§ 24-5-13.1-15 — Refund; computation of amount

Indiana § 24-5-13.1-15

• Jurisdiction: Indiana
• Art. 5: CONSUMER SALES
• Ch. 13.1: Converted Motor Vehicle Protection

Text

(a) If a refund is tendered under this
chapter with respect to a converted motor vehicle that is not a leased
converted motor vehicle, the refund must be the full contract price of
the converted motor vehicle, including all credits and allowances for
any trade-in converted motor 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 converted motor vehicle; by
(2) a fraction having as its denominator one hundred thousand
(100,000) and having its numerator the number of miles that the
converted motor vehicle traveled before the responsible
manufacturer or installer accepts the return of the converted
motor vehicle.
(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.91-2022, SEC.1.