DOWN PAYMENT RATIO. Obligors on all Contracts must have made a down payment in cash and/or net trade-in allowance of not less than 15% of the actual price paid by draft to the selling automobile Dealer for the related Leased Vehicle; provided, however, that the down payment for any Leased Vehicle which is more than three model years old shall equal at least 20% of the actual purchase price.
Appears in 4 contracts
Samples: Indenture (Transition Auto Finance Ii Inc), Indenture (Transition Auto Finance Ii Inc), Indenture (Transition Auto Finance Ii Inc)