Renegotiations and extensions
Va. Code Ann. § 59.1-207.25
in effectA. A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, events such as the following shall not be treated as renegotiations:
1. The addition or return of property in a multiple-item agreement or the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;
2. A deferral or extension of one or more periodic payments, or portions of a periodic payment;
3. A reduction in charges in the lease or agreement; and
4. A lease or agreement involved in a court proceeding.
B. No disclosures are required for any extension of a lease-purchase agreement.
1988, c. 24.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/59.1-207.25/Fetched: 10/16/2026