Orix Credit Alliance, Inc. v. James Pappas and Parashevic Pappas

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that \[a]n option price may also be found to be nominal where it is insubstantial in relation to the fair market value of the leased goods at the time the option arises as anticipated by the parties when the agreement was executed\
• requirement of a down payment held to be a factor indicating a secured sale
• where rental payments exceeded the purchase price by about twenty percent, “the total rental payments may represent the fair market value of the trailers plus a financing charge”
• “An option price may also be found to be nominal where it is insubstantial in relation to the fair market value of the leased goods at the time the option arises as anticipated by the parties when the agreement was executed.”
• option price of twelve percent of total rental price was nominal

Source: CourtListener parenthetical corpus (CC0).