
Get Motor Vehicle Retail Installment Sales Contract
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The main difference between a retail installment contract and a lease lies in ownership and payment terms. A retail installment contract leads to ownership of the item once all payments are made, essentially making the buyer the owner of the vehicle. In contrast, a lease allows you to use a vehicle for a specified time without owning it, typically requiring lower monthly payments. Understanding these differences is crucial when entering into a Motor Vehicle Retail Installment Sales Contract.
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