I'm new to car financing. What got me confused is that my bank wants purchase agreement or bill of sale before sending out a check to the dealer.There are many differences between a loan and a retail installment sale. To my mind, failing to use the proper term for the transaction can lead to confusion. Watch this before you finance your next car (former dealer explains how to read a purchase contract) ACCEPTANCE DATE: ("Acceptance Date"). SELLER'S INFORMATION: Seller's Signature: Seller's Name (print):. A confusing and convoluted document that outlines the selling price, fees, taxes, your trade in, and more. The dealer CAN cancel the contract, but only if it notifies you within 10 days of the date on the purchase contract. If interest rates have dropped since you finalized your auto loan, refinancing is a good option that can help lower your monthly car payment.