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.
A Connecticut Retail Installment Contract or Agreement refers to a legally binding document that outlines the terms and conditions of a purchase made by a consumer from a retailer in the state of Connecticut. It is a contract between the retailer, who is selling the goods or services, and the consumer, who is purchasing them on credit. The purpose of a Retail Installment Contract or Agreement is to define the payment details and other important aspects of the purchase, such as the item being purchased, the purchase price, the repayment schedule, and any applicable fees or interest charges. This contract typically allows the consumer to make payments over time, rather than paying the full purchase price upfront. In Connecticut, there may be different types of Retail Installment Contracts or Agreements, depending on the nature of the purchase. Some common types include: 1. Automobile Retail Installment Contract: This type of contract is used for the purchase of a vehicle, whether new or used. It specifies the details of the vehicle, including the make, model, and vehicle identification number (VIN). The contract also includes provisions related to financing terms, such as the down payment, the interest rate, and the duration of the loan. 2. Furniture or Appliance Retail Installment Contract: This type of contract is used for the purchase of furniture, appliances, or other large household items. It outlines the description of the items being purchased, the purchase price, and the installment plan for repayment. It may also include any warranties or guarantees provided by the retailer or manufacturer. 3. Electronics or Technology Retail Installment Contract: This type of contract is used for the purchase of electronics, such as televisions, computers, or smartphones. It includes details about the specific product being purchased, the purchase price, and the terms of repayment. It may also cover any extended warranties or insurance options available. 4. Retail Installment Contract for Services: This type of contract is used when the purchase involves a service, rather than a physical product. It could include services like home renovations, landscaping, or professional services. The contract defines the scope of work, the payment terms, and any applicable warranties or guarantees. In all these types of Retail Installment Contracts or Agreements, it is essential for both the retailer and the consumer to carefully review and understand the terms and conditions before signing. It is recommended to seek legal advice if there are any concerns or uncertainties regarding the contract.
