815 ILCS 636/1
Short title
Short title. This Act may be cited as the Motor Vehicle Leasing Act. (Source: P.A. 89-625, eff. 1-1-97.)
Illinois Compiled Statutes 815 ILCS 636 — Motor Vehicle Leasing Act.
Illinois · statute · 815 ILCS 636 · 45 active provisions
815 ILCS 636/5
Statement of intent
Statement of intent. It is the purpose of this Act to promote the understanding of vehicle leasing in this State by providing for the disclosure of lease obligations to consumer lessees. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10
Definitions and rules of construction
Definitions and rules of construction. In this Act, unless the context or subject matter otherwise requires, the following words and phrases have the meanings set forth in the following Sections. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.5
Adjusted capitalized cost
Adjusted capitalized cost. The amount which serves as the basis for determining the base lease payment, computed by subtracting from the capitalized cost any capitalized cost reduction. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.10
Average periodic depreciation
Average periodic depreciation. The difference between the adjusted capitalized cost and the residual value divided by the number of payment periods in the consumer lease, or, for a single payment lease, divided by the number of months in the term of the lease. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.15
Average periodic lease charge
Average periodic lease charge. The lease charge for the scheduled term of the consumer lease divided by the number of payment periods or, for a single payment lease, divided by the number of months in the term of the lease. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.20
Base lease payment
Base lease payment. That portion of the periodic lease payment which shall be the sum of (a) the average periodic lease charge and (b) the average periodic depreciation. For a single payment lease, the base lease payment is the sum of (a) the average periodic lease charge multiplied by the number of months in the term…
815 ILCS 636/10.25
Capitalized cost
Capitalized cost. The amount which, when reduced by the amount of the capitalized cost reduction, equals the adjusted capitalized cost. The capitalized cost includes all items which are capitalized in the lease and after the application of the capitalized cost reduction, amortizes to the residual value by the depreciat…
815 ILCS 636/10.30
Capitalized cost reduction
Capitalized cost reduction. Payments made by cash, check, rebates, or similar means that are in the nature of down payments made by the lessee and any net trade-in allowance granted by the lessor at the inception of the consumer lease for the purpose of reducing the capitalized cost. The term capitalized cost reduction…
815 ILCS 636/10.35
Conspicuous
Conspicuous. Distinguished from other terms by type size or in some other manner. A term in at least 10-point bold type shall be deemed to be conspicuous for the purposes of this Act. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.40
Constant yield method
Constant yield method. (a) In the case of a periodic payment lease, the method of determining the lease charge portion of each base lease payment pursuant to which the lease charge for each computational period is earned in advance of that period by multiplying the constant rate implicit in the lease times the balance…
815 ILCS 636/10.45
Consumer lease
Consumer lease. A contract, entered into in this State, which transfers the right of possession for use of a vehicle by a natural person primarily for personal, family, or household purposes, for a period of more than one year, for a total contractual obligation not exceeding $25,000, whether or not the lessee has the…
815 ILCS 636/10.50
Consumer Leasing Act
Consumer Leasing Act. That Act of Congress codified as 15 U.S.C. 1667 et seq. and regulations promulgated pursuant thereto, as that Act and regulations may be amended from time to time. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.55
Gap amount
Gap amount. The difference between the amount owed (or which would be owed in the absence of gap protection) by the lessee under the consumer lease in the event of a total loss of the vehicle prior to the end of the lease term occasioned by its theft, physical damage, or other occurrence as specified in the consumer le…
815 ILCS 636/10.60
Gap protection
Gap protection. A contractual undertaking by the holder or lessor or by a third party to waive or provide that a third person shall pay the gap amount. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.65
Group credit insurance
Group credit insurance. Group credit life insurance, group credit accident insurance, group credit accident and health insurance, group disability insurance, or group credit unemployment insurance. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.70
Holder
Holder. The lessor or owner of a vehicle under or subject to a consumer lease and if ownership of the consumer lease is acquired by an assignee, the assignee for the period of the assignee's ownership. The term holder does not include a pledgee of a consumer lease to secure a bona fide obligation secured by the consume…
815 ILCS 636/10.75
Lease charge
Lease charge. The charge determined by the lessor to be paid by the lessee for the privilege of making the lease payments as scheduled under a consumer lease. The term lease charge does not include any amount included in the capitalized cost or any delinquency, default, disposition, early termination, collection, or re…
815 ILCS 636/10.80
Lessee
Lessee. A natural person who leases a vehicle under a consumer lease. For purposes of Section 15 of this Act, the term also includes a natural person who makes a payment to a lessor as an advance lease payment, deposit, or down payment or who leaves his vehicle with a lessor pending the execution of a consumer lease. T…
815 ILCS 636/10.85
Lessor
Lessor. A person regularly engaged in the business of leasing or selling vehicles who leases a vehicle under a consumer lease. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.90
Person
Person. An individual, partnership, corporation, association or other group, however organized. (Source: P.A. 89-625, eff. 1-1-97.)
815 ILCS 636/10.95
Precomputed lease transaction
Precomputed lease transaction. A consumer lease transaction in which the total of the base lease payments for the term of the lease is established at the inception of the lease, whether or not it is paid at that time, as a sum comprising the total depreciation estimated for the scheduled lease term and the amount of th…
815 ILCS 636/10.100
Realized value
Realized value. The greater of (a) the price received by the lessor for disposition of the vehicle, after subtracting all actual and reasonable expenses of sale or (b) insurance proceeds in the event of the total loss or destruction of the vehicle or (c) the highest bona fide offer received by the holder for dispositio…
815 ILCS 636/10.105
Renegotiation
Renegotiation. The satisfaction and replacement of an existing consumer lease by a new consumer lease undertaken by the same lessee. The term renegotiation does not include (a) a deferral or extension of one or more periodic lease payments or portions of one or more periodic payments; (b) a consumer lease involving a c…
815 ILCS 636/10.110
Residual value
Residual value. The estimated value of the vehicle at the end of the scheduled lease term, used by the lessor in determining the base lease payment, as established by the lessor at the time the lessor and lessee enter into a consumer lease. (Source: P.A. 89-625, eff. 1-1-97.)
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