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.
The Arkansas Retail Installment Contract or Agreement is a legally binding document that outlines the terms and conditions of a retail sale in the state of Arkansas. It is specifically designed to govern transactions where a consumer purchases goods or services from a seller, and agrees to pay for them in installments over a specified period of time. This agreement encompasses various important details, such as the identification of the buyer and seller, a detailed description of the goods or services being sold, the total purchase price, and the agreed-upon installment repayment plan. It also includes vital information about interest rates, finance charges, and any applicable fees or penalties. The Arkansas Retail Installment Contract or Agreement ensures that both parties understand their rights and obligations throughout the transaction. It serves as a legal protection for consumers, as it outlines the rights to cancel the agreement within a certain timeframe, the right to receive a full refund or partial refund under specific circumstances, and the right to prepay the installment loan without incurring any additional fees. In Arkansas, there are several types of retail installment contracts or agreements depending on the nature of the purchase. These may include vehicle purchase agreements, furniture and appliance purchase agreements, electronic equipment purchase agreements, and various other types of contracts related to retail sales. In summary, the Arkansas Retail Installment Contract or Agreement is a crucial document that governs retail sales transactions in the state. It protects the rights of both buyers and sellers and ensures fair and equitable financial arrangements.
