Disclosure of credit terms should have the content and form required under the federal Truth in Lending Act (15 U.S.C.A. §§ 1601 et seq.) and applicable regulations (Regulation Z, 12 C.F.R. § 226), and under state consumer credit laws to the extent that they differ from the federal Act. In connection with specified installment sales and other consumer credit transactions, these enactments require written disclosure and advice as to finance charges, annual percentage rates and other matters relating to credit. Under the federal Act, the disclosures may be set forth in the contract document itself or in a separate statement or statements.
A federal notice regarding preservation of the consumer's claims and defenses is required on all consumer credit contracts by Federal Trade Commission regulation. 16 C.F.R. § 433.2. The notice must appear in 10-point bold type or print and must be worded as set forth in the above form.
A North Carolina Security Agreement for Retail Installment Sale of Automobile, Car or Motor Vehicle is a legal document that outlines the terms and conditions of a financing agreement between a buyer and a seller in a retail installment sale of a vehicle in North Carolina. This agreement serves as a legal safeguard for both parties involved in the transaction. Keywords: North Carolina, security agreement, retail installment sale, automobile, car, motor vehicle Types of North Carolina Security Agreement for Retail Installment Sale of Automobile, Car or Motor Vehicle: 1. Standard Security Agreement: This is the most common type of security agreement used in North Carolina for retail installment sales of automobiles, cars, or motor vehicles. It includes standard terms and conditions related to the purchase, financing, and security of the vehicle. 2. Conditional Sales Contract: This type of security agreement is often used when the buyer is unable to obtain traditional financing. The seller retains the ownership rights to the vehicle until the buyer completes the payment terms outlined in the agreement. 3. Chattel Mortgage: A Chattel Mortgage is a type of security agreement that grants the lender a security interest in the vehicle being financed. It allows the lender to repossess the vehicle if the buyer defaults on the loan payments. 4. Installment Sales Contract: This type of agreement outlines the terms and conditions of a vehicle sale where the buyer agrees to make installment payments to the seller. The seller retains ownership of the vehicle until the buyer completes the payment schedule. 5. Lease Agreement with Option to Purchase: This is a type of security agreement where the buyer leases the vehicle from the seller with an option to purchase it at the end of the lease term. The agreement includes terms for lease payments, option fees, and purchase price. It is important for both the buyer and the seller to carefully review and understand the terms and conditions mentioned in the North Carolina Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle. Seeking legal advice is highly recommended ensuring compliance with state laws and regulations.
