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.
The Ohio Retail Installment Contract or Agreement is a legal document that establishes the terms and conditions between a buyer and a seller for the purchase of goods or services in Ohio. This contract is commonly used in retail transactions where the buyer agrees to make payments over a period of time, instead of paying the full amount upfront. It protects the rights of both parties and ensures that the transaction is fair and transparent. The Ohio Retail Installment Contract or Agreement typically includes important details such as the buyer's and seller's names and contact information, a detailed description of the goods or services being purchased, the purchase price, the down payment amount (if applicable), the installment payment schedule, the interest rate or finance charges (if any), and any additional fees or penalties that may apply. It is important to note that there may be different types of Ohio Retail Installment Contracts or Agreements, depending on the specific nature of the transaction. For example, there may be variations in the terms and conditions for purchasing a car, furniture, appliances, or electronics. Each type of contract will have its own set of rules and regulations, which must comply with Ohio Consumer Sales Practices Act and other relevant laws. Some common types of Ohio Retail Installment Contracts or Agreements include: 1. Automobile Retail Installment Contract: This type of agreement is used when purchasing a vehicle on installments. It may include specific terms related to the vehicle, such as make, model, year, and identification number. Additionally, it may have provisions for warranties, insurance, and vehicle registration. 2. Furniture or Appliance Retail Installment Contract: This type of agreement is used when purchasing furniture or appliances on installments. It may include details about the specific items being purchased, their brand, model, and warranty information. 3. Electronics Retail Installment Contract: This type of agreement is used when purchasing electronic devices, such as smartphones or laptops, on installments. It may include information about the specific electronic products, their specifications, and any applicable warranties. Regardless of the specific type, all Ohio Retail Installment Contracts or Agreements must comply with the applicable laws and regulations to ensure consumer protection. Therefore, it is crucial for both buyers and sellers to carefully review and understand the terms and conditions outlined in the contract before signing it. If any disputes arise, legal advice should be sought to ensure a fair resolution.
