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 security agreement is a legal contract commonly used in New Mexico for the retail installment sale of automobiles, cars, or motor vehicles. This agreement serves as a safeguard for both the seller (usually a dealership or financial institution) and the buyer (consumer). In New Mexico, there are several types of security agreements specifically designed for retail installment sales of automobiles, cars, or motor vehicles. 1. Basic New Mexico Security Agreement for Retail Installment Sale: This is the standard security agreement used in most retail installment sales within the state of New Mexico. It outlines the terms and conditions of the sale, including the details of the vehicle, purchase price, down payment, installment payments, interest rates, and penalties for default. 2. New Mexico Security Agreement for Retail Installment Sale with a Co-Buyer: This type of security agreement is used when there is a co-buyer involved in the purchase of the vehicle. It includes provisions that address the responsibilities and liabilities of both the primary buyer and the co-buyer. 3. New Mexico Security Agreement for Retail Installment Sale with a Trade-In: When a buyer wishes to trade in their existing vehicle as part of the purchase, this agreement is used. It includes specific provisions related to the trade-in, such as the value of the trade-in vehicle and how it impacts the purchase price of the new vehicle. 4. New Mexico Security Agreement for Retail Installment Sale with a Lease Option: In some cases, a buyer may choose to lease a vehicle instead of purchasing it outright. This agreement includes provisions that outline the lease terms, monthly payments, and other details related to the lease arrangement. Keywords: New Mexico, Security Agreement, Retail Installment Sale, Automobile, Car, Motor Vehicle, Co-Buyer, Trade-In, Lease Option.
