(815 ILCS 636/10.25)
Sec. 10.25.
Capitalized cost.
The amount which, when reduced by the
amount of the capitalized cost reduction, equals the adjusted capitalized cost.
The capitalized cost includes all items which are capitalized in the lease
and after the application of the capitalized cost
reduction, amortizes to the residual value by the depreciation portion of the
periodic lease payments over the term of the lease. For a single payment
lease, the capitalized cost amortizes to the residual value by the depreciation
portion of the single lease payment. The capitalized cost may include, without
limitation, taxes, registration, license, acquisition, administration,
assignment and other fees, and charges for insurance, for a waiver of the
contractual obligation to pay the gap amount, for accessories and their
installation, for delivering, servicing, repairing, or improving the vehicle,
and
for other services and benefits incidental to the consumer lease. It also may
include, with respect to a vehicle or other property traded in connection with
a lease, the unpaid balance of any amount financed under an outstanding vehicle
loan agreement or vehicle retail installment contract or the unpaid portion of
the early termination obligation under a lease or other obligation
of the lessee. The term capitalized cost does not include any lease charge.
(Source: P.A. 89-625, eff. 1-1-97.)
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