§ 24-5-13-11 — Refund; computation of amount

(a) If a refund is tendered under this chapter
with respect to a vehicle that is not a leased vehicle, the refund must be
the full contract price of the vehicle, including all credits and
allowances for any trade-in vehicle and less a reasonable allowance for
use.
(b) To determine a reasonable allowance for use under this section,
multiply:
(1) the total contract price of the vehicle; by
(2) a fraction having as its denominator one hundred thousand
(100,000) and having as its numerator the number of miles that
the vehicle traveled before the manufacturer's acceptance of its
return.
(c) The refund must also include reimbursement for the following
incidental costs:
(1) All sales tax.
(2) The unexpended portion of the registration fee and excise tax
that has been prepaid for any calendar year.
(3) All finance charges actually expended.
(4) The cost of all options added by the authorized dealer.
(d) Refunds made under this section shall be made to the buyer and
lienholder, if any, as their respective interests appear on the records of
ownership.

Legislative History

As added by P.L.150-1988, SEC.1. Amended by P.L.24-1989, SEC.27.