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What is LAW 553?

The LAW 553 acts as both a sale document and a financing document. The dealer sells the vehicle to the consumer and then immediately assigns the loan to a finance company, which is usually a subsidiary of the manufacturer. This assignee financing company is the intended beneficiary of the arbitration provision.

What is a retail installment sale contract simple finance charge?

A retail installment sale is a transaction between you and a dealer to purchase a vehicle where, you agree to pay the dealer over time, paying both the value of the vehicle plus interest. A dealer can sell the retail installment contract to a lender or other party.

What is a retail installment sale contract simple finance charge?

A retail installment sale is a transaction between you and a dealer to purchase a vehicle where, you agree to pay the dealer over time, paying both the value of the vehicle plus interest. A dealer can sell the retail installment contract to a lender or other party.

What is the difference between a retail installment contract and a loan?

A retail installment sales contract agreement is slightly different from a loan. Both are ways for you to obtain a vehicle by agreeing to make payments over time. In both, you are generally bound to the agreement after signing.

What is a retail installment contract?

A retail installment sale is a transaction between you and a dealer to purchase a vehicle where, you agree to pay the dealer over time, paying both the value of the vehicle plus interest. A dealer can sell the retail installment contract to a lender or other party.

law 553 contract

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What is another name used for the sales contract?

What Is a Sales Contract? Sometimes called a sale of goods contract, a sales agreement, or a purchase agreement, a sales contract outlines the terms of a transaction between two parties: the buyer and the seller.

What is 553 LAW?

The LAW 553 acts as both a sale document and a financing document. The dealer sells the vehicle to the consumer and then immediately assigns the loan to a finance company, which is usually a subsidiary of the manufacturer. This assignee financing company is the intended beneficiary of the arbitration provision.

What is an installment sales contract quizlet?

Installment sale contract. A contract requiring a seller to convey title to real property to a buyer on the buyer's completion of a series of payments that constitute the purchase price.

WHAT IS A LAW 553 form?

The LAW 553 Retail Installment Contract is widely accepted by virtually all financial institutions on both the local and national level. Developed and maintained by rigorous standards, the Reynolds LAW 553 contract simplifies your business.

What is a law 553 CA ARB EPS 7 16?

No person is required as a condition of financing the purchase of a motor vehicle to purchase or negotiate any insurance through a particular insurance company, agent or broker. You are not required to buy any other insurance to obtain credit.

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What is LAW 553?

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What is a retail installment sale contract simple finance charge?

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What is another name used for the sales contract?

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