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 North Carolina Retail Installment Contract or Agreement is a legally binding document that outlines the terms and conditions agreed upon by a buyer and a seller in a retail installment sale. This agreement is specifically designed to protect the rights of consumers and regulate the sale of certain goods on an installment basis in the state of North Carolina. This contract comes into play when a seller allows a buyer to purchase goods or services on credit, with the buyer agreeing to pay for the items in regular installments, rather than paying the full amount upfront. The agreement typically covers a wide range of goods such as furniture, appliances, electronics, cars, and other high-value items. The North Carolina Retail Installment Contract governs the terms of the sale, including the total purchase price, the down payment required at the time of purchase, the number of installments, the amount of each installment, and the interest rate charged on the outstanding balance. It is essential for both the buyer and seller to carefully review and understand all terms and clauses in the agreement before signing it. In North Carolina, there are several types of Retail Installment Contracts or Agreements that may cater to specific goods or industries. Some common types include: 1. Furniture Installment Contract: This agreement specifically applies to the purchase of furniture items on an installment basis. It outlines the details of the furniture being sold, the payment schedule, any applicable fees, and the consequences of defaulting on payment. 2. Vehicle Installment Contract: This type of contract is relevant to the sale of vehicles, including cars, motorcycles, and recreational vehicles. It outlines the vehicle's specifications, purchase price, down payment requirements, monthly installments, interest rates, and other related terms. 3. Electronics Installment Contract: This agreement is tailored for the purchase of electronics like televisions, audio systems, computers, and more. It includes specific details about the electronics being sold, the payment schedule, interest rates, and any warranties or guarantees provided. These are just a few examples of the various types of Retail Installment Contracts or Agreements that can be found in North Carolina. They serve to protect both buyers and sellers by clearly defining the terms and conditions of the installment sale, ensuring transparency and accountability throughout the process.The North Carolina Retail Installment Contract or Agreement is a legally binding document that outlines the terms and conditions agreed upon by a buyer and a seller in a retail installment sale. This agreement is specifically designed to protect the rights of consumers and regulate the sale of certain goods on an installment basis in the state of North Carolina. This contract comes into play when a seller allows a buyer to purchase goods or services on credit, with the buyer agreeing to pay for the items in regular installments, rather than paying the full amount upfront. The agreement typically covers a wide range of goods such as furniture, appliances, electronics, cars, and other high-value items. The North Carolina Retail Installment Contract governs the terms of the sale, including the total purchase price, the down payment required at the time of purchase, the number of installments, the amount of each installment, and the interest rate charged on the outstanding balance. It is essential for both the buyer and seller to carefully review and understand all terms and clauses in the agreement before signing it. In North Carolina, there are several types of Retail Installment Contracts or Agreements that may cater to specific goods or industries. Some common types include: 1. Furniture Installment Contract: This agreement specifically applies to the purchase of furniture items on an installment basis. It outlines the details of the furniture being sold, the payment schedule, any applicable fees, and the consequences of defaulting on payment. 2. Vehicle Installment Contract: This type of contract is relevant to the sale of vehicles, including cars, motorcycles, and recreational vehicles. It outlines the vehicle's specifications, purchase price, down payment requirements, monthly installments, interest rates, and other related terms. 3. Electronics Installment Contract: This agreement is tailored for the purchase of electronics like televisions, audio systems, computers, and more. It includes specific details about the electronics being sold, the payment schedule, interest rates, and any warranties or guarantees provided. These are just a few examples of the various types of Retail Installment Contracts or Agreements that can be found in North Carolina. They serve to protect both buyers and sellers by clearly defining the terms and conditions of the installment sale, ensuring transparency and accountability throughout the process.
