N.Y.
Personal Property Law Section 504
Early purchase option
1.
The consumer has the right to acquire ownership of the merchandise at any time by tendering to the merchant all past due payments and fees and an amount equal to the cash price stated in the rental-purchase agreement multiplied by a fraction that has as its numerator the number of periodic payments remaining under the agreement and that has as its denominator the total number of periodic payments. A consumer must affirmatively elect to exercise an early purchase option. In no event shall the consumer’s early purchase option be less than the amount of one periodic payment.2.
In a clear and conspicuous manner on the consumer’s receipt for every periodic payment, the merchant shall, in connection with a consumer’s rights under this section, provide the consumer with a written statement of:(a)
the total amount the consumer would have to pay to acquire ownership of the rental merchandise if the consumer makes all regularly scheduled payments remaining under the rental-purchase agreement; and(b)
the total amount the consumer would have to pay to acquire ownership of that merchandise pursuant to subdivision one of this section.
Source:
Section 504 — Early purchase option, https://www.nysenate.gov/legislation/laws/PEP/504 (updated Sep. 22, 2014; accessed Jun. 21, 2025).
