Sec. 11.5. (a) If a refund is tendered under this chapter with respect to a leased motor vehicle, the refund shall be made as follows: (1) The lessee shall receive all deposit and lease payments paid by the lessee to the lessor, including all credits and allowances for any trade-in vehicles, less a reasonable allowance for use. (2) The lessor shall receive: (A) the lessor's purchase cost, including freight and accessories; (B) any fee paid to another to obtain the lease; (C) any insurance premiums or other costs expended by the lessor for the benefit of the lessee; (D) sales tax paid by the lessor; and (E) five percent (5%) of the amount described in subdivision (2)(A); less the total of all deposit and lease payments paid by the lessee to the lessor, including all credits and allowances for any trade-in vehicle. (b) To determine a reasonable allowance for use under this section, multiply: (1) the total lease obligation of the lessee at the inception of the lease; by (2) a fraction having as its denominator one hundred thousand (100,000) and as its numerator the number of miles that the vehicle traveled before the lessor's acceptance of its return.
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