title and | ||
| Registration Fees for: | |||
| ____ First Year of Lease, or | |||
| ____ Full Term of Lease | |||
| $____ | Gross Capitalized | It has been explained to | |
| me | |||
| Cost of Vehicle | that if I terminate this | ||
| lease | |||
| early, I may have to pay | |||
| $____ | Capitalized Cost | significant costs. | |
| Reduction, includes: | ___ | ___ | |
| $___ Initial Cash Payment | (Lessee's and Lessor's | ||
| Initials) | |||
| $___ Trade-in Credit | |||
| $___ Rebates | |||
| $____ | Total Capitalized Cost/Adjusted | Excess Wear and Damage | |
| Capitalized Cost | Charges have been explained to | ||
| me. | |||
| $____ | Residual Value | ___ | ___ |
| (Lessee's and Lessor's | |||
| Initials) | |||
| $____ | Per Mile Over ___ Miles | ||
| $____ | Amount of Periodic Payment | (For leases with purchase op- | |
| tion): How I may purchase this | |||
| vehicle at the end of the lease | |||
| has been explained to me. | |||
| ____ | Total Number of Periodic | ||
| Payments | |||
| $____ | Total Fixed Cost of | ___ | ___ |
| Lease (No Option to Purchase | (Lessee's and Lessor's | ||
| Vehicle) or | Initials) | ||
| $____ | Total Cost of Lease (With Option | ||
| to Purchase) | |||
I UNDERSTAND THAT THIS IS A LEASE AGREEMENT AND NOT A PURCHASE AGREEMENT, THAT THE PROPERTY BEING LEASED MAY NOT HAVE ANY EQUITY OR OWNERSHIP VALUE TO ME AT THE END OF THE LEASE AND THAT THE LEASED PROPERTY BELONGS TO THE LESSOR.
| Dated __________________ | ____________________________ |
| Lessee's (Consumer's) Signature | |
| ____________________________ | |
| Co-Lessee's Signature | |
| ____________________________ | |
| Lessor's Signature |
