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.
An Arizona Retail Installment Contract or Agreement is a legal document involving a buyer and a seller, typically in the context of a retail purchase, where the buyer agrees to pay for the purchased goods or services in installments over a specified period of time. This type of contract allows consumers to make purchases without having to pay the full purchase price upfront. The Arizona Retail Installment Contract or Agreement outlines the terms and conditions agreed upon by both parties, including the purchase price, the interest rate (if applicable), the payment schedule, and any additional fees or charges. It serves as a written record of the transaction and protects the rights and obligations of both the buyer and the seller. Key elements in an Arizona Retail Installment Contract or Agreement include the identification of the buyer and the seller, a detailed description of the goods or services being purchased, the total purchase price, the down payment (if any), the length of the installment period, and the frequency and amount of each installment payment. There are different types of Arizona Retail Installment Contracts or Agreements, categorized based on the nature of the transaction. Some common types include: 1. Automobile Retail Installment Contract: This type of contract is used for the purchase of vehicles, such as cars, trucks, or motorcycles. It includes specific clauses related to vehicle financing, insurance requirements, and the rights and responsibilities of the buyer regarding the vehicle's maintenance and ownership. 2. Furniture Retail Installment Contract: This contract pertains to the purchase of furniture and home furnishings. It outlines the terms of payment, delivery, warranties, and any additional services, such as assembly or installation. 3. Electronics Retail Installment Contract: This type of contract is used for the purchase of electronic devices, such as televisions, smartphones, or laptops. It includes provisions related to warranty, return policies, and any applicable financing options. 4. Appliance Retail Installment Contract: This contract is specific to the purchase of household appliances, including refrigerators, washing machines, or ovens. It addresses issues related to warranty, delivery, installation, and potential repairs or maintenance. It is important for both buyers and sellers to carefully review and understand the terms and conditions stated in an Arizona Retail Installment Contract or Agreement before entering into the transaction. If any disputes arise, the contract serves as a legal foundation to protect the rights of both parties and provide a framework for resolving disagreements.
