Retail Installment Contract Vs Bill Of Sale For Vehicle In Michigan

• Category: Contracts - Retail Installment
• State: Multi-State
• Control #: US-002WG
• Format: Word; Rich Text

Description

The Retail Installment Contract is a legal document used in Michigan for the sale of vehicles, outlining the terms of payment and the buyer's obligations. Unlike a Bill of Sale, which merely transfers ownership, the Retail Installment Contract establishes a financing agreement where the purchaser pays the purchase price in installments, including interest. Key features include the purchase price, interest rate, payment terms, and provisions for late fees and remedies in case of default. This form enables sellers to retain a security interest in the vehicle until the full amount is paid, providing protection against non-payment. The contract should be filled out with accurate pricing and terms, and any modifications must be documented in writing and signed by both parties. It is essential for users like attorneys, partners, and legal assistants to understand the implications of this document for both sellers and buyers in transactions. Specific use cases include securing financing for vehicle purchases and clarifying payment obligations between buyers and sellers.