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 New Hampshire Retail Installment Contract or Agreement refers to a legally binding document that outlines the terms and conditions of a purchase in which payment is made in installments. It is commonly used in retail transactions where the buyer does not have the full amount to pay upfront and instead agrees to make regular payments over a specified period. These agreements are governed by the New Hampshire retail installment sales law and are designed to protect the interests of both the buyer and the seller. The contract specifies key details such as the total purchase price, the amount of down payment (if any), the number and frequency of payments, the applicable interest rate, and any additional fees or charges. In New Hampshire, there are different types of retail installment contracts or agreements, each serving specific purposes and catering to different types of purchases. Some common types include: 1. Motor Vehicle Installment Contract: This type of agreement is used for the purchase of vehicles, such as cars, motorcycles, trucks, or recreational vehicles. It outlines the specific terms related to the vehicle, such as make, model, year, and vehicle identification number (VIN). 2. Furniture Installment Contract: This agreement is used when purchasing furniture, including items such as sofas, beds, dining tables, or cabinets. It outlines the details of the furniture, such as brand, style, and any warranties or guarantees provided by the seller. 3. Electronics Installment Contract: This type of agreement is used for purchasing electronic devices, such as televisions, computers, smartphones, or home appliances. It includes details about the specific devices, including their specifications and any warranties or service agreements. 4. Appliance Installment Contract: This agreement is used for purchasing household appliances, such as refrigerators, washing machines, dishwashers, or air conditioners. It outlines the specifics of the appliances, including brand, size, and any relevant warranties. Regardless of the specific type of retail installment contract, it is essential for both the buyer and the seller to carefully review and understand the terms and conditions before signing. Buyers should pay attention to the total cost of the purchase, including any interest or finance charges, as well as the payment schedule and any penalties for late or missed payments. Sellers, on the other hand, should ensure that all relevant information about the product being sold is accurately disclosed and that the contract complies with applicable state and federal laws. Overall, a New Hampshire Retail Installment Contract or Agreement is a legally binding document in which the buyer agrees to make payments in installments for a particular purchase. It provides a framework for a fair and transparent transaction, allowing buyers to afford purchases they might not otherwise be able to make and providing sellers with an opportunity to expand their customer base.
