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 Georgia Retail Installment Contract or Agreement is a legally binding document that outlines the terms and conditions under which a consumer can purchase goods or services from a retail seller in Georgia. This agreement allows the consumer to make payments for the purchase over an extended period of time, typically in installments, rather than paying the full price upfront. The Georgia Retail Installment Contract is governed by the Georgia Retail Installment Contract Act, which regulates the sale of goods or services under installment payment arrangements. This act ensures that both the buyer and seller are protected and have clear guidelines to follow during the transaction. The agreement usually includes key information such as the names and addresses of the buyer and seller, a detailed description of the goods or services being purchased, the total purchase price, the down payment amount, the number and amount of installment payments, the interest rate or finance charge, any late payment fees, and any other fees or charges associated with the transaction. There are various types of Georgia Retail Installment Contracts or Agreements, including but not limited to: 1. Vehicle Purchase Contracts: — New or used car purchase contract— - Motorcycle purchase contracts — RV omotohmmmmmmmme mememe purchase contracts - Boat or watercraft purchase contracts 2. Household Appliance or Furniture Purchase Contracts: — Furniture purchase contract— - Appliance purchase contracts — Electronics purchase contracts 3. Home Improvement or Renovation Contracts: — Contract for remodeling service— - Contract for home renovations or repairs — Contract for landscaping or outdoor improvements 4. Retail Services Contracts: — Contract for gym or fitness club services — Contract for salon or spa service— - Contract for home security or monitoring services These are just a few examples of the numerous types of retail installment contracts that can be used in Georgia. It is important for both the buyer and seller to carefully review and understand the terms of the agreement before signing, and to ensure compliance with the Georgia Retail Installment Contract Act to avoid any legal disputes or issues in the future.
