Who needs a Motor Vehicle Retail Installment Sales Contract?
This Contract must be completed by the parties to motor vehicle purchase purchase who are referred to as “I” for the Buyer, and “you” for the seller.
What is the Motor Vehicle Retail Installment Sales Contract for?
This contract is to be used when a motor vehicle is sold on the installment plan. The credit price of purchase is specified in the text of this contract.
By signing this contract, a buyer chooses to purchase the motor vehicle on credit according to the terms of this contract. They agree to pay a seller the Amount Financed, Finance Charge, and any other charges in this contract. Also, a buyer agrees to make payments according to the Payment Schedule in this contract. If more than one person signs as a buyer, a buyer signing this contract agrees to keep all the promises in this agreement even if the others do not.
When is Motor Vehicle Retail Installment Sales Contract due?
Terms of the fulfillment of obligations under the contract (payment by installments) are established in the text of the contract. Failure to comply with the terms specified in the contract may result in termination of the contract and severe penalties imposed on the buyer.
How do I fill out Motor Vehicle Retail Installment Sales Contract?
You should provide the following information in order to complete this contract:
- Motor Vehicle Identification (stock no., year, make, model, use for which purchased and identification number);
- Clause for physical damage insurance;
- Clause for optional insurance coverages and debt cancellation agreement;
- Clause for optional credit life and accident and health (disability) insurance;
There is a long list of provisions that are included in the text of the contract. Most important of them are the following:
- How a Seller Will Apply a Buyer’s Payments;
- Agreement to Keep Motor Vehicle Insured;
- Application of Credits;
- Transfer of Rights and Security Interests.
Where do I send Motor Vehicle Retail Installment Sales Contract?
Once completed and signed by the parties, this contract should be kept in two copies, one for each party to the contract.