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 Florida Retail Installment Contract or Agreement is a legal document that outlines the terms and conditions of a purchase made through a retail installment plan in the state of Florida. This agreement is generally used when a consumer wants to purchase a product or service and pay for it over time, typically through installment payments. The main purpose of a retail installment contract is to establish the agreement between the buyer (consumer) and the seller (retailer) regarding the purchase, payment terms, and any additional charges or fees related to the transaction. It also clarifies the rights and obligations of both parties involved. The Florida Retail Installment Contract includes various key elements such as: 1. Parties: It clearly identifies the consumer and the retailer, mentioning their legal names and addresses. 2. Description of goods or services: It provides a detailed description of the product or service being purchased, including the make, model, quantity, and any relevant specifications. 3. Purchase price: The contract states the total amount of the purchase price, including any applicable taxes, fees, or charges. 4. Installment payments: It outlines the payment schedule agreed upon by both parties, including the number of installments, due dates, and amounts. This section also mentions the consequences of late or missed payments, such as additional fees or penalties. 5. Finance charges: Retail installment contracts often involve the assessment of finance charges, which are the costs associated with extending credit to the buyer. These charges must be clearly stated in the agreement, along with the annual percentage rate (APR), which represents the cost of the credit on an annual basis. 6. Security interest: If the purchase involves collateral, such as a financed vehicle, the contract will include information about the security interest held by the retailer until the full payment is made. 7. Default and remedies: This section describes the consequences of defaulting on the agreement, including the retailer's rights to repossess the goods in case of non-payment. It may also mention any additional fees or legal actions that can be taken to recover the outstanding debt. Different types of Florida Retail Installment Contracts may exist depending on the nature of the purchase: 1. Automobile Retail Installment Contracts: These contracts specifically pertain to the purchase of vehicles, including cars, trucks, motorcycles, or other types of motorized vehicles. 2. Furniture and Appliance Installment Contracts: These agreements apply to the purchase of furniture, home appliances, electronics, or other household goods. 3. Home Improvement Installment Contracts: This type of contract is used for residential renovations, repairs, or improvements. It specifies the payment terms and conditions for the work performed by contractors or service providers. It is essential for both the consumer and the retailer to thoroughly understand and comply with the terms set forth in the Florida Retail Installment Contract to ensure a fair and transparent transaction.
