Chapter 429 — MOTOR VEHICLE CONSUMER LEASES

429.101 Title. This chapter may be cited as the Wisconsin motor vehicle consumer lease act. History: 1995 a. 329.

429.102 Applicable law. (1) To the extent that ss. 218.0101 to 218.0163 and chs. 411 and 421 to 427 are inconsistent with this chapter, the provisions of this chapter shall apply. (2) Unless superseded by the particular provisions of this chapter, parties to a motor vehicle consu…

429.103 Construction against implied repeal. This chapter being a general act intended as a unified coverage of its subject matter, no part of this chapter shall be construed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. Histor…

429.104 Definitions. In this chapter: (1) “Adjusted capitalized cost” means the amount computed by subtracting from capitalized cost any capitalized cost reduction, for the purpose of determining the base periodic payment. (2) “Average periodic depreciation” means the adjusted ca…

429.201 Prelease availability of consumer lease form. SUBCHAPTER I GENERAL PROVISIONS

429.202 Advance payment or trade-in; refund or return. (1) If a prospective lessee has made an advance payment or surrendered possession of a vehicle to a prospective lessor as a trade-in pending the execution of a consumer lease, the prospective lessee shall have the right, if t…

429.203 Requirements of a consumer lease. (1) A consumer lease shall be in writing and signed by the lessor and the lessee. (2) Except as otherwise provided in this subsection, the printed portion of a consumer lease, other than instructions for its completion, shall be in at lea…

429.204 Gap amount; notice. If a consumer lease provides that the lessee is responsible for any or all of the gap amount, the consumer lease shall conspicuously disclose this fact, using the term “gap amount”. The acceptance of a consumer lease may not be conditioned upon the les…

429.205 Security interest. (1) No consumer lease, or any other document executed by a lessee in connection with a consumer lease, shall create a security interest in any real or personal property of the lessee to secure payment of any obligations assumed by the lessee under the c…

429.206 Determination of realized value upon early termination. If a consumer lease is terminated before the expiration date set forth in the lease, the realized value of the motor vehicle leased under the consumer lease shall be determined as follows: (1) If the lessee and the l…

429.207 Restrictions on early termination obligation. (1) The lessee has the right to terminate the consumer lease at any time. (2) If a consumer lease is terminated before the expiration date set forth in the consumer lease and no applicable option to purchase is exercised by th…

429.208 Assessment of excess wear and damage. (1) (a) Except as provided in par. (b), a holder shall, upon return of a leased vehicle, conduct an inspection to determine excess wear and damage to the leased vehicle for which the lessee may be held liable. A holder may not prohibi…

429.209 Renegotiations and extensions. (1) All of the disclosure requirements specified in s. 429.203 apply to the renegotiation of a consumer lease. A renegotiation of a consumer lease does not create a warranty or subject the transaction to any laws of this state relating to th…

429.301 Penalties and remedies. (a) With respect to a single-payment lease, the product of the number of months in the scheduled term of the lease multiplied by the sum of the average periodic rent charge and the average periodic depreciation. (b) With respect to a lease other th…