AutoLeaseInc Terms of Service
Effective Date: August 7, 2026
Last Updated: August 7, 2026
These Terms of Service (“Terms”) govern your access to and use of the AutoLeaseInc website, tools, content, communications, information, calculations, comparisons, educational materials, and related services (collectively, the “Services”).
The terms “AutoLeaseInc,” “we,” “us,” and “our” refer to AutoLeaseInc. “You” and “your” refer to any person accessing or using the Services.
PLEASE READ THESE TERMS CAREFULLY BEFORE USING AUTOLEASEINC.
By accessing or using the Services, you acknowledge that you have read, understood, and agree to these Terms and our Privacy Policy.
If you do not agree to these Terms, do not use the Services.
1. AutoLeaseInc Is an Educational and Informational Service
AutoLeaseInc provides automotive information, educational materials, vehicle-shopping tools, lease and purchase comparisons, calculations, market information, vehicle listings, deal analysis, and other resources intended to help consumers research automotive transactions.
THE AUTOLEASEINC WEBSITE AND SERVICES ARE PROVIDED FOR GENERAL INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY.
Information provided through AutoLeaseInc should be treated as a starting point for your own research and not as a substitute for independent professional advice, verification, or judgment.
AutoLeaseInc does not guarantee that information presented through the Services is appropriate for your individual circumstances.
2. AutoLeaseInc Does Not Provide Financial, Legal, Tax, Credit, Insurance, or Professional Advice
Nothing available through AutoLeaseInc constitutes or should be interpreted as:
- financial advice;
- investment advice;
- legal advice;
- tax advice;
- accounting advice;
- credit advice;
- lending advice;
- insurance advice;
- fiduciary advice;
- individualized financial planning;
- a recommendation concerning the suitability of a particular financial product;
- a guarantee that you will qualify for financing or leasing;
- or any other regulated or licensed professional advice.
AutoLeaseInc is not acting as your attorney, accountant, financial planner, financial adviser, tax adviser, insurance adviser, fiduciary, or other licensed professional merely because you use the Services.
Your financial situation, credit profile, tax situation, insurance requirements, state laws, vehicle needs, and contractual obligations may be different from those of another consumer.
You should consult appropriately qualified and licensed professionals before making decisions that may have material financial, legal, tax, insurance, credit, or contractual consequences.
Depending upon the issue, these professionals may include a licensed attorney, certified public accountant, qualified tax professional, financial planner, financial adviser, licensed insurance professional, lender, dealership representative, or other appropriately qualified professional.
3. Do Your Own Research
You are responsible for independently researching and verifying any vehicle, lease, purchase, financing arrangement, incentive, rebate, tax consequence, insurance requirement, contract, or other transaction before agreeing to it.
You should carefully review all documents before signing them.
This includes, where applicable:
- lease agreements;
- retail installment contracts;
- purchase agreements;
- buyer's orders;
- financing agreements;
- credit applications;
- insurance policies;
- warranties;
- service contracts;
- manufacturer disclosures;
- mileage restrictions;
- disposition requirements;
- early-termination provisions;
- excess-wear provisions;
- acquisition fees;
- disposition fees;
- dealer fees;
- government fees;
- registration costs;
- taxes;
- down payments;
- amounts due at signing;
- trade-in values;
- residual values;
- money factors;
- interest rates;
- annual percentage rates;
- rebates;
- manufacturer incentives;
- eligibility restrictions; and
- any other terms affecting your transaction.
Never rely solely upon information displayed by AutoLeaseInc when making a significant financial or contractual decision.
4. AutoLeaseInc Does Not Display Every Available Option
AutoLeaseInc does not represent, warrant, promise, or attempt to provide every vehicle, dealer, lease, financing option, incentive, rebate, discount, lender, manufacturer program, insurance option, purchasing method, or other alternative available in the marketplace.
AUTOLEASEINC DOES NOT SHOW ALL AVAILABLE OPTIONS AND DOES NOT ATTEMPT TO SHOW ALL AVAILABLE OPTIONS.
Information displayed through AutoLeaseInc may represent only a small portion of the products, vehicles, dealers, offers, programs, or opportunities available to you.
There may be:
- lower prices elsewhere;
- higher prices elsewhere;
- better lease terms elsewhere;
- different incentives;
- additional rebates;
- different vehicles;
- different dealers;
- different lenders;
- different financing structures;
- manufacturer programs we have not identified;
- local or regional offers;
- private offers;
- loyalty programs;
- conquest programs;
- employee programs;
- military programs;
- student or graduate programs;
- affinity programs;
- credit-union programs; or
- other opportunities not displayed or known to AutoLeaseInc.
The absence of an option from AutoLeaseInc does not mean that the option does not exist or that an option presented by AutoLeaseInc is the best option available.
You should independently shop, compare, investigate, and evaluate alternatives before making a decision.
5. No “Best Deal” Guarantee
AutoLeaseInc may use terms such as “deal,” “special,” “competitive,” “savings,” “recommended,” “comparison,” “better,” “lowest,” or similar terminology in educational, comparative, advertising, or descriptive contexts.
Unless expressly stated otherwise in a specific written guarantee issued by AutoLeaseInc, such terminology does not constitute a guarantee that a particular offer is:
- the lowest price available;
- the lowest payment available;
- the best deal available;
- the best financial decision;
- available from every dealership;
- available in every geographic market;
- appropriate for your circumstances; or
- superior to every alternative.
Automotive markets change continuously.
You are responsible for deciding whether a particular transaction is appropriate for you.
6. Estimates, Calculators, and Comparisons
AutoLeaseInc may provide calculators, estimates, comparisons, scores, analyses, projections, or similar tools.
These tools are provided for educational and informational purposes.
Calculations may rely upon assumptions or information including:
- MSRP;
- selling price;
- residual value;
- money factor;
- interest rate;
- lease term;
- mileage;
- incentives;
- rebates;
- taxes;
- fees;
- credit tier;
- down payment;
- trade value;
- geographic location; and
- other variables.
Actual transaction terms may differ.
Calculators may simplify complex transactions and may not account for every variable, tax, fee, rule, contractual provision, eligibility requirement, or individual circumstance.
A calculation generated by AutoLeaseInc is not an offer to lend, lease, finance, sell, or purchase a vehicle.
7. Automotive Information Changes Rapidly
Vehicle prices, incentives, inventory, rebates, residual values, money factors, interest rates, taxes, fees, manufacturer programs, dealership policies, and availability can change at any time.
Information may become inaccurate shortly after it is collected or published.
AutoLeaseInc does not guarantee that information appearing through the Services is:
- current;
- complete;
- accurate;
- error-free;
- available;
- applicable to your geographic location;
- applicable to your credit profile;
- applicable to your individual circumstances; or
- still being honored by the applicable third party.
You must independently verify material information directly with the relevant dealership, manufacturer, lender, lessor, insurer, government agency, or other responsible party before relying upon it.
8. Examples Are Illustrative
AutoLeaseInc may provide examples of vehicle transactions, monthly payments, amounts due at signing, lease structures, financing structures, savings, discounts, incentives, or other financial information.
Examples are illustrations only unless specifically identified otherwise.
A hypothetical example does not mean that you will receive the same result.
Your actual result may vary substantially because of factors including creditworthiness, geographic location, taxes, fees, vehicle availability, incentive eligibility, dealer participation, financing approval, lender requirements, insurance costs, and market conditions.
9. Credit Scores and Financing
Any discussion of credit scores, credit tiers, approval likelihood, financing, lease eligibility, or similar subjects is educational and should not be interpreted as a guarantee of approval.
A particular credit score does not guarantee:
- lease approval;
- financing approval;
- a particular interest rate;
- a particular money factor;
- a particular monthly payment;
- a particular amount due at signing; or
- eligibility for a particular promotion.
Dealerships, lenders, manufacturers, leasing companies, and financial institutions establish their own underwriting requirements.
AutoLeaseInc does not control those requirements or decisions.
10. No Offer or Guarantee of a Transaction
Unless AutoLeaseInc expressly states otherwise in a separate written agreement, content displayed through the Services does not constitute a legally binding offer to sell, purchase, lease, finance, insure, or deliver a vehicle.
Vehicle availability and transaction terms must be confirmed by the applicable dealership or other transaction provider.
A vehicle displayed through AutoLeaseInc may:
- already have been sold;
- already have been leased;
- no longer be available;
- have changed price;
- have different equipment;
- have different incentives;
- be subject to additional requirements; or
- otherwise differ from information previously presented.
11. AutoLeaseInc Is Not the Dealership, Lender, or Manufacturer
Unless expressly disclosed otherwise for a particular transaction, AutoLeaseInc is not:
- the automobile manufacturer;
- the franchised automobile dealership;
- the vehicle seller;
- the lender;
- the bank;
- the credit union;
- the vehicle lessor;
- the manufacturer captive finance company;
- the insurer;
- the vehicle warranty provider;
- or the government agency responsible for taxes, title, or registration.
Third parties make their own decisions concerning pricing, financing, credit approval, inventory, warranties, vehicle condition, delivery, transaction terms, and eligibility.
12. Third-Party Transactions
AutoLeaseInc may provide information concerning or facilitate introductions to dealerships, lenders, manufacturers, insurers, transportation providers, vehicle-service companies, or other third parties.
Your ultimate transaction with a third party is between you and that third party.
AutoLeaseInc does not control the third party's:
- conduct;
- representations;
- pricing;
- financing;
- inventory;
- products;
- services;
- contracts;
- warranties;
- privacy practices;
- customer service; or
- performance.
You are responsible for investigating any third party before entering into a transaction.
The appearance of a dealership, lender, product, company, vehicle, offer, or service on AutoLeaseInc does not constitute a guarantee or endorsement of that third party.
13. Third-Party Websites and Links
The Services may contain links to websites, applications, advertisements, tools, or services controlled by third parties.
AutoLeaseInc does not control these third parties and does not guarantee the accuracy, security, legality, reliability, availability, or privacy practices of their services.
You access third-party services at your own risk.
You should review the applicable third party's terms of service, privacy policy, and other agreements before providing information or entering into a transaction.
14. Vehicle Information
Vehicle specifications, photographs, equipment lists, MSRP, fuel economy, estimated range, horsepower, dimensions, colors, safety features, technology features, warranty information, and other vehicle information may originate from manufacturers, dealerships, databases, third parties, or automated systems.
Errors may occur.
Photographs may represent a similar vehicle rather than the exact vehicle available for sale or lease.
You should inspect the actual vehicle and verify its VIN, equipment, condition, mileage, specifications, warranty status, and other material characteristics before completing a transaction.
15. Manufacturer Incentives and Rebates
Manufacturer incentives and rebates may be subject to:
- expiration dates;
- geographic restrictions;
- credit requirements;
- residency requirements;
- vehicle eligibility;
- dealer participation;
- financing requirements;
- loyalty requirements;
- conquest requirements;
- membership requirements;
- military eligibility;
- college-graduate eligibility;
- employer eligibility;
- restrictions on combining incentives; and
- other terms established by the manufacturer or program administrator.
AutoLeaseInc cannot guarantee that you qualify for any incentive.
Verify eligibility before relying upon an incentive in your purchasing or leasing decision.
16. Down Payments and Amounts Due at Signing
AutoLeaseInc may discuss or compare lease structures involving different amounts due at signing.
The amount due at signing may include multiple components, including first payment, taxes, fees, registration, acquisition fees, security deposits, capitalized-cost reductions, or other charges.
A lower advertised monthly payment may require a larger amount due at signing.
You should evaluate the entire economic cost of a transaction rather than relying solely upon the advertised monthly payment.
AutoLeaseInc does not provide individualized financial advice concerning whether you should make a down payment, capitalized-cost reduction, multiple security deposit, or any other payment.
Consult an appropriate professional if you need individualized advice.
17. Taxes
Automotive taxes vary significantly by jurisdiction and transaction structure.
Information concerning taxes is provided only for general educational purposes.
AutoLeaseInc does not provide tax advice and does not guarantee tax calculations.
Consult the appropriate government authority or qualified tax professional concerning your particular situation.
18. Insurance
Any information concerning automobile insurance is provided for educational and informational purposes only.
AutoLeaseInc does not guarantee insurance availability, pricing, coverage, eligibility, exclusions, or claims outcomes.
You are responsible for maintaining insurance required by law and by any applicable lease, financing agreement, or other contract.
Consult a licensed insurance professional concerning appropriate coverage.
19. Legal and Contractual Matters
Vehicle leases and financing agreements are legally binding contracts.
AutoLeaseInc does not provide legal advice and cannot determine whether a particular agreement adequately protects your interests.
You are responsible for reading and understanding any contract before signing it.
If you do not understand a provision or believe a transaction presents a significant legal issue, consult a licensed attorney before signing.
20. User Responsibility and Assumption of Risk
YOU USE AUTOLEASEINC AT YOUR OWN RISK.
You acknowledge that automotive purchases, leases, financing arrangements, trade-ins, and related transactions involve financial and contractual risks.
You are solely responsible for determining whether a transaction is appropriate for you.
By using AutoLeaseInc, you acknowledge that:
- you will perform your own research;
- you will independently verify information material to your decision;
- you will read transaction documents before signing;
- you will consult qualified professionals when appropriate;
- you will not assume that AutoLeaseInc has identified every available option;
- you understand that information may contain errors, omissions, delays, or outdated information;
- you understand that third parties control final transaction terms; and
- you accept the risks associated with decisions you make using information obtained through the Services.
21. No Fiduciary Relationship
Your use of AutoLeaseInc does not create a fiduciary, advisory, attorney-client, accountant-client, financial-planner-client, insurance-agent-client, partnership, joint venture, employment, or agency relationship between you and AutoLeaseInc.
AutoLeaseInc provides educational information and services subject to these Terms.
22. User Accounts
Certain Services may permit you to create an account.
You are responsible for:
- providing accurate information;
- maintaining the confidentiality of your credentials;
- restricting unauthorized access to your account; and
- promptly notifying AutoLeaseInc if you believe your account has been compromised.
You are responsible for activity occurring through your account to the extent permitted by applicable law.
23. Acceptable Use
You agree not to:
- violate applicable law;
- use AutoLeaseInc for fraudulent purposes;
- impersonate another person;
- submit false or misleading information;
- attempt unauthorized access to our systems;
- interfere with website security;
- introduce malicious software;
- overwhelm or disrupt our infrastructure;
- circumvent technological restrictions;
- harvest personal information;
- use automated systems to scrape or extract substantial portions of our content without authorization;
- reverse engineer proprietary portions of the Services except where such restriction is prohibited by law;
- reproduce substantial portions of AutoLeaseInc's proprietary databases or content;
- infringe another person's intellectual property rights; or
- use AutoLeaseInc in a manner that harms AutoLeaseInc, its users, or third parties.
We may restrict or terminate access for violations of these Terms.
24. Intellectual Property
Unless otherwise indicated, the AutoLeaseInc website and its original content, design, graphics, text, calculations, databases, software, branding, logos, features, arrangement, and other proprietary materials are owned by or licensed to AutoLeaseInc and protected by applicable intellectual-property laws.
Subject to these Terms, AutoLeaseInc grants you a limited, revocable, non-exclusive, non-transferable license to access and use the Services for lawful personal and non-commercial purposes.
No ownership interest is transferred to you.
You may not reproduce, republish, distribute, sell, commercially exploit, scrape, create a competing database from, or otherwise use substantial portions of AutoLeaseInc proprietary content without permission except where permitted by law.
Third-party names, vehicle manufacturer names, logos, photographs, and trademarks remain the property of their respective owners.
25. User-Submitted Information
If you submit vehicle information, quotes, dealership offers, reviews, comments, feedback, photographs, documents, or other content to AutoLeaseInc, you represent that you have the right to provide that material.
You remain responsible for the information you submit.
You should remove unnecessary sensitive personal information before submitting materials unless that information is specifically requested for a service.
Our collection and use of personal information is governed by our Privacy Policy.
26. Feedback
If you voluntarily provide suggestions, ideas, recommendations, or other feedback concerning AutoLeaseInc, we may use that feedback to improve or develop our products and services without obligation to compensate you, subject to applicable law and our Privacy Policy.
27. Availability of the Services
We do not guarantee that AutoLeaseInc will always be available.
Services may be interrupted because of:
- maintenance;
- technical failures;
- internet outages;
- cybersecurity events;
- third-party service interruptions;
- upgrades;
- changes to our business;
- events outside our reasonable control; or
- other circumstances.
We may modify, suspend, discontinue, restrict, or replace any portion of the Services at any time, subject to applicable law.
28. Disclaimer of Warranties
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, AUTOLEASEINC AND THE SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE.”
AutoLeaseInc makes no warranty or representation that the Services will be uninterrupted, secure, accurate, complete, current, error-free, or appropriate for any particular purpose.
To the fullest extent permitted by law, AutoLeaseInc disclaims all warranties, express or implied, including warranties of merchantability, fitness for a particular purpose, title, and non-infringement.
AutoLeaseInc does not warrant or guarantee:
- vehicle availability;
- pricing;
- financing approval;
- lease approval;
- credit decisions;
- interest rates;
- money factors;
- residual values;
- incentives;
- rebates;
- savings;
- dealership performance;
- vehicle condition;
- delivery dates;
- transaction completion;
- or any particular financial result.
If you rely upon information obtained through AutoLeaseInc, you do so at your own risk.
29. Errors and Omissions
AutoLeaseInc may contain typographical errors, mathematical errors, data errors, incomplete information, outdated information, incorrect third-party information, software errors, or other inaccuracies.
We reserve the right to correct errors and update information without notice.
An error appearing through AutoLeaseInc does not obligate AutoLeaseInc or any third party to honor an incorrect price, payment, incentive, calculation, vehicle description, or other term.
Always verify important information independently.
30. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, AUTOLEASEINC AND ITS OWNERS, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, REPRESENTATIVES, AND AGENTS WILL NOT BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES ARISING FROM OR RELATED TO YOUR USE OF OR INABILITY TO USE THE SERVICES.
This includes, without limitation, losses arising from:
- purchasing or leasing decisions;
- financing decisions;
- dealership transactions;
- lost savings;
- inaccurate information;
- missed incentives;
- changes in pricing;
- vehicle availability;
- financing rejection;
- credit consequences;
- third-party conduct;
- lost data;
- business interruption; or
- reliance upon information obtained through AutoLeaseInc.
Nothing in these Terms excludes liability that cannot lawfully be excluded under applicable law.
31. Third-Party Disputes
Any dispute concerning a vehicle purchase, lease, financing agreement, dealership representation, warranty, repair, insurance policy, transportation service, or other transaction with a third party generally must be resolved between you and that third party.
AutoLeaseInc is not obligated to participate in disputes between users and independent third parties.
Nothing in this provision prevents you from asserting any rights against AutoLeaseInc that cannot legally be waived.
32. Indemnification
To the fullest extent permitted by applicable law, you agree to indemnify and hold harmless AutoLeaseInc and its affiliates, owners, officers, directors, employees, contractors, representatives, and agents from third-party claims, damages, liabilities, costs, and reasonable attorneys' fees arising from:
- your unlawful use of the Services;
- your violation of these Terms;
- information or content you submit;
- your infringement of another person's rights; or
- fraud or misconduct committed by you.
33. Privacy
Your use of AutoLeaseInc is also subject to the AutoLeaseInc Privacy Policy.
The Privacy Policy explains how AutoLeaseInc collects, uses, discloses, retains, and protects personal information.
34. Electronic Communications
When you communicate electronically with AutoLeaseInc, you consent to receive responsive electronic communications from us to the extent permitted by law.
Certain marketing communications may require separate consent.
You may manage marketing preferences as described in our Privacy Policy and applicable communications.
35. Eligibility
The AutoLeaseInc Services are intended for adults.
You must be at least 18 years old to submit information for services involving automotive transactions.
By using transaction-related Services, you represent that you are legally capable of entering into applicable agreements.
36. Compliance With Law
You are responsible for using AutoLeaseInc in compliance with applicable federal, state, and local laws.
Nothing contained in these Terms is intended to waive or restrict consumer rights that cannot legally be waived or restricted.
37. Suspension and Termination
AutoLeaseInc may suspend, restrict, or terminate access to the Services if we reasonably determine that you:
- violated these Terms;
- engaged in fraud;
- threatened the security of the Services;
- misused AutoLeaseInc;
- violated applicable law; or
- created material risk to AutoLeaseInc, its users, or third parties.
You may stop using AutoLeaseInc at any time.
Provisions that logically should survive termination, including intellectual-property provisions, disclaimers, limitations of liability, indemnification, and dispute-related provisions, will survive termination to the extent permitted by law.
38. Governing Law
These Terms and your use of AutoLeaseInc will be governed by the laws of the State of New Mexico, without regard to conflict-of-law principles, except to the extent federal law applies or applicable consumer law requires otherwise.
Any mandatory rights available to consumers under applicable federal or state law remain unaffected to the extent they cannot lawfully be waived.
39. Dispute Resolution
Before filing a formal legal action concerning AutoLeaseInc, you and AutoLeaseInc agree to make a reasonable good-faith effort to resolve the dispute informally.
A written notice describing the dispute should be sent to:
AutoLeaseInc
Nothing in this section prevents either party from seeking relief where immediate legal action is necessary or where applicable law provides otherwise.
NOTE: AutoLeaseInc should have qualified U.S. counsel determine whether a binding arbitration agreement, jury-trial waiver, class-action waiver, small-claims exception, and arbitration opt-out procedure should be added to these Terms before publication.
40. Changes to These Terms
AutoLeaseInc may modify these Terms periodically.
When changes are made, the “Last Updated” date will be revised.
Material changes may be communicated through the website, email, or another appropriate method where required by law.
Your continued use of the Services following the effective date of revised Terms constitutes acceptance of the revised Terms to the extent permitted by law.
41. Severability
If a provision of these Terms is determined to be invalid, illegal, or unenforceable, the remaining provisions will remain in effect to the fullest extent permitted by law.
42. No Waiver
AutoLeaseInc's failure to enforce a provision of these Terms does not constitute a waiver of that provision or our right to enforce it later.
43. Entire Agreement
These Terms, together with the AutoLeaseInc Privacy Policy and any additional terms expressly applicable to a particular Service, constitute the agreement between you and AutoLeaseInc concerning your use of the Services.
44. Contact AutoLeaseInc
Questions regarding these Terms may be directed to:
AutoLeaseInc
Legal Department
IMPORTANT CONSUMER NOTICE
AUTOLEASEINC IS AN EDUCATIONAL AND INFORMATIONAL RESOURCE.
AUTOLEASEINC DOES NOT PROVIDE FINANCIAL, LEGAL, TAX, ACCOUNTING, CREDIT, INSURANCE, OR OTHER LICENSED PROFESSIONAL ADVICE.
AUTOLEASEINC DOES NOT DISPLAY OR ATTEMPT TO DISPLAY EVERY VEHICLE, DEALER, LENDER, LEASE, FINANCING PROGRAM, INCENTIVE, REBATE, DISCOUNT, OR OTHER OPTION AVAILABLE IN THE MARKETPLACE.
THERE MAY BE BETTER, WORSE, LOWER-COST, HIGHER-COST, OR OTHERWISE DIFFERENT OPTIONS AVAILABLE FROM SOURCES NOT DISPLAYED BY AUTOLEASEINC.
INFORMATION, PRICES, PAYMENTS, INCENTIVES, CALCULATIONS, AND VEHICLE AVAILABILITY CAN CHANGE AND MAY CONTAIN ERRORS OR OMISSIONS.
DO YOUR OWN RESEARCH AND INDEPENDENTLY VERIFY ALL MATERIAL INFORMATION BEFORE ENTERING INTO A TRANSACTION.
READ ALL CONTRACTS AND DISCLOSURES BEFORE SIGNING.
WHEN APPROPRIATE, CONSULT A QUALIFIED ATTORNEY, FINANCIAL PROFESSIONAL, ACCOUNTANT, TAX PROFESSIONAL, LICENSED INSURANCE PROFESSIONAL, OR OTHER APPROPRIATELY LICENSED PROFESSIONAL REGARDING YOUR INDIVIDUAL CIRCUMSTANCES.
YOUR USE OF AUTOLEASEINC AND YOUR RELIANCE UPON INFORMATION PROVIDED THROUGH THE SERVICES ARE AT YOUR OWN RISK, SUBJECT TO RIGHTS AND REMEDIES THAT CANNOT BE WAIVED UNDER APPLICABLE LAW.
