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 New York Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle is a legal document that outlines the terms and conditions between a buyer and a seller when purchasing a vehicle on installment in the state of New York. This agreement serves as protection for both parties involved in the transaction, ensuring that the buyer receives their vehicle and the seller gets payment for the sale. In New York, there are different types of security agreements for retail installment sales of automobiles, cars, or motor vehicles. These may vary slightly based on the specific circumstances of the sale, but generally, they address the same essential elements. Some common variations include: 1. Individual Buyer Security Agreement: This type of agreement is used when an individual purchases a vehicle from a dealer or a private seller on an installment basis. It includes details such as the buyer's personal information, the vehicle's description, the purchase price, down payment, trade-in value, finance charges, and the repayment schedule. 2. Dealer Finance Security Agreement: When a buyer obtains financing through the dealership for the purchase of a vehicle, a dealer finance security agreement is used. This agreement includes all the standard elements of a security agreement but also incorporates additional terms related to the financing provided by the dealership. 3. Subprime Borrower Security Agreement: Subprime borrowers are those with poor credit histories or limited creditworthiness. For buyers falling into this category, a subprime borrower security agreement is used. This agreement includes provisions that are specific to subprime borrowers, such as higher interest rates, stricter repayment terms, and additional collateral requirements. 4. Lease-to-Own Security Agreement: In situations where a buyer enters into a lease-to-own agreement for a vehicle, a lease-to-own security agreement is employed. This agreement outlines the terms and conditions of the lease period and details the buyer's rights and responsibilities during the lease term and upon completion, when ownership of the vehicle is transferred. Regardless of the specific type, a New York Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle includes certain key provisions. It outlines the buyer's obligations, the seller's rights, the consequences of default or non-payment, and the resolution process in case of disputes. It may also include clauses related to insurance requirements, maintenance responsibilities, and vehicle registration. When entering into a retail installment sale of an automobile in New York, it is crucial for both parties to carefully review and understand the terms and conditions laid out in the security agreement. Seeking legal advice and ensuring that all relevant keywords and provisions are included will provide protection and peace of mind throughout the purchase process.
