361-D:8 Payment or Trade-in. –
I. If a lessee has made a payment to a lessor pending the execution of a lease, has surrendered possession of a trade-in vehicle, or both, the lessee shall have the right, if the lease is not executed by the lessee and lessor, to have any trade-in vehicle returned and receive a refund of any payments made within 10 days after the lessor receives notice that the application has not been approved. If a lessee leaves a trade-in vehicle with the lessor and the lessor and lessee agree that the parties shall enter into a lease, the lessor shall not sell or transfer the trade-in vehicle until the lessee and the lessor execute a lease.
II. This section shall not apply to the sale of a vehicle by a prospective lessee to a prospective lessor under a separate contract of sale if such contract is executed before the parties have consummated a lease, is dated as of the sale date and is signed by the parties. Such contract shall provide and shall clearly and conspicuously disclose, in at least 8-point bold face type: that the contract price establishes the vehicle's value for purposes of determining the amount the lessor will credit as a "capitalized cost reduction" or as payment of the total amount due at lease signing under any lease subsequently consummated by the parties or as the amount due to the lessee for the vehicle in the event the parties fail to consummate a lease within 30 days; that the prospective lessee agrees to leave the contract price on deposit with the prospective lessor pending the consummation of a lease for a vehicle to be ordered from the manufacturer or for a vehicle not yet in production as of the date of the contract; and that 15 days after the lessor and prospective lessee shall agree that no lease will be consummated, and, in any event, no later than 45 days after the sale date, the prospective lessee shall be entitled to payment of the agreed upon price for the vehicle unless within that time the parties have consummated a lease or have agreed to an earlier payment of the price to the prospective lessee.