Court of Appeals of New York

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Reiber v. GMAC, LLC, 109

The Court of Appeals answered a certified question from the United States Court of Appeals for the Second Circuit as follows: The portion of an automobile retail installment sale attributable to a trade-in vehicle's 'negative equity' is a part of the 'purchase money obligation' arising from the purchase of a new car, as defined under New York's Uniform Commercial Code.

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Decided 06/24/2009
Published 06/24/2009

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Court of Appeals of New York

Court of Appeals of New York

Reiber v. GMAC, LLC, 109

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