Retail Installment Contract Agreement With Vehicle Owner In Bexar

State:
Multi-State
County:
Bexar
Control #:
US-002WG
Format:
Word; 
Rich Text
Instant download

Description

A retail installment agreement is an agreement signed by the Purchaser involving a finance charge and providing for the sale of goods or services. Federal and some State Laws (Consumer Credit Protection Acts) require the disclosure of what the Purchaser is being charged for the credit he/she is receiving. These disclosures include such things as the amount being financed; finance charges; the annual percentage rate; and the number of payments and when due. However, such disclosures are usually only required when a person regularly extends consumer credit (e.g. more than 25 times in the preceding calendar year).



This form is for a casual seller who does not enter into such transactions on a regular basis. It can also be used in commercial transactions (e.g., credit that is not being extended primarily for personal, family, or household purposes).



The Purchaser in this form grants the Seller a security interest in the collateral being sold. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. The Seller requires the Purchaser to secure the obligation with the personal property being purchased so that if the Purchaser does not pay as promised, the Purchaser can take the collateral back, sell it, and apply the proceeds against the unpaid obligation of the Purchaser.

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FAQ

In the case of an installment sale, the property passes to the user at the end of the installment payment period. Whereas in the case of lease financing, the tenant must transfer the asset to the lessor at the end of the lease term and the tenant has the option to buy or not to buy the asset.

Under TILA, the dealer is required to give the customer a copy of the contract to keep at the time the customer signs the retail installment sale contract whether you want to incur the debt on these terms.

Real estate installment contracts are a financing option that allows for periodic payments instead of a lump sum payment. Also known as a land contract, contract for deed, or contract for sale in the real estate industry.

392.307. COLLECTION OF CERTAIN CONSUMER DEBT BY DEBT BUYERS. (a) In this section: (1) "Charged-off debt" means a consumer debt that a creditor has determined to be a loss or expense to the creditor instead of an asset.

Chapter 354 debt cancellation agreements are authorized only for a “covered vehicle” under Section 354.001(2), which states: “'Covered vehicle' includes a self-propelled or towed vehicle designed for personal use, including an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, ...

Section 305.001 - Liability for Usurious Interest (a) A creditor who contracts for, charges, or receives interest that is greater than the amount authorized by this subtitle in connection with a transaction for personal, family, or household use is liable to the obligor for an amount that is equal to the greater of: (1 ...

Synonyms of 'instalment' • payment, repayment, part payment. • part, section, chapter, episode.

What is an Installment Sale? An installment sale is a financing arrangement in which the seller allows the buyer to make payments over an extended period of time. In an installment sale, the buyer receives the goods at the beginning of the installment period and makes payments over an installment period.

An installment sales contract refers to any contract relating to periodic payments. However, in real estate, it is often called a contract for sale, land contract, or contract for deed.

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Retail Installment Contract Agreement With Vehicle Owner In Bexar