N.J. Admin. Code § 13:45A-28.8

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:45A-28.8 - Right to review contract

(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, N.J.S.A. 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

1. The waiver shall be completed in full without any blank spaces to be filled in after the waiver has been signed by the lessee. Any item which is inapplicable may be marked "not applicable" or "NA".

2. The waiver shall be retained by the lessor for the duration of the lease and a copy shall be given to the lessee upon signing.

3. A copy of the waiver shall be provided to the Division of Consumer Affairs upon request.

N.J. Admin. Code § 13:45A-28.8

Administrative correction.
See: 28 N.J.R. 1860(a).
Amended by R.2012 d.016, effective 1/17/2012.
See: 43 N.J.R. 1130(a), 44 N.J.R. 166(b).
Section was "Credit check of lessee; right to review contract".