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 Nevada Retail Installment Contract or Agreement is a legally binding document that outlines the terms and conditions under which a consumer can make purchases and pay for them in installments. This type of contract is commonly used in retail businesses that sell high-value items such as furniture, appliances, electronics, and automobiles. The purpose of the Nevada Retail Installment Contract or Agreement is to establish a payment plan that allows the consumer to pay for their purchase over a period of time, typically through monthly installments. These contracts are governed by the Nevada Revised Statutes, specifically Chapter 97, which provides guidelines and regulations for consumer credit transactions. There are different types of Nevada Retail Installment Contracts or Agreements, depending on the nature of the purchase and the arrangement between the buyer and the seller. Some common types include: 1. Automobile Retail Installment Contract: This type of contract is used when purchasing a vehicle from a dealership. It specifies the terms of the financing, such as the down payment amount, interest rate, monthly payment amount, and any other applicable fees or charges. 2. Furniture or Appliance Retail Installment Contract: These contracts are used when buying large furniture pieces or appliances from a retailer. They outline the terms of the financing, including the purchase price, down payment, interest rate, and repayment schedule. 3. Electronics Retail Installment Contract: When purchasing electronic devices like televisions, computers, or smartphones, a retail installment contract may be used. This type of agreement specifies the terms of the financing, including the purchase price, down payment, interest rate, and repayment plan. 4. General Retail Installment Contract: This type of contract applies to a wide range of retail purchases not covered by the specific categories mentioned above. It includes items such as jewelry, home improvement products, sporting goods, and other consumer goods. The terms and conditions of the financing are stated in the agreement, including the purchase price, interest rate, repayment schedule, and any additional charges. In all types of Nevada Retail Installment Contracts or Agreements, it is important for both parties to carefully review and understand the terms before signing the document. The consumer should pay close attention to the interest rate, total cost of the purchase, payment schedule, penalties for late payments or defaults, and any other fees or charges that may be applicable. It is advisable for consumers to compare offers from different retailers and to negotiate the terms of the contract if possible. Additionally, they should ensure that the seller is licensed and authorized to offer installment contracts in Nevada. If any disputes or issues arise during the repayment period, the consumer can seek assistance from the Nevada Division of Financial Institutions or consult with a legal professional specialized in consumer rights.
