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.
A New York Retail Installment Contract or Agreement is a legal document that outlines the terms and conditions of a retail sale between a seller and a buyer in the state of New York. This contract is used when a buyer purchases goods or services from a seller and agrees to make payments over a specified period of time. The agreement includes essential information such as the names and addresses of both the buyer and seller, a detailed description of the goods or services being purchased, the purchase price, and the total amount financed. It also specifies the down payment amount, if any, and the installment payments that the buyer must make to fulfill the contract. In New York, there are several types of Retail Installment Contracts or Agreements that may be used depending on the type of goods or services being sold. These may include contracts for the sale of consumer electronics, appliances, furniture, motor vehicles, or other retail goods. Each type of agreement may have its own specific terms and conditions that are tailored to the industry or nature of the goods being sold. These contracts are governed by the laws of the state of New York, including the New York General Business Law and the Uniform Commercial Code. They are designed to protect the rights of both the buyer and the seller and ensure fair and transparent transactions. Some key elements that are commonly found in New York Retail Installment Contracts or Agreements include: — Interest rate: the agreement stipulates the annual percentage rate (APR) or finance charge applicable to the installment payments. — Payment schedule: the contract specifies the frequency of payments (monthly, bi-monthly, etc.) and the due dates for each installment. — Late payment penalties: it outlines the penalties that may be imposed if the buyer fails to make timely payments, such as late fees or increased interest rates. — Default and repossession: the contract details the actions that may be taken by the seller in case of default, including repossession of the purchased goods. — Dispute resolution: it may specify how disputes between the buyer and seller will be resolved, such as through arbitration or mediation. It is important for both buyers and sellers to carefully read and understand the terms and conditions of the New York Retail Installment Contract or Agreement before signing it. If there are any questions or concerns, it is advisable to seek legal advice or clarification to ensure that the agreement is fair and reasonable for all parties involved.
