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 South Carolina Retail Installment Contract or Agreement refers to a legal document that establishes the terms and conditions for the sale of goods or services offered by a retail business to a consumer. This agreement outlines the payment schedule, interest rates, and other financial details involved in the transaction. The South Carolina Retail Installment Contract serves as a written agreement between the retail seller, who is often referred to as the creditor, and the consumer, also known as the debtor. It ensures that both parties are aware of their rights and obligations throughout the duration of the contract. In South Carolina, there are various types of Retail Installment Contracts or Agreements, each catering to different types of transactions or industries. Some common types include: 1. Automobile Retail Installment Sale Agreement: This type of agreement is specific to the sale of vehicles, such as cars, trucks, or motorcycles. It includes details about the vehicle's purchase price, down payment, finance charges, and repayment terms. 2. Retail Installment Sale Agreement for Household Appliances: This agreement pertains to the sale of household appliances and electronics, such as refrigerators, televisions, or washing machines. It outlines the purchase price, interest rates, and installment payment terms. 3. Retail Installment Contract for Furniture: This agreement is used for the sale of furniture items, including sofas, beds, tables, and chairs. It specifies the purchase price, down payment, financing terms, and any applicable fees. 4. Retail Installment Agreement for Home Improvements: This type of agreement is utilized when a consumer purchases home improvement services, such as renovations, remodeling, or repairs. It details the total cost, payment schedule, and financing arrangements. Regardless of the specific type, all South Carolina Retail Installment Contracts or Agreements must comply with the relevant state laws, including those regarding usury rates, disclosure requirements, and consumer protection. Additionally, the agreement should clearly state the creditor and debtor's contact information, cancellation or refund policies, and any warranties or guarantees provided by the seller. It is essential for both parties to thoroughly review and understand the terms and conditions outlined in the Retail Installment Contract or Agreement before signing. If any disputes or issues arise during the enforcement of the agreement, legal advice may be sought to ensure compliance with South Carolina's consumer protection laws.
