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 Pennsylvania Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle is a legal document that outlines the terms and conditions of a financing agreement between a buyer (purchaser) and a seller (creditor) for the purchase of a vehicle. This agreement is specifically designed for retail installment sales in Pennsylvania and ensures that both parties are aware of their rights and obligations. Keywords: 1. Pennsylvania Security Agreement: This refers to a legally binding contract specific to the state of Pennsylvania that governs the purchase and financing of a vehicle. 2. Retail Installment Sale: This refers to a type of sale where the buyer pays for the vehicle over time through regular installment payments to the seller. 3. Automobile, Car, or Motor Vehicle: These terms encompass all types of vehicles, including cars, trucks, motorcycles, and recreational vehicles, that are covered by the agreement. Different types of Pennsylvania Security Agreement for Retail Installment Sale of Automobile, Car, or Motor Vehicle: 1. Standard Retail Installment Sales Agreement: This is the most common type of agreement used in Pennsylvania for the purchase of a vehicle, where the buyer agrees to make regular installment payments over a specified period. 2. Balloon Payment Agreement: In this type of agreement, the buyer agrees to make lower monthly payments during the loan term, with a substantial lump sum payment (balloon payment) due at the end of the term. 3. Conditional Sales Contract: This agreement includes a provision that allows the seller to repossess the vehicle if the buyer fails to meet the payment obligations outlined in the contract. 4. Lease Agreement: Although not a typical retail installment sale, a lease agreement is another form of financing where the buyer (lessee) makes regular payments to the seller (lessor) for the use of the vehicle during the lease term.
