HB145 Alabama 2022 Session

This bill would relate to credit financing of the sale or lease of motor vehicles. This bill would further define a guaranteed asset protection waiver or GAP waiver to include excess wear and use waivers in consumer lease agreements. This bill would also authorize the sale of motor vehicle value protection agreements to reduce deficiency balances relating to motor vehicle credit financing agreements

Relating to the credit financing of the sale or lease of motor vehicles; to amend Section 8-37-2 of the Code of Alabama 1975; to further define a guaranteed asset protection waiver or GAP waiver to include excess wear and use waivers in consumer lease agreements; and to add Chapter 37A to Title 8 of the Code of Alabama 1975, to authorize providers to sell motor vehicle value protection agreements to reduce motor vehicle credit financing agreement deficiency balances under certain conditions.