New Mexico § 66-3-101.1 Terminal rental adjustment clauses; vehicle leases that

New Mexico Statutes

§ 66-3-101.1 — Terminal rental adjustment clauses; vehicle leases that

New Mexico § 66-3-101.1

Ch. 66Motor Vehicles

Art. 3Registration Laws; Security Interests; Anti-Theft

This text of New Mexico § 66-3-101.1 (Terminal rental adjustment clauses; vehicle leases that) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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N.M. Stat. Ann. § 66-3-101.1 (2026).

Text

are not sales nor create security interests. Notwithstanding any other provision of law, in the case of motor vehicles or trailers that are leased, except for those motor vehicles or trailers leased for personal, family or household purposes, a lease transaction does not create a sale of or security interest in a motor vehicle or trailer, or transfer ownership to the lessee, merely because the lease contains a terminal rental adjustment clause that provides that the rental price is permitted or required to be adjusted up or down in respect to the amount of money realized upon the sale of the motor vehicle or trailer. Nothing in this section exempts a leaseholder of a motor vehicle or trailer from payment of fees or taxes otherwise required pursuant to New Mexico law.

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are not sales nor create security interests. Notwithstanding any other provision of law, in the case of motor vehicles or trailers that are leased, except for those motor vehicles or trailers leased for personal, family or household purposes, a lease transaction does not create a sale of or security interest in a motor vehicle or trailer, or transfer ownership to the lessee, merely because the lease contains a terminal rental adjustment clause that provides that the rental price is permitted or required to be adjusted up or down in respect to the amount of money realized upon the sale of the motor vehicle or trailer. Nothing in this section exempts a leaseholder of a motor vehicle or trailer from payment of fees or taxes otherwise required pursuant to New Mexico law.