The owner or dealer who rents you the car must provide you with a typical rental agreement or make it available to you upon request. On December 23, the Governor of New York signed S 3631, which amends the state insurance law, to increase the protection of New York consumers from unforeseen costs at the end of an automobile lease. The definition of “service contracts” is extended to broader service contracts for personally leased vehicles. Service contracts covered by law now include agreements that apply to accidental damage and excessive use and wear, including missing vehicle parts, as well as goods that are not covered by a warranty or other service contract, provided these services do not exceed the purchase price of the vehicle. The law came into force when it was signed. Disclaimer: You may be bound to return the vehicle to the original rental company or to the family of dealers whose vehicle is originating. Check your terms and conditions. If you return the vehicle prematurely, you can only assess excessive wear and damage costs if the owner actually repairs the vehicle or receives a good estimate of repair costs from a certified expert. You must register your vehicle on your insurance card within 180 days of the effective date.
Include a copy or form of your insurance card. The DMV office will keep the paper card. Keep the other paper card with the vehicle as proof of insurance. Anyone who operates your vehicle must be able to provide proof of assurance. New York was the first state in the country to request full rent returns. The law regulates all leases entered into in New York after August 31, 1995 and grants significant legal rights to consumers. This brochure outlines key provisions of the law that have been supported by the New York Attorney General`s Office and the Great New York Automobile Dealers Association (GNYADA) to help consumers better understand leasing. Corrections and clarifications: This article has been updated and contains additional information on the possible costs incurred by the taker in the event of early termination of a lease. You have the right to terminate the lease at any time after 50 per cent of the planned lease term, and if your commitments are up to date.