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 Oregon Retail Installment Contract or Agreement is a legal document that outlines the terms and conditions of a purchase made on credit. It is commonly used in retail transactions, where the buyer agrees to make payments for a product or service over a period of time. In this agreement, the buyer and the seller agree on the purchase price, the interest rate, and the payment schedule. The contract includes details such as the buyer's personal information, the description of the item purchased, and the total price including any taxes or fees. There are several types of Oregon Retail Installment Contracts or Agreement, each tailored to specific types of purchases. These may include: 1. Auto Retail Installment Contract: Used for purchasing vehicles, whether it's a car, motorcycle, boat, or RV. It specifies important details related to the vehicle, such as the make, model, year, and vehicle identification number (VIN). Additionally, it outlines any additional features or accessories included in the purchase. 2. Furniture and Appliance Retail Installment Contract: This type of agreement is specific to the purchase of furniture and appliances. It typically includes descriptions of the items sold, such as brand, model, and color. It also outlines any warranties or guarantees provided by the seller. 3. Electronics Retail Installment Contract: Commonly used when buying electronic devices, such as smartphones, laptops, or televisions. The agreement specifies the brand, model, and serial numbers of the items purchased, as well as any accessories or peripherals included. 4. Home Improvement and Renovation Retail Installment Contract: This agreement is used when purchasing services for home improvement or renovation projects. It may include details of the contractor, the scope of work, the timeline, and any permits required. Regardless of the type, the Oregon Retail Installment Contract or Agreement must comply with state laws and regulations. It should clearly state the annual percentage rate (APR), any late payment charges or penalties, and the total amount to be paid by the buyer. It's crucial for both parties involved to thoroughly read and understand the terms and conditions stated in the Oregon Retail Installment Contract or Agreement before signing. Furthermore, it is advisable to consult a legal professional to ensure that the document protects the rights and interests of both the buyer and the seller.
