NY Pers Prop L § 340 (2021)
2021 New York Laws PEP - Personal Property Article 9-A - Motor Vehicle Retail Leasing Act 340 - Establishment of Realized Value at Lease Termination When Purchase Option Not Exercised; Notice of Intention to Sell Motor Vehicle.

§  340.  Establishment  of  realized  value  at lease termination when   purchase option  not  exercised;  notice  of  intention  to  sell  motor   vehicle.  1.  If an agreement is terminated early and there is no option   to purchase the vehicle or the lessee does not exercise any option he or   she may have to purchase the vehicle, or if the  lessee's  liability  at   the scheduled end of the lease term is based upon the estimated residual   value  of  the vehicle and the lessee does not exercise any option he or   she may have to  purchase  the  vehicle,  the  holder  shall  act  in  a   commercially   reasonable  manner  when  disposing  of  the  vehicle  or   obtaining cash bids for the purpose of establishing the  realized  value   of  the  vehicle,  which  may  be  its  value in the customary wholesale   market. A  lessee  whose  agreement  is  terminated  early  without  the   exercise of a purchase option or whose liability at the scheduled end of   the lease term is based upon the estimated residual value of the vehicle   may  obtain,  at  his  or  her  expense,  a professional appraisal by an   independent third party agreed to by the lessee and the  holder  of  the   wholesale  value  which could be realized at sale of the leased vehicle.   If a professional appraisal is obtained by such a lessee, the  appraised   value  shall  be final and binding upon the parties and shall be used as   the realized value in determining the liability of the lessee  at  early   termination or at the scheduled end of the lease term.2.  If  an  agreement  is  terminated  early and there is no option to   purchase the vehicle or the lessee does not exercise any  option  he  or   she  may  have  to purchase the vehicle, or if the lessee's liability at   the scheduled end of the lease term is based upon the estimated residual   value of the vehicle and the lessee does not exercise any option  he  or   she  may  have to purchase the vehicle, the holder shall give the lessee   at least ten days written notice of its  intention  to  sell  the  motor   vehicle.  A notice of intention to sell the vehicle need not be given if   the holder and lessee have agreed  in  writing  to  the  amount  of  the   lessee's  liability  under  the  retail lease agreement after the lessee   returns the vehicle to the holder or the lessee has fully satisfied  his   or  her  obligations  under the agreement.  A holder gives notice to the   lessee under this subdivision when he or she delivers the notice to  the   lessee  or  mails  the  notice  to  him  or her at his or her last known   address.3. The notice of  intention  to  sell  the  vehicle  shall  set  forth   separately any charges or sums due under the agreement and shall clearly   and  conspicuously  state  that  the  lessee  will  be  liable  for  the   difference between the estimated residual value of the vehicle  and  its   realized  value,  if  such liability exists. The notice also shall state   that the lessee has the right to submit a cash bid for the  purchase  of   the vehicle.