Disclosure of credit terms should have the content and form required under the federal Truth in Lending Act (15 U.S.C.A. §§ 1601 et seq.) and applicable regulations (Regulation Z, 12 C.F.R. § 226), and under state consumer credit laws to the extent that they differ from the federal Act. In connection with specified installment sales and other consumer credit transactions, these enactments require written disclosure and advice as to finance charges, annual percentage rates and other matters relating to credit. Under the federal Act, the disclosures may be set forth in the contract document itself or in a separate statement or statements.
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 10-point bold type or print and must be worded as set forth in the above form.
A Chicago Illinois Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle is a legal document that outlines the terms and conditions under which a vehicle is purchased through a retail installment sale. This agreement serves as a security measure to ensure that the seller retains ownership rights of the vehicle until the buyer fulfills all the payment obligations. Keywords: Chicago Illinois, Security Agreement, Retail Installment Sale, Automobile, Car, Motor Vehicle. Types of Chicago Illinois Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle: 1. Standard Security Agreement: This type of agreement is the most common and covers the typical terms and conditions for a retail installment sale of a vehicle in Chicago, Illinois. It includes details about the vehicle, purchase price, installments, interest rates, late fees, and other obligations. 2. Secured Promissory Note: In certain cases, a separate secured promissory note may accompany the security agreement. This note outlines the buyer's obligation to repay the loan amount along with any interest. It acts as additional security and serves as a legally enforceable document for the lender. 3. Special Conditions Security Agreement: This type of agreement may be used when there are unique circumstances or specific conditions related to the sale of the vehicle. For example, if there are additional collateral items involved, such as aftermarket accessories or modifications, this agreement would specify the terms and conditions related to those items. 4. Balloon Payment Security Agreement: In cases where a buyer chooses to have lower installments throughout the agreement and one large "balloon" payment at the end, a balloon payment security agreement is used. This type of agreement clearly outlines the installment schedule and the final balloon payment due date. 5. Subordination Agreement: Sometimes, a buyer may need to secure financing from multiple sources. A subordination agreement is used to establish the priority order of repayment between the different lenders involved. This ensures that the seller retains priority rights over the vehicle until all obligations are met. Overall, a Chicago Illinois Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle is a critical legal document that protects the rights and interests of both the buyer and seller in a retail vehicle sale transaction. It provides clarity on payment obligations, ownership retention, and serves as a legal recourse in case of any conflicts or defaults.A Chicago Illinois Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle is a legal document that outlines the terms and conditions under which a vehicle is purchased through a retail installment sale. This agreement serves as a security measure to ensure that the seller retains ownership rights of the vehicle until the buyer fulfills all the payment obligations. Keywords: Chicago Illinois, Security Agreement, Retail Installment Sale, Automobile, Car, Motor Vehicle. Types of Chicago Illinois Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle: 1. Standard Security Agreement: This type of agreement is the most common and covers the typical terms and conditions for a retail installment sale of a vehicle in Chicago, Illinois. It includes details about the vehicle, purchase price, installments, interest rates, late fees, and other obligations. 2. Secured Promissory Note: In certain cases, a separate secured promissory note may accompany the security agreement. This note outlines the buyer's obligation to repay the loan amount along with any interest. It acts as additional security and serves as a legally enforceable document for the lender. 3. Special Conditions Security Agreement: This type of agreement may be used when there are unique circumstances or specific conditions related to the sale of the vehicle. For example, if there are additional collateral items involved, such as aftermarket accessories or modifications, this agreement would specify the terms and conditions related to those items. 4. Balloon Payment Security Agreement: In cases where a buyer chooses to have lower installments throughout the agreement and one large "balloon" payment at the end, a balloon payment security agreement is used. This type of agreement clearly outlines the installment schedule and the final balloon payment due date. 5. Subordination Agreement: Sometimes, a buyer may need to secure financing from multiple sources. A subordination agreement is used to establish the priority order of repayment between the different lenders involved. This ensures that the seller retains priority rights over the vehicle until all obligations are met. Overall, a Chicago Illinois Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle is a critical legal document that protects the rights and interests of both the buyer and seller in a retail vehicle sale transaction. It provides clarity on payment obligations, ownership retention, and serves as a legal recourse in case of any conflicts or defaults.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
