New Mexico § 66-3-101.1 - Terminal rental adjustment clauses; vehicle leases that are not sales nor create security interests
Full text of New Mexico New Mexico Statutes Annotated § 66-3-101.1 — Terminal rental adjustment clauses; vehicle leases that are not sales nor create security interests, with citation guidance and answers to common questions.
§ 66-3-101.1. Terminal rental adjustment clauses; vehicle leases that 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.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 66-3-101.1
What does New Mexico Statutes Annotated § 66-3-101.1 cover?
Section 66-3-101.1 ("Terminal rental adjustment clauses; vehicle leases that are not sales nor create security interests") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 66-3-101.1?
A common citation format is "New Mexico Statutes Annotated § 66-3-101.1" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 66-3-101.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.