Payment Plan Contract For Car In Utah

State:
Multi-State
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.

Free preview
  • Preview Retail Installment Contract or Agreement
  • Preview Retail Installment Contract or Agreement

Form popularity

FAQ

Although not legally required, the Utah DMV advises and provides private sellers with a bill of sale (form TC-843) to use when selling your car on your own. The bill of sale provides proof the seller has legally transferred ownership of the vehicle to the buyer.

Disclosure of financing arrangements relating to the sale of motor vehicles. A dealer may not issue a temporary permit or release possession of a motor vehicle that the dealer has sold to someone other than another dealer unless the document of sale contains one of the disclosures listed in Subsection (2).

The bill of sale can be handwritten or typed/printed, but it should be in ink, not pencil. If desired, you can use the TC-843, Bill of Sale provided by the DMV.

Avoid white-out, scribbles, and strike-throughs. Back of the title top half in Section A - print name(s) in the box where it reads "Print Name of Seller." Back of the title right below where you printed name(s) - sign name(s) on the line where it reads "Signature of Seller (and Joint Seller)."

TO REPORT THE VEHICLE AS SOLD OR TRANSFERRED BY PHONE: Please call the DMV at 1.800. DMV. UTAH (800.368. 8824).

Utah's Lemon Law The law also requires the manufacturer or any future seller (dealer or individual) to disclose to a potential buyer, in writing, and in a “clear and conspicuous manner,” the fact that the vehicle is a manufacturer buyback.

Accident involving injury -- Stop at accident -- Penalty. "Reason to believe" means information from which a reasonable person would believe that the person may have been involved in an accident.

A vehicle payment plan agreement is a contract between a buyer and seller of a vehicle that agrees to installment payments. Since the seller is providing the financing, both parties must agree to the downpayment, interest rate, and the payment period.

Lemon laws also stipulate how many days your vehicle is in for repairs. In Utah, this is 30 days. In other words, if your car is at a repair shop for any warranty-covered defects for more than 30 days—which don't have to be consecutive—you can also get a refund or a new vehicle.

Trusted and secure by over 3 million people of the world’s leading companies

Payment Plan Contract For Car In Utah