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  • Amendment To Retail Installment Sale Contract Law Form Number 553-0h

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ADDENDUM TO RETAIL INSTALLMENT SALE CONTRACT LAW FORM NUMBER 553-OH 1. Section 2.d. of the Retail Installment Sale Contract dated is hereby modified by deleting Section 2.d. in its entirety and replacing.

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What is LAW 553? The LAW 553 acts as both a sale document and a financing document. The dealer sells the vehicle to the consumer and then immediately assigns the loan to a finance company, which is usually a subsidiary of the manufacturer.

Purchasing a commodity over a period of time. The buyer gains the use of the commodity immediately and then pays for it in periodic payments called installments.

As you can see, a loan is wholly distinct from a retail installment sale contract/credit sale. In a credit sale, the creditor provides credit (not money) to the buyer. In a loan transaction, the lender provides/lends money (not credit) to the borrower.

A retail installment sale is a transaction between you and a dealer to purchase a vehicle where, you agree to pay the dealer over time, paying both the value of the vehicle plus interest. A dealer can sell the retail installment contract to a lender or other party.

Buying things on credit (called the installment plan) created a demand for more products. Many companies produced mass amounts of products in anticipation that people would continue to buy, buy, buy… This gave lots of people jobs…and with their job, more money to spend…

7-12, 1941. Unlike credit cards, which use banks as the middleman between consumers and retailers, installment plans were generally direct agreements between companies and consumers, allowing average Americans to take possession of big-ticket items for a small down payment followed by monthly payments with interest.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232