44-1371. Motor vehicle transactions; conditional financing; traded motor vehicle; definition

If a sale or lease of a motor vehicle from a motor vehicle dealer or a lessor to a customer is conditioned on final approval of financing by a lender or lessor, the motor vehicle dealer or lessor shall retain title and possession of any motor vehicle traded by a customer as part of the transaction until financing is finally approved or the traded motor vehicle is returned to the customer. Any remedy for a violation of this section may not be waived, modified or limited by agreement or contract. For the purposes of this section the term "motor vehicle dealer" has the same meaning prescribed in section 28-4301.

44-1371. Motor vehicle transactions; conditional financing; traded motor vehicle; definition

If a sale or lease of a motor vehicle from a motor vehicle dealer or a lessor to a customer is conditioned on final approval of financing by a lender or lessor, the motor vehicle dealer or lessor shall retain title and possession of any motor vehicle traded by a customer as part of the transaction until financing is finally approved or the traded motor vehicle is returned to the customer. Any remedy for a violation of this section may not be waived, modified or limited by agreement or contract. For the purposes of this section the term "motor vehicle dealer" has the same meaning prescribed in section 28-4301.