553-NV-e 10/12 2025

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This document is a Simple Interest Vehicle Contract for Sale and Security Agreement, outlining the terms of a vehicle purchase, including buyer and creditor information, payment schedule, finance charges, insurance options, and security interests. It emphasizes compliance with federal lending laws and details the consequences of defaulting on payments, including repossession rights. The document also includes provisions for insurance coverage and the responsibilities of both parties regarding taxes and maintenance of the collateral.

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What is a 553 form?

With regard to the 553 agreement, this is a boilerplate purchase agreement used by dealerships for both cash and finance purchases. The contract will break down all fees, how much down payment is paid, how many payments are due, what each payment will be, and when the first payment is due.

What is a sf1449 form?

SF 1449 is prescribed for use in solicitations and contracts for commercial products and commercial services. Agencies may prescribe additional detailed instructions for use of the form.

What is the 553 installment contract?

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.

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