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Consumer Law Keyed to Pridgen, 5th Ed.
Applebaum v. Nissan Motor Acceptance Corporation
Citation:
226 F.3d 214 (2000)Facts
Leonard Applebaum entered into a 36-month closed-end lease for a 1995 Nissan Maxima in November 1994 through Reitenbaugh Enterprises, which was assigned to NMAC. Approximately ten months before the lease term ended, Applebaum terminated early to lease a 1997 model. The lease contained an early termination provision stating that charges would be calculated by discounting unpaid lease payments and residual value to present value using the “Constant Yield Method at the rate implicit in the lease,” then subtracting the “Realized Value.” Reitenbaugh quoted a payoff of $18,111, resulting in a $5,611 early termination charge after trade-in. When Applebaum asked how this was calculated, neither Reitenbaugh nor NMAC could explain, with NMAC claiming its computer system did not retain the calculation data and that the rate was proprietary. Despite the lack of explanation, Applebaum proceeded with the 1997 lease, capitalizing the charge into new payments. He subsequently sued, alleging the lease violated the CLA’s disclosure requirements.
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