In a retail installment sale to a consumer as defined by Regulation Z of the Federal Trade Commission (FTC), the creditor must make the disclosures required by Regulation Z clearly and conspicuously in writing, in a form that the consumer may keep. The disclosures must be grouped, must be segregated from everything else, and must not contain any information not directly related to the disclosures required by Regulation Z (although the disclosures may include an acknowledgment of receipt, the date of the transaction, and the consumer's name, address, and account number). 12 C.F.R. § 226.17(a)(1). Regulation Z sets forth several closed-end model forms and clauses which illustrate other formats for these disclosures. 12 C.F.R. Part 226, Appendix H.
A federal notice regarding preservation of the consumer's claims and defenses is
required on all consumer credit contracts by Federal Trade Commission regulation. 16
C.F.R. § 433.2. The notice must appear in at least 10- point, bold face, type or print and
must be worded as shown if the form.
New Mexico Retail Installment Contract and Security Agreement refer to legal agreements between a buyer and a seller in New Mexico that outline the terms and conditions for the purchase of goods or services through installment payments. These contracts are crucial in formalizing the transaction, setting out the obligations and rights of both parties involved. Below, we will discuss various types of New Mexico Retail Installment Contract and Security Agreements: 1. New Mexico Vehicle Retail Installment Contract and Security Agreement: This type of agreement is used when purchasing a vehicle through installment payments. It will typically include details about the vehicle, such as make, model, year, and identification number. It outlines the payment schedule, interest rates, penalties for late payments, and rights of repossession or default. 2. New Mexico Electronics Retail Installment Contract and Security Agreement: This contract is specifically designed for purchasing electronics or electronic equipment on an installment basis. It covers the specific details of the electronics being purchased, such as brand, model, and serial number. It will include clauses regarding warranties, return policies, interest rates, and default provisions. 3. New Mexico Furniture Retail Installment Contract and Security Agreement: This type of agreement is commonly used when purchasing furniture or home goods using installment payments. It outlines the specifics of the furniture, including brand, type, and any additional services like delivery or installation. The contract will also include provisions regarding interest rates, repayment terms, late fees, and potential repossession or default procedures. 4. New Mexico Appliance Retail Installment Contract and Security Agreement: When purchasing household appliances, such as refrigerators, stoves, or washing machines, this contract is used. It specifies the appliance details, warranties, and payment terms, similar to other types of retail installment contracts. In general, New Mexico Retail Installment Contract and Security Agreements specify key elements such as the names and contact information of both parties, the description of the goods or services being purchased, the purchase price, down payment amount, interest rates, installment schedule, late payment penalties, and dispute resolution procedures. These agreements provide legal protection for both the buyer and the seller and ensure a clear understanding of the transaction terms. It is important to carefully review and understand the agreement before signing to avoid any potential complications or misunderstandings in the future.
