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.
The New Hampshire Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle is a legal document that outlines the terms and conditions related to the financing of a vehicle purchase within the state of New Hampshire. It serves to protect both the buyer and the seller by establishing the rights and obligations of each party involved in the transaction. This agreement is specifically designed for retail installment sales, which means that it applies to purchases where the buyer intends to make payments over a specified period rather than paying the full amount upfront. The Retail Installment Sale of Automobile, Car, or Motor Vehicle is a common practice, allowing buyers to acquire a vehicle without having to bear the burden of an immediate, significant payment. The key elements typically found in these agreements include: 1. Parties Involved: The agreement identifies the buyer, also known as the debtor, and the seller, known as the creditor. Any co-buyers or co-signers involved in the transaction will also be listed. 2. Vehicle Details: This section provides detailed information about the vehicle involved in the sale, such as the make, model, year, identification number (VIN), and mileage. This helps in accurately identifying the specific vehicle being financed. 3. Purchase Price: The agreement states the total purchase price of the vehicle. It may also break down the amount into different categories like the base price, additional fees, taxes, and any trade-in or down payment credited towards the purchase. 4. Financing Terms: The agreement specifies the terms of repayment and the amount of each installment payment the buyer agrees to make towards the purchase. The interest rate, finance charge, late payment penalties, and any prepayment penalties should also be clearly mentioned. 5. Security Interest: As the name suggests, this agreement gives the seller a security interest in the vehicle as collateral for the financing provided. It details the conditions under which the creditor can repossess the vehicle in the event of a default by the debtor. 6. Insurance Requirements: The agreement typically requires the buyer to maintain comprehensive and collision insurance coverage for the financed vehicle. This helps safeguard the interests of both parties, ensuring the vehicle is protected from damage or loss. 7. Default and Remedies: The agreement outlines the circumstances that constitute a default by the buyer, such as missed payments or failure to maintain insurance. It also defines the remedies available to the seller in case of default, such as repossession of the vehicle and subsequent sale to recover outstanding debts. Some variations of the New Hampshire Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle may exist to address specific scenarios. These variations can cater to different vehicle types, such as motorcycles, recreational vehicles, or commercial vehicles. Apart from that, variations may arise depending on the financing source, whether it's obtained from a bank, credit union, or dealership. In conclusion, the New Hampshire Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle is a crucial legal document that protects the interests of both buyers and sellers involved in vehicle financing within the state. It ensures transparency and clarity in the terms of the agreement, enabling a smooth and secure transaction.
